Credit (Transitional Arrangements) Bill

27 May 2010 questionsarchive

Question put forward to the Hon. G.E. GAGO regarding the Consumer Credit Fund and the Credit (Transitional Arrangements) Bill.

In committee.

Clauses 1 to 4 passed.

Clause 5.

The Hon. J.M.A. LENSINK: I have a couple of questions on clause 5 which relate to the Consumer Credit Fund.

Subclause (2) provides: Money standing to the credit of the Consumer Credit Fund may be applied by the Commissioner for any purpose authorised by the Minister.

Subclause (3) provides that the fund may be wound up and any remaining money applied for any purpose authorised by the minister.

My questions for the minister are: can she provide some history of the outgoings of that particular fund, what its current balance is and what the intention is? If the fund is wound up, will those moneys continue to be applied to consumer issues or will they go into general revenue?

The Hon. G.E. GAGO: I am not able to give you a history of the outgoings, but I am informed that, as of 1 May 2010, the fund contained $27,684. I have sought advice from the Office of Consumer and Business Affairs on appropriate consumer protection options for the application of this money and I will be considering these options in due course.

Clause passed.

Remaining clauses (6 to 9), schedule and title passed.

Bill reported without amendment.

Bill read a third time and passed.