Credit Act 1985 (ACT)
Credit Act 1985 (repealed)
A1985-5
Republication No 12
Effective: 7 October 2010
Republication date: 7 October 2010
As repealed by A2010-40 s 4 (1)
Unauthorised version prepared by ACT Parliamentary Counsel’s Office
About this republication
The republished law
This is a republication of the Credit Act 1985 (repealed) (including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)). It also includes any commencement, amendment, repeal or expiry affecting the republished law to 7 October 2010.
The legislation history and amendment history of the republished law are set out in endnotes 3 and 4.
Kinds of republications
The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at type="disc">
authorised republications to which the Legislation Act 2001 applies
unauthorised republications.
The status of this republication appears on the bottom of each page.
Editorial changes
The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.
This republication includes amendments made under part 11.3 (see endnote 1).
Uncommenced provisions and amendments
If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol U appears immediately before the provision heading. The text of the uncommenced provision or amendment appears only in the last endnote.
Modifications
If a provision of the republished law is affected by a current modification, the symbol M appears immediately before the provision heading. The text of the modifying provision appears in the endnotes. For the legal status of modifications, see Legislation Act 2001, section 95.
Penalties
At the republication date, the value of a penalty unit for an offence against this law is $110 for an individual and $550 for a corporation (see Legislation Act 2001, s 133).
Credit Act 1985 (repealed)
Contents
Page
Part 1Preliminary
Name of Act 2
Dictionary 2
2ANotes 2
Application of Act and transitional provisions 2
Act binds Crown 4
Jurisdiction of courts and ACAT 4
Removing proceedings from ACAT to Magistrates Court 4
Assignors, assignees etc of rights and obligations 4
Contracts of employment excluded 5
Annual percentage rate 5
Credit charge 6
Tied contracts 7
Contracts for hiring of goods 7
Certain contracts not credit sale contracts 10
Loan contracts not to include certain credit 11
Business of providing credit 11
Recognised States 12
Exceptions from application of Act 12
Variation of application of Act 12
19B Act not to apply to new credit contracts 14
19C Act to continue to apply in certain cases 14
Part 2Contracts of sale
Application of pt 2 16
Contract of sale conditional on grant of credit 16
Supplier not to require buyer to obtain credit from specified person 17
Consequence of discharge of certain contracts 17
Linked credit provider 19
Consequential discharge of tied loan contract and mortgage 24
Discharge of tied continuing credit contract on discharge or rescission of contract of sale 26
Operation of s 25 and s 26 27
Disputes 28
Notice of rescission etc to linked credit provider 28
Part 3Regulated contracts
Division 3.1 Credit sale contracts and loan contracts
Application of pt 3 29
Contracts to be in writing 30
Form of offer 30
Copy of accepted offer to be given 34
Debtor to be given prescribed statement 34
Disclosure in credit sale contracts 35
Disclosure in loan contracts 37
‘Add-on’ contracts 39
Statement of annual percentage rate 41
Acceptable rate of interest 42
Inclusion of more than 1 rate of interest in contract 42
Variation ineffective without notice 43
Civil penalty 43
Offence 44
Minimum credit charge 45
Statement for debtor or guarantor on request 45
Copy of document for debtor or guarantor 46
ACAT may determine reasonable fees etc 47
Division 3.2 Continuing credit contracts
Interpretation for div 3.2 48
Application of pt 3 to continuing credit contracts 49
Billing cycle 51
Payment on behalf of debtor 52
Chargeable amount 52
Amount payable under continuing credit contract 53
Credit charge 54
Annual percentage rate 55
Billing cycle less than 1 month 56
Non-business days 57
Debtor to be given prescribed statement 57
Notice of terms of continuing credit contract 57
Variation of continuing credit contract ineffective without notice 59
Statement of account 60
Correction of billing errors 61
Statement of account to be given before proceedings instituted 63
Statement of account not to include opening balance in certain circumstances 63
Statement of account not needed in certain circumstances 64
Credit provider to pay amounts owing to debtor on request 65
Civil penalty 65
Copy of notice to be given on request 66
Division 3.3 Operation of regulated contracts
Refinancing of credit contracts by the same parties 67
Variation of credit sale contracts and loan contracts 68
Deferral charge 71
Default charges 73
