Western Australian Consolidated Acts Western Australian Consolidated Acts1 This is a compilation of the Finance Brokers Control Act
1975 and includes the amendments made by the other written laws referred to
in the following table 1a. The table also contains information
about any reprint.
|
Short title |
Number and year |
Assent |
Commencement |
|---|---|---|---|
|
88 of 1975 |
20 Nov 1975 |
1 Nov 1976 (see s. 2 and Gazette
29 Oct 1976 p. 4103) |
|
|
10 of 1982 |
14 May 1982 |
1 Jul 1982 (see s. 2(1) and
Gazette 25 Jun 1982 p. 2079) |
|
|
Reprint of the Finance Brokers Control
Act 1975 as at 2 Apr 1986
|
|||
|
Acts Amendment (Legal Practitioners, Costs and Taxation)
Act 1987 Pt. X |
65 of 1987 |
1 Dec 1987 |
12 Feb 1988 (see s. 2(2) and Gazette
12 Feb 1988 p. 397) |
|
Acts Amendment (Public Sector Management)
Act 1994 s. 3(1) |
32 of 1994 |
29 Jun 1994 |
1 Oct 1994 (see s. 2 and Gazette
30 Sep 1994 p. 4948) |
|
Business Licensing Amendment Act 1995
Pt. 5 3 |
56 of 1995 |
20 Dec 1995 |
1 May 1996 (see s. 2(2) and
Gazette 30 Apr 1996 p. 1853) |
|
Financial Legislation Amendment Act 1996
s. 64 |
49 of 1996 |
25 Oct 1996 |
25 Oct 1996 (see s. 2(1)) |
|
Statutes (Repeals and Minor Amendments) Act (No. 2)
1998 s. 76 |
10 of 1998 |
30 Apr 1998 |
30 Apr 1998
(see s. 2(1)) |
|
Acts Amendment and Repeal (Financial Sector Reform)
Act 1999 s. 79 |
26 of 1999 |
29 Jun 1999 |
1 Jul 1999 (see s. 2(1) and
Gazette 30 Jun 1999 p. 2905) |
|
Reprint of the Finance Brokers Control
Act 1975 as at
3 Mar 2000 |
|||
|
10 of 2001 |
28 Jun 2001 |
15 Jul 2001 (see s. 2 and Gazette
29 Jun 2001 p. 3257 and Cwlth Gazette
13 Jul 2001 No. S285) |
|
|
Building Societies Amendment Act 2001
s. 51 |
12 of 2001 |
13 Jul 2001 |
13 Jul 2001 (see s. 2) |
|
Corporations (Consequential Amendments) Act
(No. 3) 2003 Pt. 5 4 |
21 of 2003 |
23 Apr 2003 |
11 Mar 2002 (see s. 2 and Cwlth
Gazette 24 Oct 2001 No. GN42) |
|
Acts Amendment and Repeal (Courts and Legal Practice)
Act 2003 s. 35 |
65 of 2003 |
4 Dec 2003 |
1 Jan 2004 (see s. 2 and Gazette
30 Dec 2003 p. 5722) |
|
Finance Brokers Control Amendment Act 2004
5, 6 |
53 of 2004 |
18 Nov 2004 |
31 Oct 2005 (see s. 2 and Gazette
28 Oct 2005 p. 4839) |
|
Courts Legislation Amendment and Repeal Act 2004
s. 141 |
59 of 2004 |
23 Nov 2004 |
1 May 2005 (see s. 2 and Gazette
31 Dec 2004 p. 7128) |
|
State Administrative Tribunal (Conferral of Jurisdiction)
Amendment and Repeal Act 2004 Pt. 2 Div.
