Consumer Credit Regulation 1995 (QLD)

Queensland Consumer Credit (Queensland) Act 1994 Consumer Credit Regulation 1995 Reprinted as in force on 30 November 2007 Reprint No. 3B This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy NOT FURTHER AMENDED LAST REPRINT BEFORE REPEAL See 2010 Act No. 16 s 11

Information about this reprint This regulation is reprinted as at 30 November 2007. The reprint— • shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)) • incorporates all necessary consequential amendments, whether of punctuation, numbering or another kind (Reprints Act 1992 s 5(d)). The reprint includes a reference to the law by which each amendment was made—see list of legislation and list of annotations in endnotes. Also see list of legislation for any uncommenced amendments. This page is specific to this reprint. See previous reprints for information about earlier changes made under the Reprints Act 1992. A table of reprints is included in the endnotes. Also see endnotes for information about— • when provisions commenced • editorial changes made in earlier reprints. Dates shown on reprints Reprints dated at last amendment All reprints produced on or after 1 July 2002, hard copy and electronic, are dated as at the last date of amendment. Previously reprints were dated as at the date of publication. If a hard copy reprint is dated earlier than an electronic version published before 1 July 2002, it means the legislation was not further amended and the reprint date is the commencement of the last amendment. If the date of a hard copy reprint is the same as the date shown for an electronic version previously published, it merely means that the electronic version was published before the hard copy version. Also, any revised edition of the previously published electronic version will have the same date as that version. Replacement reprint date If the date of a hard copy reprint is the same as the date shown on another hard copy reprint it means that one is the replacement of the other.

Queensland Consumer Credit Regulation 1995 Contents Part 1 1 2 3 4 Part 2 5A 5B 5 6 6A 6B 6C 6D 6E 6F 6G 6H 6I 6J 7 8 9 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Matters prescribed for the purposes of part 1 of the Code (Preliminary) Continued application of pt 11 of the Code and interpretation . . . 8 Application of Code to provision of credit under bill facilities . . . . 8 Exempt credit—maximum account charges . . . . . . . . . . . . . . . . . 9 Additional exempt credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 GIO Finance Limited’s No Interest Loan Scheme—exemption from Code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Rental Purchase Plan—exemption from certain provisions of Code .......................................... 10 Partnership loans—exemption from certain provisions of Code. . 10 Student loans—exemption from certain provisions of Code. . . . . 11 Loans for conservation of heritage items—exemption from Code 11 Authorised deposit-taking institutions—exemption from Code . . . 12 Estate administrators—exemption from certain provisions of Code ......................................... 12 Credit under Aged Care Act 1997 (Cwlth)—exemption from certain provisions of Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Firefighter’s Benefit Fund of WA Incorporated . . . . . . . . . . . . . . . 12 Charge card contracts—exemption of certain contracts from Code ......................................... 13 Mortgages—exemptions from Code. . . . . . . . . . . . . . . . . . . . . . . 14 Guarantees—exemption from Code . . . . . . . . . . . . . . . . . . . . . . . 14 Deemed mortgages for goods lease with option to purchase . . . 14

10 Part 3 11 12 13 14 15 16 17 18 19 Part 4 19A 20 21 Part 5 22 22A Part 6 23 23A 24 25 26 Part 7 27 28 29 Part 8 30 2 Consumer Credit Regulation 1995 Declaration of purposes for which credit provided . . . . . . . . . . . . Matters prescribed for the purposes of part 2 of the Code (Credit contracts) Statement about debtor’s statutory rights and obligations . . . . . . Comparison rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pre-contractual statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional disclosures about insurance financed by contract . . . . Additional disclosures about credit contracts to be signed by debtor ......................................... Deduction of amount for interest charges. . . . . . . . . . . . . . . . . . . Calculation of unpaid daily balances . . . . . . . . . . . . . . . . . . . . . . Early debit or payment of interest charges . . . . . . . . . . . . . . . . . . When statement of account not required . . . . . . . . . . . . . . . . . . . Matters prescribed for the purposes of part 3 of the Code (Related mortgages and guarantees) Mortgage arising from certain home ownership schemes—exemption from section 46(1) of the Code . . . . . . . . . Form of guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Explanation about guarantor’s rights and obligations . . . . . . . . . . Matters prescribed for the purposes of part 4 of the Code (Changes to obligations under credit contracts, mortgages and guarantees) Information about increases in the amount of credit . . . . . . . . . . Application of ss 66 to 69 of the Code . . . . . . . . . . . . . . . . . . . . . Matters prescribed for the purposes of part 5 of the Code (Ending and enforcing credit contracts, mortgages and guarantees) Information after surrender of goods . . . . . . . . . . . . . . . . . . . . . . Application of pt 5, div 3 of the Code . . . . . . . . . . . . . . . . . . . . . . Consent to enter premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement about mortgagor’s rights and obligations . . . . . . . . . . Information about proceeds of sale of mortgaged goods . . . . . . . Matters prescribed for the purposes of part 7 of the Code (Related sale contracts) Rate of interest on damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . Informing debtor of rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rebate of consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters prescribed for the purposes of part 8 of the Code (Related insurance contracts) Particulars of insurance entered into by credit provider . . . . . . . . 15 16 16 19 21 22 22 23 24 24 25 26 26 27 28 29 29 30 31 31 31 32 32 33

31 32 33 Part 8A 33A 33B 33C 33D 33E 33F 33G 33H 33HA 33I Part 9 34 35 Part 10 36 37 38 38A 39 39A 40 Part 11 Division 1 40A 41 Division 2 42 43 3 Consumer Credit Regulation 1995 Proportionate rebate of consumer credit insurance premium . . . Notice of right to cancel mortgaged property insurance. . . . . . . . Proportionate rebate of premium for insurance over mortgaged property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters prescribed for the purposes of part 9A of the Code (Comparison rates) Relevant comparison rate where annual percentage rate stated . Information about whether comparison rate relates to secured loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Warnings about comparison rate . . . . . . . . . . . . . . . . . . . . . . . . . Relevant comparison rate schedules . . . . . . . . . . . . . . . . . . . . . . Information about whether comparison rate relates to secured loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Calculation of comparison rates . . . . . . . . . . . . . . . . . . . . . . . . . . Exemption of certain premises . . . . . . . . . . . . . . . . . . . . . . . . . . . Exemptions in relation to comparison rate schedules . . . . . . . . . Matters that may be included in comparison rate schedules . . . . Expiry of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters prescribed for the purposes of part 10 of the Code (Consumer leases) Declaration about purpose of leases . . . . . . . . . . . . . . . . . . . . . . Explanation about rights and obligations of consumer lessees . . Matters prescribed for the purposes of part 11 of the Code (Miscellaneous) Tolerances relating to disclosures . . . . . . . . . . . . . . . . . . . . . . . . Tolerances relating to amounts payable etc. . . . . . . . . . . . . . . . . Additional assumptions relating to disclosures. . . . . . . . . . . . . . . Contracts linked to loan account offset arrangements . . . . . . . . . Requirements for print or type . . . . . . . . . . . . . . . . . . . . . . . . . . . Exemptions in relation to electronic communications. . . . . . . . . . Address for notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Savings and transitional provisions General Transitional provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Savings and transitional provisions generally Application of Code—pre-Code contracts other than continuing credit contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of Code—pre-Code continuing credit contracts . . . . . 34 34 35 35 36 36 37 38 38 40 41 41 41 41 42 43 44 45 45 46 47 48 49 49 50 50

44 45 46 47 48 49 50 51 52 53 54 55 56 57 Division 3 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 4 Consumer Credit Regulation 1995 Application of Code—mortgages and guarantees . . . . . . . . . . . . Application of Code—goods leases with option to purchase . . . . Application of Code—purpose for which credit is provided . . . . . Presumptions relating to application of Code to pre-Code continuing credit contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Disclosures to debtors under pre-Code continuing credit contracts ...................................... Special transitional provision with respect to pre-determined credit charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special transitional provision with respect to early payment of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . First statement of opening balance for pre-Code continuing credit contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Variation of existing pre-Code non-continuing credit contracts to increase credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Variation of existing contracts imposing monetary liabilities prohibited by Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of Code—hardship and unjust transactions with respect to pre-Code continuing credit contracts . . . . . . . . . . . . . . Previous default notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of Code—related sale contracts . . . . . . . . . . . . . . . . Application of Code—consumer leases . . . . . . . . . . . . . . . . . . . . Special transitional provisions Credit fees and charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters to be included in contract document . . . . . . . . . . . . . . . . Copies of contracts and mortgages for debtors . . . . . . . . . . . . . . End of day for purposes of credit contracts . . . . . . . . . . . . . . . . . Early debit of interest charges . . . . . . . . . . . . . . . . . . . . . . . . . . . Dating and adjustment of debits and credits in accounts . . . . . . . Statements of account for multiple facility contracts. . . . . . . . . . . Requirements for statements of amounts owing . . . . . . . . . . . . . Particulars of interest rate changes . . . . . . . . . . . . . . . . . . . . . . . Particulars of repayment changes . . . . . . . . . . . . . . . . . . . . . . . . Particulars of credit fees and charges changes . . . . . . . . . . . . . . Particulars of unilateral changes by credit provider . . . . . . . . . . . Agreed changes to contracts, mortgages and guarantees. . . . . . Particulars of changes on grounds of hardship . . . . . . . . . . . . . . Key requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Termination of insurance contracts. . . . . . . . . . . . . . . . . . . . . . . . 51 52 52 52 53 54 54 55 55 55 56 56 57 57 57 58 58 59 59 59 60 61 61 61 62 62 63 63 64 64

5 Consumer Credit Regulation 1995 74 75 76 77 Division 4 78 79 80 81 82 Schedule Application of Code to related insurance contracts . . . . . . . . . . . Contribution to civil penalties by participants in programs . . . . . . Recovery by nominated credit provider . . . . . . . . . . . . . . . . . . . . Effect of ss 75–76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transitional provisions arising from amending Act Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inclusion of additional information in financial table . . . . . . . . . . . Changes to key requirements. . . . . . . . . . . . . . . . . . . . . . . . . . . . Limitation of guarantor’s liability . . . . . . . . . . . . . . . . . . . . . . . . . . Nominations to receive notices. . . . . . . . . . . . . . . . . . . . . . . . . . . Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 65 66 67 67 67 67 67 68 69 Endnotes 1 2 3 4 5 6 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date to which amendments incorporated. . . . . . . . . . . . . . . . . . . . . . Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 121 121 122 122 124

s1 7 s4 Consumer Credit Regulation 1995 Consumer Credit Regulation 1995 [as amended by all amendments that commenced on or before 30 November 2007] Part 1 Preliminary 1 Short title This regulation may be cited as the Consumer Credit Regulation 1995 . 2 Commencement This regulation commences on the day the Consumer Credit(Queensland) Act 1994 , section 10 commences. 3 Definitions In this regulation— authorised deposit-taking institution has the meaning given under the Banking Act 1959 (Cwlth), section 5(1). the Code means the Consumer Credit Code. 4 Forms (1) A reference in this regulation to a form of a particular number is a reference to a form of that number in the schedule. (2) The number of a form or a reference to the provision of the Code and this regulation to which the form relates need not appear on a document that is required to comply with the form. (3) The expression “credit provider”, “debtor”, “lessor” or “lessee” in a form may be replaced by the name of the credit provider, debtor, lessor or lessee or, if first explained, by another expression.

