Ecommerce amendments
The Consumer Credit and Trade Measurement Amendment Bill 2006 was passed by Queensland Parliament on 21 April 2006. The Bill includes amendments to the Uniform Consumer Credit Code to provide for e-commerce and for the extension of the sunset date of mandatory comparison rates (see below).
The e-commerce amendments will commence on proclamation, which will occur in early July 2006.
Mandatory comparison rates
MCCA has agreed to extend the sunset date for comparison rates for a year until 1 July 2007. The amendment to the Code to extend comparison rates forms part of the Consumer Credit and Trade Measurement Amendment Bill 2006 which was passed by Queensland Parliament on 21 April 2006. The provision will take effect upon assent which is likely to occur in early May 2006. The amendment allows for the making of a regulation to bring forward the date on which comparison rates will sunset should a decision on the future of comparison rates be made before July 2007. Work on the Final Decision Making Preliminary Impact Statement is being finalised.
UPDATE 3 May: The Act was assented to on 2 May and the extension came into effect on that day.
Precontractual disclosure
The consultation has now closed with a large number of submissions being received. UCCCMC will consider the submissions with a view to finalising a position in the coming months.