46 7 |
55 of 2004 |
24 Nov 2004 |
1 Jan 2005 (see s. 2 and Gazette
31 Dec 2004 p. 7130) |
|
Criminal Procedure and Appeals (Consequential and Other
Provisions) Act 2004 s. 78, 80 and 82 |
84 of 2004 |
16 Dec 2004 |
s. 78: 2 May 2005 (see s. 2 and
Gazette 31 Dec 2004 p. 7129 (correction in Gazette
7 Jan 2005 p. 53)); |
|
Reprint 3: The Finance Brokers Control
Act 1975 as at 5 Aug 2005 (includes amendments listed
above except those in the Finance Brokers Control Amendment Act 2004
and the Criminal Procedure and Appeals (Consequential and Other
Provisions) Act 2004 s. 80 and 82) |
|||
|
17 of 2005 |
5 Oct 2005 |
10 Jul 2010 (see s. 2(3) and Gazette
9 Jul 2010 p. 3239) |
|
|
Oaths, Affidavits and Statutory Declarations
(Consequential Provisions) Act 2005
s. 63 8 |
24 of 2005 |
2 Dec 2005 |
1 Jan 2006 (see s. 2 and Gazette
23 Dec 2005 p. 6244) |
|
Reprint 4: The Finance Brokers Control
Act 1975 as at 13 Oct 2006 (includes amendments listed
above except those in the Housing Societies Repeal Act 2005
s. 27) |
|||
|
Financial Legislation Amendment and Repeal Act 2006
s. 17 |
77 of 2006 |
21 Dec 2006 |
1 Feb 2007 (see s. 2 and Gazette
19 Jan 2007 p. 137) |
|
Legal Profession Act 2008 s. 664
|
21 of 2008 |
27 May 2008 |
1 Mar 2009 (see s. 2(b) and Gazette
27 Feb 2009 p. 511) |
|
Statutes (Repeals and Minor Amendments) Act 2009
s. 17 |
46 of 2009 |
3 Dec 2009 |
4 Dec 2009 (see s. 2(b)) |
|
Credit (Commonwealth Powers) (Transitional and
Consequential Provisions) Act 2010 Pt. 4 Div. 1 |
14 of 2010 |
25 Jun 2010 |
1 Jul 2010 (see s. 2(b) and Gazette 30
Jun 2010 p. 3185) |
|
Standardisation of Formatting Act 2010 s. 4
and 51 |
19 of 2010 |
28 Jun 2010 |
11 Sep 2010 (see s. 2(b) and Gazette
10 Sep 2010 p. 4341) |
1a On the date as at which this
compilation was prepared, provisions referred to in the following table had not
come into operation and were therefore not included in compiling the reprint.
For the text of the provisions see the endnotes referred to in the
table.
Provisions
that have not come into operation
|
Short title |
Number and year |
Assent |
Commencement |
|---|---|---|---|
|
Credit (Commonwealth Powers) (Transitional and
Consequential Provisions) Act 2010 Pt. 5 Div. 1
10 |
14 of 2010 |
25 Jun 2010 |
To be proclaimed (see s. 2(b)) |
|
Road Traffic Legislation Amendment Act 2012
Pt. 4 Div. 22 11 |
8 of 2012 |
21 May 2012 |
Operative on commencement of the Road Traffic
(Administration) Act 2008 (see s. 2(d)) |
2 The appointed day is 1 August 1977; see
Gazette 17 June 1977 p. 1834.
3 The Business Licensing Amendment Act 1995
s. 24 is a transitional provision that is of no further effect.
4 The Corporations (Consequential Amendments) Act
(No. 3) 2003 s. 2-4 read as follows:
(1) If this Act receives the Royal Assent before the day on which
Schedule 1 to the Financial Services Reform Act comes into operation, this
Act comes into operation at the same time as that Schedule comes into
operation.
(2) If this Act receives the Royal Assent on or after the day on which
Schedule 1 to the Financial Services Reform Act comes into operation, this
Act is deemed to have come into operation at the same time as that Schedule
comes into operation.
In this Part —
Financial Services Reform Act means the Financial
Services Reform Act 2001 of the Commonwealth;
FSR commencement time means the time when Schedule 1 to
the Financial Services Reform Act comes into operation;
statutory rule means a regulation, rule or by-law.
(1) This section applies if this Act comes into operation under
section 2(2).
(2) Anything done or omitted to have been done after the FSR commencement
time and before this Act receives the Royal Assent that could have been done if
this Act had received the Royal Assent before the FSR commencement time is taken
to be as valid and lawful, and to always have been as valid and lawful, as it
would have been if this Act had received the Royal Assent before the FSR
commencement time.
(3) Anything done or omitted to have been done by a person after the FSR
commencement time and before this Act received the Royal Assent that would have
been valid and lawful if the Financial Services Reform Act had not commenced, is
taken to be valid and lawful.
(4) Anything done or omitted to have been done after the FSR commencement
time and before this Act receives the Royal Assent —
(a) that could only have been validly and lawfully done or omitted because
this Act received the Royal Assent after the FSR commencement time;
and
(b) that could not have been validly and lawfully done or omitted if this
Act had received the Royal Assent before the FSR commencement time,
is taken not to be valid, and to never have been valid.