s 5A 8 s 5B Consumer Credit Regulation 1995 (4) A document that is required to comply with a form need not contain any matter that is not relevant to the credit contract, mortgage, guarantee or consumer lease concerned. Consequential renumbering of items is permissible. Note — Schedule 2, clause 11 of the Code makes provision with respect to forms. The clause provides, among other things, that strict compliance with a form is not necessary and substantial compliance is sufficient. Part 2 Matters prescribed for the purposes of part 1 of the Code (Preliminary) 5A Continued application of pt 11 of the Code and interpretation (1) This section applies despite a statement in a provision of this part that— (a) the Code does not apply to a particular matter; or (b) the Code, other than a particular provision or provisions ( prescribed provision or provisions ), does not apply to a particular matter. (2) The Code applies in relation to the particular matter and the prescribed provision or provisions to the extent necessary for the interpretation of the particular matter and the prescribed provision or provisions. (3) Part 11 of the Code applies in relation to the particular matter and the prescribed provision or provisions to the extent the context permits. 5B Application of Code to provision of credit under bill facilities The Code applies to the provision of credit arising out of a bill facility unless the credit is provided by an authorised deposit-taking institution.

s 5 9 s 6A Consumer Credit Regulation 1995 5 Exempt credit—maximum account charges For the purposes of section 7(3) of the Code, the prescribed maximum charge is— (a) for the period of 12 months after the continuing credit contract is made—$200; and (b) for any subsequent period of 12 months—$125. Note — Section 7(3) of the Code provides that the Code does not apply to the provision of credit under a continuing credit contract if the only charge that is or may be made for providing the credit is a periodic or other fixed charge that does not vary according to the amount of credit provided. However, the Code applies if the charge exceeds the maximum charge (if any) prescribed by the regulations. 6 Additional exempt credit The Code (except part 4, division 3 and part 5) does not apply to the provision of credit under a contract (other than a continuing credit contract) if— (a) the amount of credit does not at any time exceed $50; and (b) there is no insurance financed under the contract; and (c) there is no mortgage or guarantee taken by the credit provider; and (d) the annual percentage rate for the contract does not exceed the maximum annual percentage rate (if any) for the contract if it were a contract to which the Code applies. Note — Section 7(10) of the Code provides that the regulations may exclude the provision of credit of any class from the Code. 6A GIO Finance Limited’s No Interest Loan Scheme—exemption from Code (1) This section applies to the scheme (the No Interest Loan Scheme ) that is operated by GIO Finance Limited ACN 002 812 704 in accordance with the deed of agreement executed

s 6B 10 s 6C Consumer Credit Regulation 1995 on 26 June 1992 by the New South Wales Minister for Further Education, Training and Employment and GIO Finance Limited. (2) The Code does not apply to the provision of credit under the No Interest Loan Scheme. 6B Rental Purchase Plan—exemption from certain provisions of Code The Code, other than sections 70 to 74, does not apply to the provision of credit under the Queensland Government scheme known as the Rental Purchase Plan Scheme, and formerly known as the H.O.M.E. Shared Scheme. 6C Partnership loans—exemption from certain provisions of Code (1) The Code, other than part 1, part 4, division 3, part 5, divisions 4 and 5 and part 7, does not apply to the provision of credit by a firm, or by a related body corporate of the firm, to a partner of the firm, whether or not it is provided to the partner with another person. (2) However, for a credit provider who provides credit in the course of a business of providing credit to which the Code applies to partners of a firm and to others, this section applies only to the provision of credit on terms that are more favourable to the debtor than the terms on which the credit provider provides credit to which the Code applies to persons who are not partners of the firm. (3) For the purposes of this section— (a) a partner of a firm includes a former partner of a firm and an employee or former employee of the firm; and (b) a related body corporate of a firm is a body corporate that is ultimately wholly owned by all or some of the partners of the firm or by other persons on their behalf.

s 6D 11 s 6E Consumer Credit Regulation 1995 6D Student loans—exemption from certain provisions of Code (1) The Code, other than sections 56(1) and 70 to 74, 1 does not apply to the provision of credit by a higher educational institution, or by an association of students of the institution, to a student of the institution on the grounds of hardship or of an emergency. (2) However, subsection (1) only applies if the institution or association gives the debtor and any guarantor the following things before the contract for the provision of credit is entered into by the debtor or the guarantee is signed by the guarantor— (a) a statement of the costs of the provision of credit, which must including any fees or charges payable and the interest rate applicable and may include other information; and (b) a copy of the terms and conditions of the contract for the provision of credit. (3) In this section— association of students , of a higher educational institution, means a union, guild or other association of students— (a) of the institution; or (b) of the institution and of other higher educational institutions. higher educational institution means an institution within the meaning of the Higher Education Funding Act 1988 (Cwlth), section 4. 6E Loans for conservation of heritage items—exemption from Code The Code does not apply to the provision of credit under any of the following provisions— 1 The Code, sections 56 (Increase in guarantor’s liabilities), 70 (Court may reopen unjust transactions), 71 (Orders on reopening of transactions), 72 (Court may review unconscionable interest and other charges), 73 (Time limit) and 74 (Joinder of parties)

s 6F 12 Consumer Credit Regulation 1995 s 6I (a) the Heritage Act 1977(NSW), section 106; (b) the Heritage Act 1993 (SA), section 12, but only in respect of loans made from the State Heritage Fund to owners of land constituting places entered in the State Heritage Register established under that Act; (c) the Heritage Act 1995(Vic), section 140. 6F Authorised deposit-taking institutions—exemption from Code The Code does not apply to the provision of credit by an authorised deposit-taking institution limited by the contract to a total period not exceeding 62 days. 6G Estate administrators—exemption from certain provisions of Code (1) The Code, other than sections 70 to 72, does not apply to the provision of credit to a person’s estate, whether or not the person is deceased, by a public official or a public body authorised by any law or court to administer the estate. (2) In this section— estate includes trust property. public body includes a corporation owned or controlled by the State or an authority of the State. 6H Credit under Aged Care Act 1997 (Cwlth)—exemption from certain provisions of Code The Code, other than sections 66 to 68 and 70 to 74, does not apply to the provision of credit by an approved provider, within the meaning of the Aged Care Act 1997 (Cwlth), if the provision of credit is made and regulated under that Act. 6I Firefighter’s Benefit Fund of WA Incorporated The Code, other than part 2, division 3, part 4, division 3 and part 5, divisions 1 and 2, does not apply to the provision of

s 6J 13 s 6J Consumer Credit Regulation 1995 credit to a person by the Firefighter’s Benefit Fund of WA Incorporated (the fund ) if— (a) the person is a member of the fund; and (b) the application form by which the person applies for the credit states an annual percentage rate for the credit; and (c) the credit contract under which the credit is provided— (i) fixes, for the whole term of the contract, an annual percentage rate that is the same as the rate stated in the application form; and (ii) does not provide for varying the rate. 6J Charge card contracts—exemption of certain contracts from Code (1) The Code does not apply to the provision of credit under a charge card contract made available by 1 of the following credit providers— • American Express Australia Limited ACN 108 952 085 • American Express International Inc. ARBN 000 618 208 • Diners Club Pty Limited ACN 004 343 051 • Motorcharge Ltd ACN 008 962 132. Examples — • american express platinum card • diners club personal card • motorcharge card (2) In subsection (1)— charge card contract means a credit contract under which— (a) credit is ordinarily obtained by the use of a card; and (b) multiple advances of credit are contemplated; and (c) the provision of an advance of credit is limited to a total period of not more than 62 days; and (d) monthly or other periodic statements of account are provided to the debtor; and

s 7 14 s 9 Consumer Credit Regulation 1995 (e) liquidated damages or charges for late payment are payable by the debtor if the debtor does not repay an advance of credit mentioned in a monthly or other periodic statement of account within a stated period. 7 Mortgages—exemptions from Code (1) The Code does not apply to the following mortgages— (a) any mortgage relating to perishable goods, livestock, primary produce or food stuffs; (b) a banker’s right to combine accounts; (c) a lien or charge arising by operation of any Act or law or by custom. However, sections 14 and 15 of the Code (relating to disclosures) apply in respect of a mortgage referred to in paragraph (a). (2) Section 83 of the Code does not apply to any mortgage relating to goods that are lawfully in the possession of the credit provider. Note — This exclusion is made under section 8(3) of the Code. 8 Guarantees—exemption from Code The Code does not apply to any guarantee by the supplier under a tied loan contract or tied continuing credit contract. Note — This exclusion is made under section 9(3) of the Code. 9 Deemed mortgages for goods lease with option to purchase For the purposes of section 10(3)(f) of the Code, the relevant terms and conditions of the mortgage are those set out in form 1. Note — Section 10 of the Code deems a goods lease with an option to purchase to be a sale of goods by instalments for the purposes of the Code. If the

s 10 15 s 10 Consumer Credit Regulation 1995 lease is a credit contract because of section 6(1) of the Code, a mortgage containing the terms and conditions set out in the regulations is taken by section 10(3)(f) of the Code to have been entered into between the person to whom the goods are hired and the supplier as security for payments to the supplier by the hirer. 10 Declaration of purposes for which credit provided (1) For the purposes of section 11 of the Code, the form of the declaration is as follows— ‘I/We declare that the credit to be provided to me/us by the credit provider is to be applied wholly or predominantly for business or investment purposes (or for both purposes).’. (2) The declaration is to contain (immediately below the above words or, if the declaration is to be made by electronic communication, prominently displayed when (but not after) the person signs) a warning in the following form— IMPORTANT You should not sign this declaration unless this loan is wholly or predominantly for business or investment purposes. By signing this declaration you may lose your protection under the Consumer Credit Code. (3) The declaration is to contain— (a) the signature of each person making the declaration; and (b) either the date on which the declaration is signed or the date on which it is received by the credit provider. Note — The Code applies only to credit provided or intended to be provided for personal, domestic or household purposes. Section 11(2) of the Code provides that credit is conclusively presumed not to be provided for those purposes if the debtor declares, before entering into the credit contract, that the credit is to be applied wholly or predominantly for business or investment purposes (or for both purposes). The declaration is not effective unless it is substantially in the form required by the regulations.

