Continuation of maximum annual percentage rate for existing credit contracts
21 Continuation of maximum annual percentage rate for existing credit contracts
Subsection (2) applies to an existing credit contract under the former consumer credit legislation.
The provisions of the former consumer credit legislation in relation to the maximum annual percentage rate under an existing credit contract continue to apply as if those provisions had not been repealed and were still in force.
Without limiting subsection (2), the following provisions of the former consumer credit legislation are applied in relation to the maximum annual percentage rate under an existing credit contract—
the provisions in relation to the enforcement of that rate;
the provisions in relation to any powers of investigation in relation to that rate;
the provisions in relation to the taking of any proceedings or action against a credit provider in relation to that rate.
In this section—
existing credit contract means a credit contract to which the former consumer credit legislation applied immediately before the repeal of the Consumer Credit (Queensland) Act 1994.
This Act’s bill:Explanatory memorandumSecond reading speech
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