5 The Finance Brokers Control Amendment Act 2004
Sch. 1 reads as follows:
Schedule 1 — Transitional
and savings
[s. 78]
1. Meanings of terms used in this
Schedule
In this Schedule, unless the contrary intention appears —
Board means the Finance Brokers Supervisory Board as
constituted under the Finance Brokers Act;
commencement day means the day fixed under section 2 as
the day on which this Act comes into operation;
Finance Brokers Act means the Finance Brokers Control
Act 1975 as in force immediately before the commencement day.
2. Interpretation Act to apply
This Schedule does not limit the operation of the Interpretation
Act 1984.
(1) Subject to clause 6, the Board is dissolved.
(2) Subject to clause 6, the members of the Board cease to hold
office.
4. Winding up of affairs of the
Board
(1) On and after the commencement day —
(a) the Commissioner is to take control of all registers, documents, books
and other records (however compiled, recorded or stored) relating to the Board
and the exercise of its functions, and of any tape, disc or other device or
medium relating to such records;
(b) all rights, liabilities and obligations of the Board that existed
immediately before the commencement day devolve on the Commissioner acting on
behalf of, and in the name of, the State;
(c) all contracts, agreements and undertakings made by and with the Board
and having effect immediately before the commencement day have effect as
contracts, agreements and undertakings made with the Commissioner acting on
behalf of, and in the name of, the State and may be enforced by or against the
State accordingly;
(d) any legal or other proceedings or any remedies that might, but for the
operation of the Finance Brokers Control Amendment Act 2004, have
been commenced or continued by or against or have been available to the Board
may be commenced or continued by or against or are available to the Commissioner
acting on behalf of, and in the name of, the State, as the case requires;
and
(e) any fees, charges or other moneys payable to the Board under the
Finance Brokers Act and outstanding at the commencement day become payable to
the chief executive officer at the time, and in the manner, in which those
moneys would have been payable to the Board under that Act.
(2) A reference to the Board in a document in existence immediately before
the commencement day is to be construed, on and after the commencement day, as a
reference to the Commissioner, unless in the context it would be inappropriate
to do so.
A certificate issued before the commencement day under the hand of the
Registrar that any person is or is not, or was or was not, licensed or the
holder of a business certificate on the date of or a date referred to, in the
certificate, or as to any other matter contained in a register, shall, in the
absence of proof to the contrary, be taken as proof of the matter so
certified.
(1) As soon as practicable after the commencement day, the Chairman of the
Board immediately before the commencement day shall prepare a report on the
Board’s activities under the Finance Brokers Act for the period beginning
on the day after the period for which the last report was submitted under
section 86 of the Finance Brokers Act and ending on the commencement day
and submitting that report to the Minister.
(2) Section 86(2) of the Finance Brokers Act applies to a report
prepared and submitted under subclause (1) as if the section had not been
repealed.
7. Bond in respect
of business certificate
On and after the commencement day, a bond or guarantee entered into under
section 35 of the Finance Brokers Act continues to have effect as if the
bond or guarantee was entered into in relation to the licensee’s licence
held (by virtue of clause 8) under the Finance Brokers Control
Act 1975 after the commencement day.
8. Persons licensed or to whom an exception
applied under the Finance Brokers Act before the commencement day
(1) A person who immediately before the commencement day was licensed
under the Finance Brokers Act and held a business certificate under that Act is,
on that day, to be taken to be licensed under the Finance Brokers Control
Act 1975 for the period that the business certificate would have been
valid under the Finance Brokers Act, and for the licence to be subject to any
conditions imposed on that business certificate.
(2) A person who immediately before the commencement day was excepted from
the meaning of “finance broker” under section 5(2) of the
Finance Brokers Act is, on that day, to be taken to be exempted in a similar
manner for a period of up to 12 months beginning on the commencement
day.
(3) A person who is taken to be exempted under subclause (2) is no
longer to be taken to be exempted if the person becomes licensed under the
Finance Brokers Control Act 1975.
(4) The Commissioner is to enter the name of a person to whom
subclause (1) or (2) applies in the register kept under
section 84 of the Finance Brokers Control Act 1975.
9. Persons licensed, but without a business
certificate, under the Finance Brokers Act before the commencement
day
(1) A licence issued under the Finance Brokers Act within 3 years of
the commencement day and that does not have a business certificate associated
with it is, on that day, to be taken to be a licence of the appropriate category
under the Finance Brokers Control Act 1975 for a period equal to
3 years from the day of its issue.
(2) A licence issued under the Finance Brokers Act that is valid
immediately before the commencement day as a result of payment of a holding fee
under section 30(4)(b) of the Finance Brokers Act is, on that day, to be
taken to be a licence of the appropriate category under the Finance Brokers
Control Act 1975 for the period that the holding fee would have been
effective under the Finance Brokers Act.