s 11 16 s 12 Consumer Credit Regulation 1995 Part 3 Matters prescribed for the purposes of part 2 of the Code (Credit contracts) 11 Statement about debtor’s statutory rights and obligations (1) For the purposes of section 14(1)(b) of the Code, the information statement is to be a written statement in form 2. (2) The information statement may be in the form of a separate document or a part of the credit contract document. Note — Section 14(1)(b) of the Code requires a credit provider to give a prospective debtor an information statement in the form required by the regulations of the debtor’s statutory rights and statutory obligations. The statement must be given before the contract is entered into or before the debtor makes an offer to enter into the contract, whichever first occurs. Because of section 4(4) of this regulation, the information need not contain any matter set out in form 2 if it is not relevant to the credit contract concerned (for example, information about mortgages is not required for an unsecured loan). 12 Comparison rate (1) This section applies if— (a) a credit provider, before entering into a credit contract, informs the debtor of the comparison rate pursuant to section 14(3) of the Code; or (b) a person publishes, or causes to be published, an advertisement that states or implies that credit is available and includes in the advertisement the comparison rate pursuant to section 140(3) of the Code. (1A) Subsections (1)(b), (9) and (11) have no effect while part 8A is in force. (2) The comparison rate must be calculated as a nominal rate per annum, together with the compounding frequency, in accordance with this section. (3) The comparison rate is given by the following formula— i = n × r × 100%

s 12 17 s 12 Consumer Credit Regulation 1995 where— n is the number of repayments per annum to be made under the credit contract (annualised if the term of the contract is less than 12 months), except that— (i) if repayments are to be made weekly or fortnightly—n is to be 52.18 or 26.09, respectively; and (ii) if the contract does not provide for a constant interval between repayments—n is to be derived from the interval selected for the purposes of the definition of j mentioned below. r is the solution of the following— Σ t - ( -- l --- + A ----- j r --- ) -- j = Σ t - R ( --- l - j -- + - + ---- r - C -- ) -- jj j= o j= o where— j is the time, measured as a multiple (not necessarily integral) of the interval between contractual repayments that will have elapsed since the first amount of credit is provided under the credit contract, except that if the contract does not provide for a constant interval between repayments an interval of any kind is to be selected by the credit provider as the unit of time. t is the time, measured as a multiple of the interval between contractual repayments (or other interval so selected) that will elapse between the time when the first amount of credit is provided and the time when the last repayment is to be made under the contract. A j is the amount of credit to be provided under the contract at time j (the value of j for the provision of the first amount of credit is taken to be zero). R j is the repayment to be made at time j. C j is the fee or charge (if any) payable by the debtor at time j in addition to the repayments R j , being a credit fee or charge (other than a government fee, charge or duty) that is ascertainable when the comparison rate is disclosed (whether or not the credit fee or charge is payable if the credit is not provided).

s 12 18 s 12 Consumer Credit Regulation 1995 (4) The comparison rate must be correct to at least the nearest one hundredth of 1% per annum. (5) In the application of the above formulae, reasonable approximations may be made if it would be impractical or unreasonably onerous to make a precise calculation. For example, if repayments are to be made on a fixed day each month, it may be assumed that repayments will be made on that day each month even though the credit contract provides for payment on the preceding or succeeding business day when the due date is not a business day. (6) The tolerances and assumptions under sections 158 to 160 of the Code apply to the calculation of the comparison rate. (7) The comparison rate must be accompanied by a statement of the amount of credit on which it is based and the term for which credit is provided. (8) In the case of a comparison rate under section 14(3) of the Code— (a) the amount of credit is to be the amount (or the maximum amount) required by the debtor; and (b) the term for which credit is provided is to be the term (or the maximum term) required by the debtor; and (c) the amount of credit, in the case of a continuing credit contract, is not to exceed the credit limit required by the debtor. If such a requirement is not made by the debtor, the credit provider may determine the matter. (9) In the case of a comparison rate under section 140(3) of the Code, the amount of credit and term are to be typical of the type of credit contract offered in the advertisement. A number of comparison rates may be included in the advertisement for different credit contracts so long as the amount of credit and term applicable to each such rate are clearly stated. (10) At the time that the debtor is informed of the comparison rate under section 14(3) of the Code, the debtor must be given a warning by the credit provider that is in writing in the following form—

s 13 19 s 13 Consumer Credit Regulation 1995 ‘WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.’. (11) An advertisement that contains a comparison rate under section 140(3) of the Code must include a warning that the comparison rate is accurate only for the example given. (12) A warning under this section must be given immediately after the comparison rate is given. Note — Section 14(3) of the Code provides that the credit provider may inform the debtor of the comparison rate before entering into the contract. Section 140(3) of the Code provides that a person who publishes an advertisement about the availability of credit may include in the advertisement the comparison rate. If the credit provider or person does so, the comparison rate must be calculated as prescribed by the regulations and be accompanied by the warnings set out in the regulations. 13 Pre-contractual statement (1) For the purposes of section 14(4) of the Code, the following financial information under section 15 of the Code, which is to be contained in the precontractual statement, is prescribed (the relevant financial information )— (a) section 15(B) (Amount of credit)—the amount of credit agreed to be provided (if ascertainable) or (if not ascertainable) the maximum amount of credit agreed to be provided, or the credit limit under the contract, (if any); (b) section 15(C) (Annual percentage rate or rates)—the information referred to in section 15(C), except paragraph (c)(iii); (c) section 15(D) (Calculation of interest charges)—the maximum duration of any interest free period under the credit contract; (d) section 15(E) (Total amount of interest charges payable)—the information referred to in section 15(E);

s 13 20 s 13 Consumer Credit Regulation 1995 (e) section 15(F) (Repayments)—the information referred to in section 15(F); (f) section 15(G) (Credit fees and charges)—the information referred to in section 15(G)(a) and (b), but only in respect of— (i) retained credit fees and charges (that is, credit fees and charges retained by the credit provider and not passed on to or retained in reimbursement of an amount paid to a third party); and (ii) lenders mortgage insurance. (2) The relevant financial information is to be set out separately from the remainder of the information under section 15 of the Code that is to be set out in the precontractual statement. The relevant financial information is to be set out in tabular form, in either portrait or landscape format (the financial table ). (3) Additional information may be included in the financial table, but only in the following circumstances— (a) any information referred to in section 15(B), (C), (D), (E), (F) or (G) of the Code that is not relevant financial information may be included with the relevant financial information; (b) any other information referred to in section 15(A) or (H) to (O) of the Code may be included after the relevant financial information and any information included under paragraph (a). (4) If the relevant financial information relates to more than 1 type of credit facility, the information may be set out in a single financial table or in separate financial tables. (5) The financial table is to be set out at the beginning of the precontractual statement. If the precontractual statement consists of more than one document, the financial table need not be repeated. If the precontractual statement is not a separate document, the financial table is to be set out at the beginning of the proposed contract document. The financial table may be preceded by information necessary to identify the loan.

s 14 21 s 14 Consumer Credit Regulation 1995 (6) If any of the relevant financial information can change under the credit contract because of a unilateral change by the credit provider, a clear statement must be made in the financial table that it is subject to change and that the change can be made without the debtor’s consent. A single statement may be made in respect of 2 or more items of information subject to change. (7) Any expression may be used for the purposes of the relevant financial information if the expression is defined elsewhere in the precontractual statement. (8) The relevant date of disclosure of the information in the financial table may be set out in the financial table. (9) This section does not prevent a repetition of the relevant financial information in the financial table in any other form in connection with the remainder of the information under section 15 of the Code that is to be set out in the precontractual statement. Note — Section 14(1)(a) of the Code requires a credit provider to give a prospective debtor a precontractual statement setting out matters required by section 15 of the Code to be included in the credit contract document. The precontractual statement must be given before the credit contract is entered into or before the debtor makes an offer to enter into the contract, whichever first occurs. Under section 14(4) of the Code, the regulations may prescribe the form in which any of that financial information is to be contained in the precontractual statement. 14 Additional disclosures about insurance financed by contract For the purposes of section 15(N)(c) of the Code, the term of each credit-related insurance contract, if ascertainable, is prescribed. Note — Section 15(N) of the Code sets out the disclosures to be made about credit-related insurance contracts that are to be financed under the credit contract. Section 15(N)(c) enables the regulations to prescribe additional particulars about the insurance that is to be disclosed.

s 15 22 s 16 Consumer Credit Regulation 1995 15 Additional disclosures about credit contracts to be signed by debtor (1) For the purposes of section 15(O) of the Code, the information and warnings set out in form 3A or 3B (whichever is relevant to the particular case) are prescribed, but only if the credit contract document is to be signed by the debtor. (2) The relevant form is— (a) form 3A if the document signed by the debtor constitutes an offer; or (b) form 3B if the document signed by the debtor constitutes the acceptance of an offer by the credit provider. (3) The information and warnings referred to in subsection (1) are to comply with the following requirements— (a) they are to be in the relevant form (including in the form of a box); (b) they are to be set out immediately above (and on the same page as) each place where the debtor (or at least 1 of the debtors) is to sign the contract document or, if a contract is made by electronic communication, the information and warnings must be prominently displayed when (but not after) the debtor (or if 2 or more debtors, each debtor) signs. Note — Section 15 of the Code sets out the matters to be included in the credit contract document. Section 15(O) requires the contract document to contain any additional information or warnings required by the regulations. Section 16 of the Code requires a contract document to conform to the requirements of the regulations as to its form and the way it is expressed. 16 Deduction of amount for interest charges Section 23(1) of the Code does not apply to the deduction of an amount for the first payment of interest charges under a credit contract, but only if the deduction relates to interest charges for a period that is less than the normal period for

s 17 23 s 17 Consumer Credit Regulation 1995 which interest charges are to be periodically debited to the debtor’s account. Note — Section 23(1) of the Code provides, among other things, that a credit provider must not deduct from a payment to, or in accordance with the instructions of, the debtor an amount for interest charges under the credit contract. Section 23(2) of the Code authorises the making of regulations that exempt from that prohibition the deduction of an amount for the first payment of interest charges. 17 Calculation of unpaid daily balances (1) This section applies to the calculation of average unpaid daily balances when interest charges under a credit contract are determined under section 26(2) of the Code for a month, a quarter or a half-year by applying the relevant fraction of the annual percentage rate. (2) The actual unpaid daily balances for each day in the month, quarter or half-year concerned are to be added together and divided by the total number of days in the whole of that month, quarter or half-year. (3) If the annual percentage rate applies to part (but not the whole) of the month, quarter or half-year, the calculation of the average unpaid daily balances for that part is to be made by adding together the actual unpaid daily balances for each day in that part and dividing the sum obtained by the total number of days in that month, quarter or half-year. (4) If the last day or days of the month, quarter or half-year fall on a non-business day or days, the average unpaid daily balances for the month, quarter or half-year may be calculated without reference to the unpaid daily balances for the non-business day or days. In that event, the unpaid daily balances for the non-business day or days must be included in the next month, quarter or half-year for the purposes of calculating the average unpaid daily balances for that next month, quarter or half-year. Note — Section 26(1) of the Code limits the maximum amount of an interest charge that may be imposed or provided under a credit contract generally to an amount determined by applying the daily percentage rate to the unpaid daily balances (as defined in section 25 of the Code).

