Credit (Repossession) Amendment Act Commencement Order 2002

2002/61

Credit (Repossession) Amendment Act Commencement Order 2002


Note

This order is administered in the Ministry of Economic Development.


Pursuant to section 1(2) of the Credit (Repossession) Amendment Act 1999, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

1 Title
  • This order is the Credit (Repossession) Amendment Act Commencement Order 2002.

2 Commencement of Credit (Repossession) Amendment Act 1999

Marie Shroff,

Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 1 May 2002, the Credit (Repossession) Amendment Act 1999. This Act is related to the Personal Property Securities Act 1999, which is also to come into force on 1 May 2002.

The Credit (Repossession) Amendment Act 1999 amends the Credit (Repossession) Act 1997 (the principal Act). The amendments—

  • change the scope of the principal Act so that it will provide a procedure for the repossession of consumer goods that are subject to certain kinds of security agreements; and

  • consequentially arise out of the provisions in Part 9 of the Personal Property Securities Act 1999 (Enforcement of security interests). For example, a new Part 3A (Rules that apply in relation to taking possession of accessions) has been inserted into the principal Act; and

  • arise out of the repeal of certain enactments including the Chattels Transfer Act 1924 and the Motor Vehicle Securities Act 1989, which have been replaced by the Personal Property Securities Act 1999.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 14 March 2002.