Credit (Commonwealth Powers) Act 2010

This section applies to the following amounts—

a repealed Act amount;

an amount, that corresponds to an amount mentioned in subsection (5), that is payable because of the application of the former consumer credit legislation as provided under section 33(2).

An amount mentioned in subsection (1)(a) continues to be payable to the continued fund.

An amount mentioned in subsection (1)(b) is payable to the continued fund.

The continued fund consists of the following—

amounts that are in the Consumer Credit Fund on the commencement of this subdivision;

amounts payable into the fund.

A repealed Act amount is an amount payable under the repealed Act or the repealed Credit Act 1987 to the Consumer Credit Fund or the continued fund including, for example—

an amount payable under the repealed Consumer Credit (Queensland) Code, section 106;

an amount payable under the repealed Credit Act 1987, section 87B;

another amount payable to the continued fund by a credit provider under the repealed Act;

interest and other income derived from the investment of amounts standing to the credit of the continued fund;

costs awarded to the chief executive by a court in a proceeding under the repealed Act;

costs awarded to the registrar by a court in a proceeding under the repealed Credit Act 1987;

interest and earnings from investments;

costs awarded to the chief executive.

However, an amount payable under subsection (5)(a) does not include an amount that is payable to the Commonwealth under the National Credit Code on the commencement of that Code.