s 18 24 s 19 Consumer Credit Regulation 1995 However, section 26(2) allows an interest charge for a month, a quarter or half-year to be determined by applying the annual percentage rate or rates, divided by 12 (for a month), by 4 (for a quarter) or by 2 (for a half-year), to the relevant average unpaid daily balances for the period. The regulations may provide for the calculation of unpaid daily balances in any such case. 18 Early debit or payment of interest charges Section 27(1) of the Code does not apply to the first payment of interest charges under a credit contract, but only if it relates to interest charges for a period that is less than the normal period for which interest charges are to be periodically debited to the debtor’s account. Note — Section 27(1) of the Code provides that a credit provider must not require payment of or debit an interest charge at any time before the end of a day to which the interest charge applies. Section 27(3) of the Code authorises the making of regulations that exempt from that prohibition the first payment of interest charges. 19 When statement of account not required For the purposes of section 31(3)(b) of the Code, the amount outstanding is fixed at $10. Note — Section 31 of the Code requires the credit provider to give the debtor periodic statements of account. Section 31(3) sets out the circumstances in which a statement is not required to be given. Section 31(3)(b) provides that a statement is not required if no amount has been debited or credited to the debtor’s account during the statement period and the amount outstanding on the debtor’s account is zero or below a level fixed by the regulations.

s 19A 25 Consumer Credit Regulation 1995 s 19A Part 4 Matters prescribed for the purposes of part 3 of the Code (Related mortgages and guarantees) 19A Mortgage arising from certain home ownership schemes—exemption from section 46(1) of the Code (1) This section applies to— (a) the home ownership scheme operated by the Mt Newman Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mitsui-Itochu Iron Pty Ltd ACN 088 702 761 and CI Minerals Australia Pty Ltd ACN 009 256 259; and (b) the home ownership scheme operated by the Mount Goldsworthy Mining Associates Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mistsui Iron Ore Corporation Pty Ltd ACN 050 157 456 and CI Minerals Australia Pty Ltd ACN 009 256 259; that assist employees, whether alone or jointly with 1 or more other persons, to purchase land owned respectively by the Mt Newman Joint Venturers and the Mount Goldsworthy Mining Associates Joint Venturers. (2) Section 46(1) of the Code does not apply to any mortgage created over an interest that is acquired by an employee under a contract for the purchase of land entered into by the employee, whether alone or jointly with 1 or more other persons, under a home ownership scheme to which this section applies. (3) In this section— employee means— (a) if BHP Billiton Iron Ore Pty Ltd ACN 008 700 981 is the manager of the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture—an employee of that corporation or an employee of a corporation that is a related body corporate within the meaning of the Corporations Act in relation to BHP Billiton Iron Ore Pty Ltd; or

s 20 26 s 21 Consumer Credit Regulation 1995 (b) if BHP Billiton Iron Ore Pty Ltd ceases to manage the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture—an employee of the person for the time being exercising the functions of the manager of the Mt Newman Joint Venture or of the Mount Goldsworthy Mining Associates Joint Venture. Note — Section 46 of the Code provides that a mortgage cannot be created over employees’ remuneration or employment benefits or benefits under a superannuation scheme unless the regulations permit it to do so. 20 Form of guarantees (1) For the purposes of section 50 of the Code, a guarantee must contain a warning in form 4. (2) The warning is to comply with the following requirements— (a) the warning is to be in the form of a box as indicated in form 4; (b) the warning is to be set out immediately above (and on the same page as) the place where the guarantor (or at least one of the guarantors) is to sign the guarantee document; (c) if the guarantors are to sign the guarantee document on separate pages—the warning is to be so set out on each such page. Note — Section 50 of the Code requires a guarantee to be in writing signed by the guarantor. Section 50(3) provides that the regulations may make provision for or with respect to the content of guarantees and the way they are expressed. 21 Explanation about guarantor’s rights and obligations (1) For the purposes of section 51(1)(b) of the Code, the information document is to be a written document in— (a) before 1 December 1998—form 5 or 5A; or (b) from 1 December 1998—form 5A.

s 22 27 s 22 Consumer Credit Regulation 1995 (2) The information document may be in the form of a separate document or a part of the guarantee document. Note — Section 51(1)(b) of the Code requires a credit provider to give a prospective guarantor an explanation in the form required by the regulations of the guarantor’s rights and obligations. The explanation must be given before the obligations under the relevant credit contract are secured by the guarantee. Part 5 Matters prescribed for the purposes of part 4 of the Code (Changes to obligations under credit contracts, mortgages and guarantees) 22 Information about increases in the amount of credit (1) For the purposes of section 65(3) of the Code, such of the following information as is ascertainable is prescribed in respect of a credit contract (other than a continuing credit contract)— (a) the date of the change in the contract; (b) the unpaid daily balance at the date of the notice; (c) the amount by which the amount of credit will be increased in accordance with the agreement; (d) the persons, bodies or agents (including the credit provider) to whom the amount referred to in paragraph (c) is to be paid and the amounts payable to them; (e) the total of the amounts referred to in paragraphs (b) and (c); (f) details of any change to the annual percentage rate; (g) details of any credit fees or charges that will be payable after the change in the contract;

s 22A 28 Consumer Credit Regulation 1995 s 22A (h) current repayment details, being the number of repayments yet to be made, the amount of each of those repayments and the total amount of those repayments yet to be paid; (i) the repayment details once the agreement is made, being the number of repayments yet to be made once the agreement is made, the amount of each of those repayments, the total amount of those repayments and details of any changes in the times or frequency of repayment; (j) if commission is to be paid by or to the credit provider for the introduction of credit business or business financed by the increased amount of credit under the contract—information of the kind referred to in section 15(M) of the Code; (k) the proposed increase in the term of the contract; (l) the proposed new expiry date for the contract. Note — Section 65(1) of the Code requires a credit provider to give notice to the other party of a change to a credit contract, mortgage or guarantee that has been agreed to by the credit provider and the other party. The notice must be given within 30 days after the date of the agreement. Section 65(3) of the Code provides that, if the parties propose to increase the amount of credit by agreement, the credit provider must also give to the debtor, before the agreement is made, a written notice containing the information required by the regulations. (2) Despite subsection (1), the matter in subsection (1)(h) and (i) relating to the total amount of repayments need only be included in the written notice given under section 65(3) of the Code if the contract concerned would, on the assumptions under sections 158 and 160 of the Code, be paid out within 7 years of the date on which credit is first provided under the contract. 22A Application of ss 66 to 69 of the Code (1) For the purposes of section 66(3) of the Code, sections 66 to 69 of the Code do not apply to a credit contract under which the maximum amount of credit that is or may be provided is

s 23 29 s 23A Consumer Credit Regulation 1995 more than an amount equal to 110% of the amount of the average loan size for new dwellings in New South Wales. (2) In this section— average loan size for new dwellings in New South Wales means the average loan size for the purchase of new dwellings in New South Wales as set out in the Table of Housing Finance Commitments in the publication entitled Housing Finance, Australia , as published from time to time by the Australian Bureau of Statistics. Part 6 Matters prescribed for the purposes of part 5 of the Code (Ending and enforcing credit contracts, mortgages and guarantees) 23 Information after surrender of goods For the purposes of section 78(3) of the Code, the information required to be contained in the notice is to include the information set out in form 6. Note — Section 78 of the Code enables a debtor of goods sold by instalments or mortgagor to surrender the goods. Section 78(3) requires a credit provider to give a debtor or mortgagor a written notice containing the estimated value of the goods and any other information required by the regulations. 23A Application of pt 5, div 3 of the Code (1) For the purposes of section 86(2) of the Code, part 5, division 3 of the Code does not apply to a credit contract in respect of which the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the amount of the average loan size for new dwellings in New South Wales.

s 24 30 s 24 Consumer Credit Regulation 1995 (2) In this section— average loan size for new dwellings in New South Wales means the average loan size for the purchase of new dwellings in New South Wales as set out in the Table of Housing Finance Commitments in the publication entitled Housing Finance, Australia , as published from time to time by the Australian Bureau of Statistics. 24 Consent to enter premises For the purposes of section 91 of the Code, consent by the occupier of premises to entry to the premises is taken to be given only if the following provisions have been complied with— (a) a request to the occupier for entry to the premises must be made by the credit provider or agent by application in writing or by calling at the premises concerned; (b) if the request is made personally, it may only be requested between the hours of 8a.m. to 8p.m. on any day other than a Sunday or public holiday; (c) the consent in writing must be in form 7 and signed by the occupier; (d) the written document of consent is not to be presented to the occupier for signature with, or as part of, any other document (unless the other document, or the remainder of the other document, contains only the provisions of section 91 of the Code). Note — Section 91(1) of the Code provides that a credit provider, or an agent of the credit provider, must not enter any part of premises used for residential purposes for the purpose of taking possession of mortgaged goods under a goods mortgage unless the court has authorised entry or the occupier of the premises (after being informed in writing of the provisions of section 91) consented in writing to the entry. Under section 91(2) of the Code, the regulations may provide procedures for the purposes of section 91 and set out circumstances in which consent is or is not taken to have been given.

s 25 31 s 27 Consumer Credit Regulation 1995 25 Statement about mortgagor’s rights and obligations For the purposes of section 94(1)(c) of the Code, the information statement is to be a written statement in form 8. Note — Section 94(1) of the Code requires a credit provider who has repossessed goods to give the mortgagor certain information, including an information statement in the form required by the regulations of the mortgagor’s rights and obligations. 26 Information about proceeds of sale of mortgaged goods For the purposes of section 96(3) of the Code, the information required to be given to the mortgagor includes an itemised account of each deduction made from the gross amount realised on the sale to arrive at the net proceeds of sale. Note — Section 96(3) of the Code requires a credit provider that sells mortgaged goods to give the mortgagor a written notice stating the gross amount realised on the sale, the net proceeds of the sale and certain other information, including other information required by the regulations. Part 7 Matters prescribed for the purposes of part 7 of the Code (Related sale contracts) 27 Rate of interest on damages For the purposes of section 122(1) of the Code, the prescribed rate of interest in respect of the relevant credit contract is the annual percentage rate under that contract as at— (a) the date of the judgment; or (b) if the contract was not still in force at that date—the date immediately before the contract was terminated.