Variations generally 74
Variation of commitments on account of hardship 75
Division 3.4 General
Unauthorised fees 76
Enforcement expense 77
Right to revoke offer is paramount 78
Sufficient statement of annual percentage rate 78
Sufficient statement of estimated credit charge 79
Discrepancy between credit charge and annual percentage rate 79
Assignment of rights by credit provider 80
Loan to be in money or equivalent 83
Application of payments 83
Appropriation of payments between contracts 84
ACAT may reduce credit provider’s loss 84
85AA Payment to financial counselling trust fund 87
85A Stay of civil penalty pending ACAT’s decision 88
General order varying civil penalty 90
Effect of civil penalty in relation to future liability 91
Relief for minor errors 91
Part 4Regulated mortgages
Division 4.1 General
Application of pt 4 92
Obligations under mortgage not to exceed obligations under contracts 92
Mortgage of goods to be in writing 93
Debtor entitled to copy of mortgage 93
Enforcement expense 94
Provision for entry on premises void in certain circumstances 94
Order of ACAT required before entry for repossession 95
Disclosure of location of goods 95
Time and place for delivery of goods 96
Blanket securities over property or assets prohibited 96
Restriction on mortgage of future property 96
Mortgages and continuing credit contracts 97
Fraudulent sale or disposal of property 98
Division 4.2 Assignment etc of property
Assignment by mortgagor 98
Part 5Termination and enforcement of regulated contracts and regulated mortgages
Calculation of net balance due 101
Statement of net balance due 102
Early termination of contract 103
Mortgagor may compel sale of goods 103
Notice required before rights exercised 105
Proceedings prohibited if breach remedied 108
Limit on amount recoverable 109
Restriction on exercise of powers 109
Court may order delivery of goods 110
Taking possession of goods by mortgagee 110
Right of mortgagor to redeem goods 112
Mortgagee to account for proceeds of sale 114
Moratorium—farmers etc 117
Postponement of exercise of rights 119
Part 6Regulated contracts and regulated mortgages—general
Penalty for false representations etc 122
ACAT may approve removal of mortgaged goods 124
Prohibition of assignment of wages etc 124
Bills of exchange as security 125
Advertisements offering credit 126
Credit hawking 129
Contracting by agents 130
Contract or mortgage not illegal etc because of offence 130
Notices to be given to all parties 131
Part 7Contracts of insurance
Insurance—regulated contracts 132
Insurance—regulated mortgages 133
Unauthorised insurance need not be maintained 135
Content of contracts of insurance 135
Premiums to be paid to insurer 137
Action after rejection of insurance proposal 137
No-claim bonus 139
Saving about unenforceability 139
Limitation on exclusion clauses 140
Part 8Contracts of guarantee
Guarantee to be in writing 142
Extent of liability of guarantor 142
Proceedings against guarantor 142
Variation of commitments—guarantee relating to regulated contract 143
Guarantee of obligations of child 145
Guarantor to receive copy of contract 145
Guarantor to be given prescribed statement 146
Discharge of guarantee 146
Revocation of offer to guarantee 147
Part 9Reopening of contracts
Interpretation for pt 9 148
ACAT may reopen certain transactions 148
Matters to be considered by ACAT 149
Joinder of parties 151
Limitation on reopening of transaction 152
Part 10Home finance contracts
Definitions for pt 10 153
Variation of commitments—home finance contract 155
Variation of commitments—guarantee relating to home finance contract 157
Notice by credit provider 158
Proof of offence 159
Part 15ATransitional
241A Exemptions from civil penalty 160
241B Operation of amendments relating to description of consumer credit insurance 161
241C Operation of amendments of s 85 and s 86 162
241D Operation of s 85A 162
Part 16Miscellaneous
Notices by mortgagees 163
Linked credit provider—sale of land 163
Legibility of documents 164
Restriction on form of document 165
Approval of form of document by ACAT 165
Offence in relation to document 166
Separation of documents 166
Signature of documents 166
Contracting out of Act prohibited 168
Determination of fees 168
Approved forms 168
Regulation-making power 169
Schedule 1170
Schedule 2172
Schedule 3176
Schedule 4177
Schedule 5180
Schedule 6181
Schedule 7183
Dictionary188
Endnotes
About the endnotes 208
Abbreviation key 208
Legislation history 209
Amendment history 215
Earlier republications 233
Credit Act 1985 (repealed)
An Act relating to the provision of credit, the regulation of contracts providing credit and the licensing of persons in connection with the provision of credit
Part 1Preliminary
Name of Act
This Act is the Credit Act 1985.