(3) A licence under subclause (1) or (2) is subject to the
condition that the licensee is not to carry on business in his or her own
right.
10. Licence condition revoked on commencement
day
If a licence issued under the Finance Brokers Act has a condition to the
effect that a licence does not confer the right for a licensee to carry on
business as a finance broker unless he or she also holds a business certificate
in respect of that licence, that condition is revoked on the commencement
day.
11. Applications for certificates and
licenses
A person who has, before the commencement day, made an application
for —
(a) a licence under section 24 of the Finance Brokers Act;
or
(b) a business certificate or the renewal of a business certificate under
section 31 of the Finance Brokers Act,
but in respect of which a decision has not been made by the Board before
the commencement day, is to be taken to have made an application for a licence
under the Finance Brokers Control Act 1975.
12. Further transitional provision may be
made
(1) The regulations may make provision for any transitional matter for
which there is no sufficient provision in this Schedule.
(2) If in the opinion of the Minister an anomaly
arises in the carrying out of any provision of this Schedule, the regulations
may —
(a) modify that provision to remove the anomaly; and
(b) make such provision as is necessary or expedient to carry out the
intention of that provision.
(3) Regulations may be made for the purposes of this clause to have effect
from the commencement of this Act.
(4) To the extent that a provision of any such regulation has effect on a
day that is earlier than the day of its publication in the Gazette, the
provision does not operate so as —
(a) to affect, in a manner prejudicial to any person (other than the
State), the rights of that person existing before the day of publication;
or
(b) to impose liabilities on any person (other than the State) in respect
of anything done or omitted to be done before the day of publication.
(5) In subclause (1) —
transitional matter means a matter or thing necessary or
convenient to provide for the change from the Finance Brokers Act, to the
Finance Brokers Control Act 1975 as in force after the commencement
day.
6 The amendment in the Finance Brokers Amendment
Act 2004 s. 74(2) is not included because the subsection it sought
to amend had been replaced by the Criminal Procedure and Appeals
(Consequential and Other Provisions) Act 2004 s. 78 before it
purported to come into operation.
7 The
State Administrative Tribunal (Conferral of Jurisdiction) Amendment and
Repeal Act 2004 Pt. 5, the State Administrative Tribunal
Act 2004 s. 167 and 169, and the State Administrative Tribunal
Regulations 2004 r. 28 and 42 deal with certain transitional
issues some of which may be relevant for this Act.
8 The amendment in the Oaths, Affidavits and Statutory
Declarations (Consequential Provisions) Act 2005 s. 63 to amend
s. 15(2)(c)(iv) is not included because the subsection it sought to amend
had been replaced by the Finance Brokers Control Amendment Act 2004
s. 10.
9 Footnote no longer applicable.
10 On the date as at which this compilation was prepared, the
Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Act
2010 Pt. 5 Div. 1 had not come into operation. It reads as
follows:
Part 5 — Finance Brokers Control Act
1975 repealed
80. Finance
Brokers Control Act 1975 repealed
The Finance Brokers Control Act 1975 is repealed.
11 On the date as at which this compilation was prepared, the
Road Traffic Legislation Amendment Act 2012 Pt. 4 Div. 22 had
not come into operation. It reads as follows:
Division
22 — Finance Brokers Control
Act 1975 amended
This Division amends the Finance Brokers Control
Act 1975.
105. Section 4
amended
In section 4 in the definition of motor vehicle delete
“section 5(1) of the Road Traffic Act 1974;” and
insert:
the Road Traffic (Administration) Act 2008
section 4;
Defined
Terms
[This is a list of terms defined and
the provisions where they are defined. The list is not part of the
law.]
Defined Term Provision(s)
appointed
day 4, 26(2)
approved 4
auditor 4
authorised
person 92A(1)
bank 4
banker 47
business 4
business
day 47
Commissioner 4
condition 4
Consumer Credit (Western Australia)
Code 45(5)
department 4
executive officer 6(3)
finance broker 4, 5(1),
72(5)
finance brokers code of conduct 4
former
Board 88(4)
information 18H(3)
investigative
function 15(4)
investigator 4
licence 4
licensed 4
licensee 4
motor
vehicle 4
person aggrieved 23(2)
renewal 4
reviewable
decision 23(2)
supervisor 4
trust account 72(5)
trust
accounts 47
unlicensed finance broker 40A(1)
year 47