s 28 32 s 29 Consumer Credit Regulation 1995 Note — Section 122(1) of the Code allows interest to be paid on damages awarded under the linked credit provider provisions of the Code. The rate of interest is to be the rate prescribed by the regulations. 28 Informing debtor of rights For the purposes of section 126(2) of the Code, the information given by the credit provider to the debtor is to be— (a) a written statement in form 9; and (b) given to the debtor within 21 days of the termination of the tied loan contract or the tied continuing credit contract. Note — Section 126(1) of the Code provides for the termination of a linked maintenance services contract if a credit contract is terminated. Section 126(2) of the Code requires the credit provider in that case to inform the debtor in accordance with the regulations of the debtor’s rights under section 126. 29 Rebate of consideration For the purposes of section 126(3) of the Code, the manner of calculating the proportionate rebate of consideration is by applying the following formula— R = C ------ × ----- S -- T where— R is the amount of rebate of consideration. C is the amount of the charges under the maintenance services contract financed under the credit contract. S is the number of whole months in the unexpired portion of the period for which maintenance was agreed to be provided. T is the number of whole months for which maintenance was agreed to be provided.

s 30 33 s 30 Consumer Credit Regulation 1995 Note — Section 126(1) of the Code provides that, if a debtor terminates a linked maintenance services contract because of the termination of the credit contract, the debtor is entitled to a proportionate rebate of consideration under the maintenance services contract. Section 126(3) of the Code provides that the regulations may prescribe the manner of calculating that proportionate rebate of consideration. Part 8 Matters prescribed for the purposes of part 8 of the Code (Related insurance contracts) 30 Particulars of insurance entered into by credit provider (1) For the purposes of section 136(2) of the Code, the credit provider is to give the debtor particulars of the key features of the credit-related insurance contract. (2) The key features of the contract are the following— (a) the name of the insurer; (b) the kind of insurance, the risks insured against and the exclusions; (c) the beneficiaries under the policy; (d) the expiry date of the policy; (e) the premium payable (to the extent ascertainable); (f) the fees and charges payable (to the extent ascertainable); (g) the person by whom, and the person with whom, a claim may be made in respect of the policy, and the manner of making such a claim. (3) The written notice of any of the particulars referred to in subsection (2) may be given by the provision of a copy of the policy containing those particulars.

s 31 34 s 32 Consumer Credit Regulation 1995 Note — Section 136(2) of the Code provides that, if a credit provider enters into a credit-related insurance contract in which the debtor has a beneficial interest, the credit provider must ensure that a written notice containing particulars of the insurance prescribed by the regulations is given to the debtor within 14 days after the beneficial interest is acquired by the debtor. Credit-related insurance consists of insurance over mortgaged property or consumer credit insurance. 31 Proportionate rebate of consumer credit insurance premium For the purposes of section 138(4) of the Code, the manner of calculating the proportionate rebate of premium is by applying the following formula— Y = PS (S+1) T (T+1) where— Y is the amount of the rebate of premium. P is the amount of the premium paid (not including any amount payable in respect of a government charge). S is the number of whole months in the unexpired portion of the period for which insurance was agreed to be provided. T is the number of whole months for which insurance was agreed to be provided. 32 Notice of right to cancel mortgaged property insurance For the purposes of section 139(2) of the Code, the information given to the debtor by the credit provider is to be a written statement in form 10. Note — Section 139 of the Code provides that if a credit contract is terminated before the end of the term of a credit-related insurance contract over mortgaged property financed under the credit contract, the debtor may terminate the insurance contract and recover from the insurer a proportionate rebate of premium. Section 139(2) provides that a credit provider must inform the debtor, in accordance with the regulations, of the debtor’s rights under section 139. The information is to be given on the termination of the credit contract.

s 33 35 s 33A Consumer Credit Regulation 1995 33 Proportionate rebate of premium for insurance over mortgaged property For the purposes of section 139 of the Code, the manner of calculating the proportionate rebate of premium is to calculate the sum of the following amounts— (a) the amount of premium paid in respect of any period of the insurance contract that has not yet commenced; (b) 90% of the proportion of the amount of the premium for insurance paid in respect of the current period of the insurance contract attributable to the unexpired portion of that period consisting of whole months. Note — Section 139(3) of the Code provides that the regulations may prescribe the manner of calculating the proportionate rebate of premium for the purposes of section 139. Part 8A Matters prescribed for the purposes of part 9A of the Code (Comparison rates) 33A Relevant comparison rate where annual percentage rate stated For the purposes of section 146F(2) of the Code, the designated amounts and terms for which a comparison rate is to be calculated are as follows— (a) $250 for a term of 2 weeks; (b) $1000 for a term of 6 months; (c) $2500 for a term of 2 years; (d) $10000 for a term of 3 years; (e) $30000 for a term of 5 years; (f) $150000 for a term of 25 years.

s 33B 36 Consumer Credit Regulation 1995 s 33C 33B Information about whether comparison rate relates to secured loan For the purposes of section 146G(2) of the Code, the following amounts are prescribed as amounts for which a statement must be made as to whether a comparison rate is for a secured loan or an unsecured loan— (a) $10000; (b) $30000. 33C Warnings about comparison rate (1) For the purposes of section 146H(1) of the Code, the warning about the accuracy of a comparison rate in a credit advertisement must— (a) include the short statement or long statement; and (b) be given in the same form as the comparison rate is given unless the credit advertisement is on television, the Internet or other electronic display medium. 2 (2) For the purposes of section 146O(1) of the Code, the warning about the accuracy of a comparison rate in a comparison rate schedule must include the long statement. (3) A warning may also contain a statement that the credit provider does not provide credit for an amount, or a term, or both, specified in a credit advertisement or comparison rate schedule. (4) In this section— long statement means the following statement— ‘WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.’. short statement means the following statement— 2 For a credit advertisement on an electronic display medium, see the ConsumerCredit Code, section 146I(3) for the form in which the warning must be given.

s 33D 37 Consumer Credit Regulation 1995 s 33D ‘WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.’. 33D Relevant comparison rate schedules (1) For the purposes of section 146M(2) of the Code, the designated amounts of credit and terms for which a comparison rate is required to be listed in a comparison rate schedule are as follows— (a) $250 for a term of 2 weeks; (b) $600 for a term of 8 weeks; (c) $1000 for a term of 6 months; (d) $1500 for a term of 1 year; (e) $2500 for a term of 2 years; (f) $5000 for a term of 2 years; (g) $10000 for a term of 3 years; (h) $15000 for a term of 4 years; (i) $20000 for a term of 4 years; (j) $25000 for a term of 5 years; (k) $30000 for a term of 5 years; (l) $50000 for a term of 7 years; (m) $70000 for a term of 25 years; (n) $100000 for a term of 25 years; (o) $130000 for a term of 25 years; (p) $150000 for a term of 25 years; (q) $200000 for a term of 25 years; (r) $225000 for a term of 25 years; (s) $250000 for a term of 25 years; (t) $275000 for a term of 30 years; (u) $300000 for a term of 30 years.

s 33E 38 Consumer Credit Regulation 1995 s 33F (2) For the purposes of section 146M(2) of the Code, if a credit provider generally provides credit for an amount listed in subsection (1)(m) to (u) for a term of less than 25 years for purposes other than for a housing loan, the term prescribed for the amount is the term for which credit of that amount is provided by the credit provider. (3) If the annual percentage rate applicable to an amount of credit provided by a credit provider is determined by a credit provider according to the risk profile of the debtor, a comparison rate schedule in which the amount is included must contain 5 comparison rates for that amount. (4) The comparison rates for an amount of credit mentioned in subsection (3) are to be calculated on the basis of repayments with an annual percentage rate that is the average annual percentage rate charged by the credit provider for the amount rounded to the nearest whole number and the 2 whole number rates above and below that rate. 33E Information about whether comparison rate relates to secured loan (1) For the purposes of section 146M(4) of the Code, amounts of not less than $10000 and not more than $30000 are prescribed as amounts for which a statement must be made as to whether a comparison rate in a comparison rate schedule is for a secured loan or an unsecured loan. (2) A comparison rate schedule may, but is not required to, contain statements as to whether a comparison rate in a comparison rate schedule is for a secured loan or unsecured loan for amounts other than the amounts for which such a statement is required to be made by subsection (1). 33F Calculation of comparison rates (1) For the purposes of this part, comparison rates are to be calculated in accordance with this section. (2) The comparison rate must be calculated as a nominal rate per annum, together with the compounding frequency, in accordance with this section.

s 33F 39 Consumer Credit Regulation 1995 s 33F (3) The comparison rate is given by the following formula— i = n × r × 100% where— n is the number of repayments per annum to be made under the credit contract (annualised if the term of the contract is less than 12 months), except that— (i) if repayments are to be made weekly or fortnightly—n is to be 52.18 or 26.09, respectively; and (ii) if the contract does not provide for a constant interval between repayments—n is to be derived from the interval selected for the purposes of the definition of j mentioned below. r is the solution of the following— Σ t ( --- l --- + A ----- j r --- ) -- j = Σ t - R ( --- l - j -- + - + ---- r - C -- ) -- jj j= o j= o where— j is the time, measured as a multiple (not necessarily integral) of the interval between contractual repayments that will have elapsed since the first amount of credit is provided under the credit contract, except that if the contract does not provide for a constant interval between repayments an interval of any kind is to be selected by the credit provider as the unit of time. t is the time, measured as a multiple of the interval between contractual repayments (or other interval so selected) that will elapse between the time when the first amount of credit is provided and the time when the last repayment is to be made under the contract. Aj is the amount of credit to be provided under the contract at time j (the value of j for the provision of the first amount of credit is taken to be zero).

s 33G 40 Consumer Credit Regulation 1995 s 33G Rj is the repayment to be made at time j. Cj is the fee or charge (if any) payable by the debtor at time j in addition to the repayments Rj, being a credit fee or charge (other than a government fee, charge or duty) that is ascertainable when the comparison rate is disclosed (whether or not the credit fee or charge is payable if the credit is not provided). (4) The comparison rate must be correct to at least the nearest one hundredth of 1% per annum. (5) In the application of the above formulae, reasonable approximations may be made if it would be impractical or unreasonably onerous to make a precise calculation. For example, if repayments are to be made on a fixed day each month, it may be assumed that repayments will be made on that day each month even though the credit contract provides for payment on the preceding or succeeding business day when the due date is not a business day. (6) The tolerances and assumptions under sections 158 to 160 of the Code apply to the calculation of the comparison rate. (7) The comparison rate must be accompanied by a statement of the amount of credit on which it is based and the term for which credit is provided. 33G Exemption of certain premises (1) A credit provider is exempt from section 146K(1) of the Code in relation to premises of the credit provider if the use of the premises relating to the provision of credit is limited to 1 or more of the following— (a) the display or provision of credit advertisements that do not, or information that does not, contain an annual percentage rate; (b) the distribution, or collection, or both, of credit applications. (2) A credit provider is exempt from section 146K(5) of the Code in relation to applications for credit sent or given by the credit provider from or at premises referred to in subsection (1).