Dictionary
The dictionary at the end of this Act is part of this Act.
Note 1The dictionary at the end of this Act defines certain terms used in this Act, and includes references (signpost definitions) to other terms defined elsewhere.
For example, the signpost definition ‘billing cycle—see section 50 (1).’ means that the term ‘billing cycle’ is defined in that section.
Note 2A definition in the dictionary (including a signpost definition) applies to the entire Act unless the definition, or another provision of the Act, provides otherwise or the contrary intention otherwise appears (see Legislation Act, s 155 and s 156 (1)).
2ANotes
A note included in this Act is explanatory and is not part of this Act.
NoteSee the Legislation Act s 127 (1), (4) and (5) for the legal status of notes.
Application of Act and transitional provisions
(1)Except as otherwise expressly provided in or under this Act, this Act applies (notwithstanding any other Territory law) to and in relation to a contract of sale, credit contract or mortgage—
(a)if the contract of sale, credit contract or mortgage is in writing and is signed in the ACT by the buyer, debtor or mortgagor; or
(b)if the contract of sale, credit contract of mortgage is not in writing or is in writing but is not signed by the buyer, debtor or mortgagor in the ACT or in a recognised State—
(i)for a contract of sale—if the goods and services are, or are to be, delivered or supplied in the ACT; or
(ii)for a credit contract—if the credit is, or is to be, provided to the debtor in the ACT or the debtor has, or is to have, the use or benefit of the credit in the ACT; or
(iii)for a mortgage—if property subject to the mortgage is at the date of creation of the mortgage situated in the ACT.
(2)Subject to subsection (3), a provision of this Act that relates to a contract of sale, credit contract, mortgage or contract for the hiring of goods does not apply to or in relation to a contract of sale, credit contract, mortgage or contract for the hiring of goods entered into or made before the commencement of the provision.
(3)This Act (except sections 58, 59, 67 (1) (c) and Parts 2, 7, 8 and 9), applies to and in relation to a continuing credit contract made before the commencement of part 3 that, if it had been made after that commencement, would have been a continuing credit contract to which that part applies, but nothing in this Act applies to or in relation to a billing cycle that began before the commencement of that part.
(4)If, because of subsection (3), this Act (except sections 58, 59, 67 (1) (c) and Parts 2, 7, 8 and 9) applies to and in relation to a continuing credit contract, the credit provider shall, when he or she first gives a statement of account referred to in section 61 after the commencement of part 3, give to the debtor a statement in accordance with section 58 and a notice stating the matters required to be stated in a notice under section 59.
(5)A credit provider that fails to comply with subsection (4) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
Act binds Crown
This Act applies to and in relation to the Crown in any of its capacities to the same extent as if the Crown were, in that capacity, a body corporate.
Jurisdiction of courts and ACAT
(1)In this Act, a reference to a court in relation to any contract or other matter is—
(a)if a proceeding in relation to the contract or matter has been begun in, or is before, a court—a reference to the court; or
(b)in any other case—a reference to the ACAT.
(2)If a court and the ACAT each have jurisdiction to determine the same matter, a proceeding to determine the matter may be begun before the court or ACAT, but not before both.
Removing proceedings from ACAT to Magistrates Court
(1)This section applies to a proceeding begun in the ACAT if the subject matter of the proceeding is within the jurisdiction of the Magistrates Court.
(2)On joint application by the parties to the proceeding, the ACAT must order the application be removed to the Magistrates Court.
(3)The ACAT may order the application be removed to the Magistrates Court on application by a party to the proceeding or on its own initiative.
NoteRemoval of applications from the ACAT to the Supreme Court is dealt with under the ACT Civil and Administrative Tribunal Act 2008, s 83.