s 33H 41 Consumer Credit Regulation 1995 s 34 33H Exemptions in relation to comparison rate schedules (1) A finance broker is exempt from section 146L of the Code in relation to any consumer credit product if the finance broker does not deal with that product. (2) A supplier of goods or services is exempt from section 146L of the Code in relation to any consumer credit product of a linked credit provider of the supplier that is not available for the purposes of providing credit relating to the supply of the goods or services. 33HA Matters that may be included in comparison rate schedules A comparison rate schedule may include a statement as to the frequency of repayments used to calculate a comparison rate contained in the schedule. 33I Expiry of part This part expires on the expiry of part 9A of the Code. Part 9 Matters prescribed for the purposes of part 10 of the Code (Consumer leases) 34 Declaration about purpose of leases (1) For the purposes of section 150 of the Code, the form of the declaration is as follows— ‘I/We declare that the goods to be hired by me/us from the lessor are to be hired wholly or predominantly for business purposes.’. (2) The declaration is to contain (immediately below the above words or, if a consumer lease is made by electronic

s 35 42 s 35 Consumer Credit Regulation 1995 communication, prominently displayed when (but not after) the person signs) a warning in the following form— IMPORTANT You should not sign this declaration unless the goods are hired wholly or predominantly for business purposes. By signing this declaration you may lose your protection under the Consumer Credit Code. (3) The declaration is to contain— (a) the signature of each person making the declaration; and (b) either the date on which the declaration is signed or the date on which it is received by the lessor. Note — The Code applies to consumer leases only if the goods are hired for personal, domestic or household purposes. Section 150(2) of the Code provides that goods hired under a consumer lease are conclusively presumed not to be hired for those purposes if the lessee declares, before hiring the goods, that the goods are hired wholly or predominantly for business purposes. The declaration is not effective unless it is substantially in the form required by the regulations. 35 Explanation about rights and obligations of consumer lessees (1) For the purposes of section 153 of the Code, the information statement is to be a written statement in form 11. (2) The information statement may be in the form of a separate document or a part of the consumer lease document. Note — Section 153 of the Code requires a lessor under a consumer lease to give a lessee a statement in the form required by the regulations explaining the lessee’s rights and obligations. The explanation must be given within 14 days after entering into the lease.

s 36 43 s 36 Consumer Credit Regulation 1995 Part 10 Matters prescribed for the purposes of part 11 of the Code (Miscellaneous) 36 Tolerances relating to disclosures (1) For the purposes of section 158(1)(a) of the Code— (a) information about a percentage rate that contains more than 4 decimal places is within permissible tolerances if it is rounded-off to not less than 4 decimal places (so long as it is correct to the nearest fourth decimal place); and (b) information about any amount payable that includes a fraction of a cent is within permissible tolerances if it is rounded-off to the nearest whole cent. (2) For the purposes of section 158(1)(a) of the Code, information about any amount payable that depends for its accuracy on an interest charge that is correct only because of a permissible tolerance under subsection (1) (and is not inaccurate for any other reason) is also within permissible tolerances. (3) For the purposes of this section and section 37 of this regulation— (a) a percentage rate may be rounded up to the nearest highest fourth decimal place only if the part of the rate being rounded up exceeds 0.00005; and (b) a fraction of a cent may be rounded up to the nearest highest whole cent only if the fraction being rounded up exceeds 0.5 cents. Note — Section 158 of the Code provides that information disclosed in a precontractual statement or contract document etc. under the Code is taken to be correctly disclosed if it is within tolerances allowed by the regulations and the disclosure is made as at a date stated in it. (4) For the purposes of section 158(1)(a) of the Code, information disclosed about any— (a) interest charges or repayments payable; or

s 37 44 s 37 Consumer Credit Regulation 1995 (b) credit fees or charges that are government fees or government charges; is within permissible tolerances if it overstates the amount or amounts payable. (5) However, any such overstatement does not affect the amounts payable under the credit contract and accordingly is not within permissible tolerances for the purposes of section 159 of the Code (unless it is within permissible tolerances because of section 37 of this regulation). 37 Tolerances relating to amounts payable etc. (1) For the purposes of section 159 of the Code— (a) if the daily or other percentage rate to be used for the calculation of an amount of interest contains more than 4 decimal places, the amount of interest is within permissible tolerances if the rate used for the calculation is rounded-off to not less than 4 decimal places (so long as it is correct to the nearest fourth decimal place); and (b) an amount charged, payable or calculated that includes a fraction of a cent is within permissible tolerances if it is rounded-off to the nearest whole cent; and (c) if the credit provider is authorised by a law of this jurisdiction to charge (or obtain reimbursement in respect of) an amount of duty in the nature of receipts or financial institutions duty that is not within a permissible tolerance under paragraph (a) or (b), that amount is within permissible tolerances. (2) For the purposes of section 159 of the Code, any amount which depends for its accuracy on an interest charge that is correct only because of a permissible tolerance under subsection (1) (and is not inaccurate for any other reason) is also within permissible tolerances. Note — Section 159 of the Code provides that all amounts charged, payable or calculated under or in connection with a credit contract, mortgage, guarantee or consumer lease comply with the Code if they are within tolerances allowed by the regulations.

s 38 45 s 38A Consumer Credit Regulation 1995 38 Additional assumptions relating to disclosures (1) Disclosures for the purposes of the Code relating to interest charges, repayments and fees and charges may, if any repayment is to be made or interest charge or fee or charge is to be paid or debited on a particular day, be made on the assumption that the repayment will be made or the interest charge or fee or charge paid or debited on that day even though it is not a business day and the contract provides that the repayment is to be made or the interest charge or fee or charge paid or debited on the next preceding or succeeding business day. (2) Disclosures for the purposes of the Code relating to repayments and interest charges may also be made on the assumption that the amount of credit will be provided on the date— (a) nominated for that purpose in the pre-contractual statement given under section 14 of the Code; or (b) if no date is so nominated—on the relevant date of disclosure set out in the financial statement as referred to in section 13(8) of this regulation; or (c) if no date is so set out—the date on which the statement is given to the debtor. (3) Subsection (2) does not apply to— (a) a continuing credit contract; or (b) a credit contract under which credit is provided progressively and the dates on which the credit is to be provided are not ascertainable. 38A Contracts linked to loan account offset arrangements (1) Disclosures for the purposes of the Code relating to a credit contract linked to a loan account offset arrangement may be made on the assumption that the contract is not linked to the arrangement. (2) If the amount of interest charges under a credit contract is affected by a loan account offset arrangement during a statement period—

s 39 46 s 39 Consumer Credit Regulation 1995 (a) the statement of account is to disclose the net interest charge debited under the credit contract during the statement period; and (b) any such statement of account must also show the amount by which the net interest differs from the interest charge that would otherwise have been payable under the credit contract if the interest charge had not been affected by the loan account offset arrangement. 39 Requirements for print or type (1) For the purposes of section 162(1)(b) of the Code, print or type must be not less than 10 point. Note — Section 162(1)(b) of the Code provides that a credit contract, guarantee or notice given by a credit provider under the Code, to the extent that it is printed or typed, must conform with the provisions of the regulations as to print or type. (2) For the purposes of section 162(1A)(b) of the Code, if a credit contract, mortgage or guarantee or a notice given by a credit provider under the Code is transmitted by electronic communication— (a) the electronic communication must not incorporate any image, message, advertisement or other feature that distracts, or is reasonably likely to distract, the recipient or otherwise reduces or interferes, or is reasonably likely to reduce or interfere, with the recipient’s ability to understand the credit contract, mortgage or guarantee or notice; and (b) if an image, message, advertisement or other feature accompanies or is associated with the electronic communication, it must be readily distinguishable from the credit contract, mortgage or guarantee or notice; and (c) the recipient must be readily able to scroll through the whole of the credit contract, mortgage or guarantee or notice; and (d) the full address (not being a post office box) and telephone number at which the credit provider may be

s 39A 47 Consumer Credit Regulation 1995 s 39A contacted must be included in the credit contract, mortgage or guarantee or notice. 39A Exemptions in relation to electronic communications For the purposes of section 164A(3) of the Code, the following transactions, documents or information, or classes of transactions, documents or information, must not be made, given or provided by electronic communication— (a) a guarantee to which the Code applies under section 9 of the Code; (b) a copy of a guarantee given under section 52(1)(a) of the Code; (c) a copy of a credit contract given under section 52(1)(b) of the Code; (d) a copy of a contract document given under section 54(2)(a) of the Code; (e) a notice setting out particulars of the change in the terms of the credit contract under section 56(1)(a) of the Code; (f) a default notice under section 80(1) of the Code; (g) a default notice under section 80(2) of the Code; (h) information concerning the provisions of section 91 of the Code provided to the occupier of premises under section 91(1)(b) of the Code; (i) a request for entry to premises under section 24(a) of this regulation; (j) a consent to enter premises under section 24(c) of this regulation; (k) a notice under section 94(1) of the Code; (l) a demand made on the supplier under section 120(5)(a) of the Code; (m) a demand made on the supplier under section 120(6)(a) of the Code; (n) a notice of intention to repossess under section 156(1) of the Code;

110 Consumer Credit Regulation 1995 Schedule (continued) Form 8 (continued) If you do nothing, you will lose the goods. Sale of goods The law says that the credit provider must get the best price reasonably obtainable for the goods. If you want to, you can introduce a buyer to the credit provider. This has to be done in writing within 21 days after the date of the notice you receive and the buyer must be willing to pay the credit provider’s estimate of the value of the goods or any greater amount for which the credit provider has obtained a written offer to buy the goods. The credit provider must offer to sell the goods to the buyer you have introduced. Your letter introducing the buyer has to reach the credit provider before the goods are sold. If you post the letter, it is best to send it by certified or registered mail then you can check that it was delivered. If you take it to the credit provider’s office, you should get an employee to sign and date something to say that your letter has been received. Make sure you keep anything that was signed by the employee. Once the 21 day period has expired, the credit provider must sell the goods as soon as reasonably practicable unless— • you and the credit provider agree on some other time for sale; or • legal proceedings have been taken which prevent the sale. As mentioned above, the goods must be sold for the best price reasonably obtainable.

111 Consumer Credit Regulation 1995 Schedule (continued) Form 8 (continued) Finalising the contract As soon as the goods are sold, the total amount payable under the contract becomes due. However, the credit provider will have to deduct from what you owe any amount the credit provider gets for the goods less— • the amount owing under your mortgage (which cannot be more than the amount owing under the contract); and • any amount owing under a prior mortgage of the goods; and • any amount owing under a subsequent mortgage of the goods which the credit provider knows about; and • the credit provider’s reasonable expenses of enforcing the mortgage. After the goods are sold, the credit provider must give you a notice setting out certain information including— • what the sale price was; and • the net proceeds of the sale after the amounts referred to above have been deducted; and • the amount due under the credit contract or the amount of any surplus due to you; and • details of any further recovery action that might be taken against you under the credit contract if you are the debtor. General You should discuss this matter with the credit provider as soon as possible. You should know that after the goods have been sold, you will still have to pay the credit provider any amount still outstanding. You may be able to work out some alternative arrangement about the contract and mortgage. For

112 Consumer Credit Regulation 1995 Schedule (continued) Form 8 (continued) example, if your are the debtor, you could ask the credit provider— • to extend the term of the contract and either reduce the amount of each payment accordingly or defer payments for a specified period; or • to simply defer payments for a specified period. The name, telephone number and address of the person to contact is on the front of this form. If you cannot come to a suitable arrangement with the credit provider, contact the Government Consumer Agency immediately. If you are the debtor and have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be varied under the law to meet your situation. There are other people, such as financial counsellors, who may be able to help. IF YOU HAVE ANY DOUBTS, OR YOU WANT MORE INFORMATION, CONTACT THE GOVERNMENT CONSUMER AGENCY OR GET LEGAL ADVICE . ................................................. (signature of credit provider or person signing on behalf of credit provider) ................................................. (name of person signing) ................................................. (position of person signing) * Indicate the daily, monthly or other rate at which enforcement expenses accrue.

Form 9 TO: FROM: 113 Consumer Credit Regulation 1995 Schedule (continued) Notice of right to terminate maintenance services contract section 126(2) of the Code section 28 of the regulation ............... Date ......................................... (name of debtor) ......................................... (address of debtor) ......................................... ......................................... ......................................... (name of credit provider) ......................................... (address of credit provider) ......................................... .........................................

114 Consumer Credit Regulation 1995 Schedule (continued) Form 9 (continued) The law says that you must be told, now that your credit contract has terminated, that you can also— • terminate your maintenance services contract with . . . . . . . . . . . . . . . dated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * ( supplier ); and • recover from the supplier a proportionate rebate of the amount you have paid under the maintenance services contract. You must tell the supplier in writing if you want to terminate the maintenance services contract. The proportionate rebate must be calculated in accordance with the law. IF YOU HAVE ANY DOUBTS, OR WANT MORE INFORMATION, CONTACT THE GOVERNMENT CONSUMER AGENCY OR GET LEGAL ADVICE. ................................................. (signature of credit provider or person signing on behalf of credit provider) ................................................. (name of person signing) ................................................. (position of person signing) * Insert name and address of supplier under the maintenance services contract.

Form 10 TO: 115 Consumer Credit Regulation 1995 Schedule (continued) Notice of right to cancel mortgaged property insurance section 139(2) of the Code section 32 of the regulation ............... Date ......................................... (name of debtor) ......................................... (address of debtor) ......................................... FROM: ......................................... (name of credit provider) ......................................... (address of credit provider) ......................................... ......................................... The law says that you must be told, now that your credit contract has terminated, that you can also— • terminate your insurance contract over mortgaged property financed under the credit contract; and

116 Consumer Credit Regulation 1995 Schedule (continued) Form 10 (continued) • recover from the insurer a proportionate rebate of premium paid under the insurance contract. Your insurer will not terminate the insurance contract unless you ask the insurer in writing to do so. If you terminate the insurance, you will not be covered in the event of loss or damage to the property. According to our records your insurer is . . . . . . . . . . . . . . . . The mortgaged property is— ........................................ ........................................ ........................................ The proportionate rebate of insurance must be calculated in accordance with the law. IF YOU HAVE ANY DOUBTS, OR WANT MORE INFORMATION, CONTACT THE GOVERNMENT CONSUMER AGENCY OR GET LEGAL ADVICE. .................................................. (signature of credit provider or person signing on behalf of credit provider) .................................................. (name of person signing) .................................................. (position of person signing)

117 Consumer Credit Regulation 1995 Form 11 Schedule (continued) Information statement section 153 of the Code section 35 of the regulation Things you should know about your consumer lease This statement tells you about some of the rights and obligations of yourself and your lessor. It does not state the terms and conditions of your lease. The lease 1 How can I get details of my lease? Your lessor must give you a copy of your consumer lease with this statement. Both documents must be given to you within 14 days after the lessor enters into the consumer lease, unless you already have a copy of the consumer lease. If you want another copy of your lease write to your lessor and ask for one. Your lessor may charge you a fee. Your lessor has to give you a copy— • within 14 days of your written request if the contract came into existence 1 year or less before your request; or • otherwise within 30 days. 2 What should my lease tell me? You should read your lease carefully. Your lease should tell you about your obligations, and include information on matters such as— • details of the goods which have been hired; and

118 Consumer Credit Regulation 1995 Schedule (continued) Form 11 (continued) • any amount you have to pay before the goods are delivered; and • stamp duty and other government charges you have to pay; and • charges you have to pay which are not included in the rental payments; and • the amount of each rental payment; and • the date on which the first rental payment is due and either the dates of the other rental payments or the interval between them; and • the number of rental payments; and • the total amount of rent; and • when you can end your lease; and • what your obligations are (if any) when your lease ends. This information only has to be included in your lease if it is possible to give it at the relevant times. If your lease does not tell you all these details, contact the Government Consumer Agency, or get legal advice as you may have rights against your lessor. 3 Can I end my lease early? Yes. Simply return the goods to your lessor. The goods may be returned in ordinary business hours or at any other time you and the lessor agree on or the court decides. 4 What will I have to pay if I end my lease early? The amount the lease says you have to pay. If you have made rental payments in advance then it is possible that your lessor might owe you money if you return the goods early.

119 Consumer Credit Regulation 1995 Schedule (continued) Form 11 (continued) 5 Can my lease be changed by my lessor? Yes, but only if your lease says so. 6 Is there anything I can do if I think that my lease is unjust? Yes. You can apply to the court. Contact the Government Consumer Agency or get legal advice on how to go about this. The goods 7 If my lessor writes asking me where the goods are, do I have to say where they are? Yes. You have 7 days after receiving your lessor’s request to tell your lessor. If you do not have the goods you must give your lessor all the information you have so they can be traced. 8 When can my lessor or its agent come into a residence to take possession of the goods? Your lessor can only do so if it has the court’s approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the Consumer Credit Code. General 9 What do I do if I cannot make a rental payment? Get in touch with your lessor immediately. Discuss the matter and see if you can come to some arrangement. For example, you could ask your lessor—

120 Consumer Credit Regulation 1995 Schedule (continued) Form 11 (continued) • to extend the term of the lease and either reduce the amount of each rental payment accordingly or defer rental payments for a specified period; or • to simply defer rental payments for a specified period. 10 What if my lessor and I cannot agree on a suitable arrangement? You can apply to the court. Contact the Government Consumer Agency or get legal advice on how to go about this. If you have been unemployed, sick or there is another good reason why you are having problems with your lease, then your lease may be able to be changed to meet your situation. There are other people, such as financial counsellors, who may be able to help. 11 Can my lessor take action against me? Yes, if you are in default under your lease. But the law says that you cannot be unduly harassed or threatened for rental payments. If you think you are being unduly harassed or threatened, contact the Government Consumer Agency or the Trade Practices Commission, or get legal advice. 12 Do I have any other rights and obligations? Yes. The law will give you other rights and obligations. You should also READ YOUR LEASE carefully. IF YOU HAVE ANY DOUBTS, OR WANT MORE INFORMATION, CONTACT THE GOVERNMENT CONSUMER AGENCY OR GET LEGAL ADVICE. PLEASE KEEP THIS INFORMATION STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE.

121 Consumer Credit Regulation 1995 Endnotes 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 6 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 2 Date to which amendments incorporated This is the reprint date mentioned in the Reprints Act 1992, section 5(c). Accordingly, this reprint includes all amendments that commenced operation on or before 30 November 2007. Future amendments of the Consumer Credit Regulation 1995 may be made in accordance with this reprint under the Reprints Act 1992, section 49. 3 Key Key to abbreviations in list of legislation and annotations Key AIA amd amdt ch def div exp gaz hdg ins lap notfd num o in c om orig p para prec pres prev Explanation = Acts Interpretation Act 1954 = amended = amendment = chapter = definition = division = expires/expired = gazette = heading = inserted = lapsed = notified = numbered = order in council = omitted = original = page = paragraph = preceding = present = previous Key (prev) proc prov pt pubd R[X] RA reloc renum rep (retro) rv s sch sdiv SIA SIR SL sub unnum Explanation = previously = proclamation = provision = part = published = Reprint No. [X] = Reprints Act 1992 = relocated = renumbered = repealed = retrospectively = revised edition = section = schedule = subdivision = Statutory Instruments Act 1992 = Statutory Instruments Regulation 2002 = subordinate legislation = substituted = unnumbered

122 Consumer Credit Regulation 1995 4 Table of reprints Reprints are issued for both future and past effective dates. For the most up-to-date table of reprints, see the reprint with the latest effective date. If a reprint number includes a letter of the alphabet, the reprint was released in unauthorised, electronic form only. Reprint No. 1 1A 1B 1C 1D 2 2A 2B 2C 2D Amendments to 1996 SL No. 291 1996 SL No. 349 1997 SL No. 344 1998 SL No. 125 1998 SL No. 291 1999 SL No. 43 1999 SL No. 201 2000 SL No. 206 2000 SL No. 206 2001 SL No. 251 Effective 1 November 1996 29 November 1996 24 October 1997 29 May 1998 1 November 1998 1 May 1999 1 October 1999 4 August 2000 28 October 2000 10 December 2001 Reprint date 1 November 1996 21 January 1997 14 November 1997 1 June 1998 8 January 1999 7 May 1999 11 February 2000 11 August 2000 4 January 2001 14 December 2001 Reprint No. 2E 2F 2G 2H 2I 2J 2K Amendments included 2003 SL No. 61 2003 SL No. 35 2004 SL No. 237 2004 SL No. 312 2005 SL No. 77 2005 SL No. 258 — 3 3A rv 3B — 2006 SL No. 196 2007 SL No. 302 Effective 4 April 2003 1 July 2003 5 November 2004 17 December 2004 29 April 2005 21 October 2005 1 July 2006 21 October 2005 9 October 2006 30 November 2007 Notes R2J withdrawn, see R3R2K withdrawn—pt 8A omitted prematurely 5 List of legislation Consumer Credit Regulation 1995 SL No. 410 made by the Governor in Council on 21 December 1995 notfd gaz 22 December 1995 pp 1672–6 ss 1–2 commenced on date of notification remaining provisions commenced 1 November 1996 (see s 2 and 1996 SL No. 152) exp 31 August 2011 (see SIA s 56(1) and SIR s 5 sch 3) Note—The expiry date may have changed since this reprint was published. See the latest reprint of the SIR for any change. amending legislation— Consumer Credit Amendment Regulation (No. 1) 1996 SL No. 128 notfd gaz 14 June 1996 pp 987–9 commenced on date of notification

123 Consumer Credit Regulation 1995 Consumer Credit Amendment Regulation (No. 2) 1996 SL No. 290 notfd gaz 25 October 1996 pp 764–7 commenced on date of notification Consumer Credit Amendment Regulation (No. 3) 1996 SL No. 291 notfd gaz 25 October 1996 pp 764–7 ss 1–2 commenced on date of notification remaining provisions commenced 1 November 1996 (see s 2) Consumer Credit Amendment Regulation (No. 4) 1996 SL No. 349 notfd gaz 29 November 1996 pp 1261–3 commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 1997 SL No. 344 notfd gaz 24 October 1997 pp 786–8 commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 1998 SL No. 125 notfd gaz 15 May 1998 pp 311–16 ss 1–2 commenced on date of notification remaining provisions commenced 29 May 1998 (see s 2) Consumer Credit (Queensland) Amendment Regulation (No. 2) 1998 SL No. 291 notfd gaz 30 October 1998 pp 815–16 ss 1–2 commenced on date of notification ss 3, 4, 6, 7, 8, 9, 12(1), 14 commenced 1 November 1998 (see s 2(1)) ss 5, 11 commenced 28 October 2000 (see s 2(2), 1999 SL No. 238) s 10 commenced 28 October 2000 (see s 2(3), 1999 SL No. 238) ss 12(2), 15, 16 commenced 28 October 2000 (see s 2(4), 1999 SL No. 238) s 13 commenced 28 October 2000 (see s 2(5), 1999 SL No. 238) s 17 commenced 28 October 2000 (see s 2(6), 1999 SL No. 238) s 18 commenced 28 October 2000 (see s 2(7), 1999 SL No. 238) s 19 commenced 28 October 2000 (see s 2(8), 1999 SL No. 238) s 20 commenced 28 October 2000 (see s 2(9), 1999 SL No. 238) remaining provisions commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 1999 SL No. 43 notfd gaz 26 March 1999 pp 1450–3 s 5 commenced 1 May 1999 (see s 2) remaining provisions commenced on date of notification Consumer Credit Amendment Regulation (No. 2) 1999 SL No. 201 notfd gaz 27 August 1999 pp 2224–7 ss 1–2 commenced on date of notification remaining provisions commenced 1 October 1999 (see s 2) Consumer Credit Amendment Regulation (No. 1) 2000 SL No. 206 notfd gaz 4 August 2000 pp 1224–5 commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 2001 SL No. 251 notfd gaz 7 December 2001 pp 1270–1 ss 1–2 commenced on date of notification remaining provisions commenced 10 December 2001 (see s 2)

124 Consumer Credit Regulation 1995 Consumer Credit Amendment Regulation (No. 1) 2003 SL No. 35 notfd gaz 7 March 2003 pp 845–6 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2003 (see s 2) Consumer Credit Amendment Regulation (No. 2) 2003 SL No. 61 notfd gaz 4 April 2003 pp 1198–9 commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 2004 SL No. 237 notfd gaz 5 November 2004 pp 813–5 commenced on date of notification Consumer Credit Amendment Regulation (No. 2) 2004 SL No. 312 notfd gaz 17 December 2004 pp 1277–85 commenced on date of notification Consumer Credit (Firefighter’s Benefit Fund) Amendment Regulation (No. 1) 2005 SL No. 77 notfd gaz 29 April 2005 pp 1392–5 commenced on date of notification Consumer Credit (Charge Card) Amendment Regulation (No. 1) 2005 SL No. 258 notfd gaz 21 October 2005 pp 690–1 commenced on date of notification Consumer Credit Amendment Regulation (No. 1) 2006 SL No. 196 notfd gaz 4 August 2006 pp 1614–15 ss 1–2 commenced on date of notification remaining provisions commenced 9 October 2006 on the day Consumer Credit andTrade Measurement Amendment Act 2006 No. 19 s 8 commenced (see s 2 and 2006 SL No. 248) Note—An explanatory note was prepared. Consumer Credit (Bill Facilities) Amendment Regulation (No. 1) 2007 SL No. 302 notfd gaz 30 November 2007 pp 1824–6 commenced on date of notification Note—A national regulatory impact statement and explanatory note were prepared. 6 List of annotations Definitions s 3 sub 2007 SL No. 302 s 3 Continued application of pt 11 of the Code and interpretation s 5A ins 2005 SL No. 77 s 3 Application of Code to provision of credit under bill facilities s 5B ins 2007 SL No. 302 s 4 Additional exempt credit s 6 amd 2001 SL No. 251 s 4

125 Consumer Credit Regulation 1995 GIO Finance Limited’s No Interest Loan Scheme—exemption from Code s 6A ins 1996 SL No. 349 s 3 Rental Purchase Plan—exemption from certain provisions of Code s 6B ins 1999 SL No. 43 s 4 Partnership loans—exemption from certain provisions of Code s 6C ins 1999 SL No. 43 s 5 amd 2005 SL No. 77 s 4 Student loans—exemption from certain provisions of Code s 6D ins 1999 SL No. 201 s 4 Loans for conservation of heritage items—exemption from Code s 6E ins 2000 SL No. 206 s 3 Authorised deposit-taking institutions—exemption from Code s 6F ins 2001 SL No. 251 s 5 amd 2007 SL No. 302 s 5 Estate administrators—exemption from certain provisions of Code s 6G ins 2003 SL No. 61 s 3 Credit under Aged Care Act 1997 (Cwlth)—exemption from certain provisions of Code s 6H ins 2003 SL No. 61 s 3 Firefighter’s Benefit Fund of WA Incorporated s 6I ins 2005 SL No. 77 s 5 Charge card contracts—exemption of certain contracts from Code s 6J ins 2005 SL No. 258 s 3 Declaration of purposes for which credit provided s 10 amd 2006 SL No. 196 s 4 Comparison rate s 12 amd 2003 SL No. 35 s 4 Pre-contractual statement s 13 amd 2006 SL No. 196 s 5 Additional disclosures about credit contracts to be signed by debtor s 15 amd 2006 SL No. 196 s 6 Mortgage arising from certain home ownership schemes—exemption from section 46(1) of the Code s 19A ins 2003 SL No. 61 s 4 Explanation about guarantor’s rights and obligations s 21 amd 1998 SL No. 125 s 4 Information about increases in the amount of credit s 22 amd 1998 SL No. 291 s 4 Application of ss 66 to 69 of the Code s 22A ins 2004 SL No. 237 s 3

126 Consumer Credit Regulation 1995 Application of pt 5, div 3 of the Code s 23A ins 2004 SL No. 237 s 4 Proportionate rebate of consumer credit insurance premium s 31 sub 1996 SL No. 128 s 3 amd 1996 SL No. 290 s 3 PART 8A—MATTERS PRESCRIBED FOR THE PURPOSES OF PART 9A OF THE CODE (COMPARISON RATES) pt hdg ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I) Relevant comparison rate where annual percentage rate stated s 33A ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I) Information about whether comparison rate relates to secured loan s 33B ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I) Warnings about comparison rate s 33C ins 2003 SL No. 35 s 5 sub 2004 SL No. 312 s 3 exp 30 June 2009 (see s 33I) Relevant comparison rate schedules s 33D ins 2003 SL No. 35 s 5 amd 2004 SL No. 312 s 4 exp 30 June 2009 (see s 33I) Information about whether comparison rate relates to secured loan s 33E ins 2003 SL No. 35 s 5 amd 2004 SL No. 312 s 5 exp 30 June 2009 (see s 33I) Calculation of comparison rates s 33F ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I) Exemption of certain premises s 33G ins 2003 SL No. 35 s 5 amd 2004 SL No. 312 s 6 exp 30 June 2009 (see s 33I) Exemptions in relation to comparison rate schedules s 33H ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I) Matters that may be included in comparison rate schedules s 33HA ins 2004 SL No. 312 s 7 exp 30 June 2009 (see s 33I) Expiry of part s 33I ins 2003 SL No. 35 s 5 exp 30 June 2009 (see s 33I)

127 Consumer Credit Regulation 1995 Declaration about purpose of leases s 34 amd 2006 SL No. 196 s 7 Tolerances relating to disclosures s 36 amd 1996 SL No. 128 s 4 Additional assumptions relating to disclosures s 38 sub 1996 SL No. 128 s 5 Contracts linked to loan account offset arrangements s 38A ins 1996 SL No. 128 s 5 Requirements for print or type s 39 amd 2006 SL No. 196 s 8 Exemptions in relation to electronic communications s 39A ins 2006 SL No. 196 s 9 Address for notices s 40 sub 1998 SL No. 291 s 5 PART 11—SAVINGS AND TRANSITIONAL PROVISIONS Division 1—General div hdg ins 1996 SL No. 128 s 6 Transitional provisions s 40A ins 1996 SL No. 128 s 6 Definitions s 41 def “pre-Code credit contract” amd 1996 SL No. 128 s 7 Division 2—Savings and transitional provisions generally div hdg ins 1996 SL No. 128 s 8 Division 3—Special transitional provisions div hdg ins 1996 SL No. 128 s 9 Credit fees and charges s 58 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Matters to be included in contract document s 59 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Copies of contracts and mortgages for debtors s 60 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 End of day for purposes of credit contracts s 61 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Early debit of interest charges s 62 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3

128 Consumer Credit Regulation 1995 Dating and adjustment of debits and credits in accounts s 63 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Statements of account for multiple facility contracts s 64 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Requirements for statements of amounts owing s 65 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Particulars of interest rate changes s 66 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Particulars of repayment changes s 67 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Particulars of credit fees and charges changes s 68 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Particulars of unilateral changes by credit provider s 69 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Agreed changes to contracts, mortgages and guarantees s 70 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Particulars of changes on grounds of hardship s 71 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Key requirements s 72 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Termination of insurance contracts s 73 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Application of Code to related insurance contracts s 74 ins 1996 SL No. 128 s 9 amd 1997 SL No. 344 s 3 Contribution to civil penalties by participants in programs s 75 ins 1996 SL No. 291 s 4 amd 1997 SL No. 344 s 3; 1998 SL No. 291 s 6 Recovery by nominated credit provider s 76 ins 1996 SL No. 291 s 4

129 Consumer Credit Regulation 1995 Effect of ss 75–76 s 77 ins 1996 SL No. 291 s 4 Division 4—Transitional provisions arising from amending Act div hdg ins 1998 SL No. 291 s 7 Definition s 78 ins 1998 SL No. 291 s 7 Inclusion of additional information in financial table s 79 ins 1998 SL No. 291 s 8 Changes to key requirements s 80 ins 1998 SL No. 291 s 9 Limitation of guarantor’s liability s 81 ins 1998 SL No. 291 s 10 Nominations to receive notices s 82 ins 1998 SL No. 291 s 11 SCHEDULE—FORMS Form 2 amd 1996 SL No. 128 s 10; 1998 SL No. 291 ss 12–14 Form 3A amd 1998 SL No. 291 s 15 Form 3B amd 1998 SL No. 291 s 16 Form 5 amd 1998 SL No. 291 s 17 Form 5A ins 1998 SL No. 125 s 5 Form 6 amd 1998 SL No. 291 ss 18, 19 Form 11 amd 1998 SL No. 291 s 20 © State of Queensland 2010