Assignors, assignees etc of rights and obligations
(1)This Act applies to a person to whom the rights and obligations of—
(a)a credit provider under a credit contract; or
(b)a debtor under a credit contract; or
(c)a guarantor under a contract of guarantee; or
(d)a credit provider under a contract of guarantee; or
(e)a mortgagee; or
(f)a mortgagor;
have been assigned or transferred or have passed by operation of law in the same way as this Act applies to the person by whom the rights and obligations were assigned or transferred or from whom the rights and obligations have passed by operation of law.
(2)Nothing in subsection (1) operates to confer any rights under this Act on an assignee of a credit provider or mortgagee if the assignment is in contravention of this Act.
(3)Subsection (1) does not apply if the rights and obligations referred to in subsection (1) (b), (c) or (f) are assigned or transferred, or pass by operation of law, to a body corporate.
Contracts of employment excluded
A reference in this Act to a contract or agreement in relation to the payment by a debtor for services supplied by another person does not include a reference to a contract or agreement that is solely a contract of service that creates the relationship of master and servant between the debtor and that other person or because of which that other person would be a worker within the meaning of the Workers Compensation Act 1951.
Annual percentage rate
For this Act, a reference to the annual percentage rate—
(a)in relation to a credit sale contract or a loan contract in relation to which the annual percentage rate has not been disclosed to the debtor or has been so disclosed otherwise than in accordance with section 38—is a reference to the lowest annual percentage rate that can be determined in relation to the contract in accordance with that section; and
(b)in relation to a credit sale contract or a loan contract under which the annual percentage rate has been disclosed in accordance with section 38—is a reference to the percentage rate disclosed; and
(c)in relation to a continuing credit contract—is a reference to the annual percentage rate within the meaning of section 55.
Credit charge
(1)For this Act, a reference to a credit charge—
(a)in relation to a credit sale contract or a loan contract—includes a reference to the amount by which the amount payable under the contract by the debtor to the credit provider or a person on his or her behalf (other than amounts of deferral charges, default charges or enforcement expenses) exceeds the amount financed; and
(b)in relation to a billing cycle of a continuing credit contract—includes a reference to a credit charge within the meaning of section 54.
(2)For the dictionary, definition of accrued credit charge in relation to a credit sale contract or a loan contract, the amount of the credit charge that has accrued at a particular time may be calculated—
(a)by adding together the amounts ascertained by applying the daily percentage rate to the unpaid daily balances, being daily balances before that time—
(i)for a credit sale contract—of the amount financed; or
(ii)for a loan contract—of the amount financed other than any part of the amount agreed under the contract to be lent that has not been lent at that time;
(b)if schedule 1 applies to the credit sale contract or loan contract—in accordance with the formula set out in that schedule; or
(c)if an applicable method is prescribed for this subsection—in accordance with that method.
(3)In calculating the amount of a credit charge that has accrued under a credit sale contract or a loan contract, the credit provider, if he or she so determines, may apply a percentage rate per annum that is lower than the annual percentage rate disclosed under the contract.
Tied contracts
(1)For this Act, if a credit provider enters into a loan contract with a person who is a buyer of goods and services supplied by a supplier and—
(a)the credit provider knows or ought reasonably to know that the buyer enters into the loan contract wholly or partly for the purposes of payment for the goods and services; and
(b)at the time the loan contract is entered into, the credit provider is a linked credit provider of the supplier;
that loan contract shall be taken to be a tied loan contract.
(2)For this Act, if a credit provider provides credit under a continuing credit contract in relation to the payment by the debtor for goods and services supplied by a supplier in relation to whom the credit provider is a linked credit provider, that continuing credit contract shall be taken to be a tied continuing credit contract.
Contracts for hiring of goods
(1)A contract for the hiring of goods shall be deemed to be a credit sale contract if—
(a)the cash price of the goods at the time when the contract for the hiring is made is not more than the amount prescribed by the regulations for section 30 (1) or the goods are, or include, a commercial vehicle or farm machinery; and
(b)under the contract the person to whom the goods are hired has a right, obligation or option to purchase the goods.
(2)A contract for the hiring of goods shall be deemed to be a credit sale contract if the cash price of the goods at the time the contract is made is not more than the amount prescribed by the regulations for section 30 (1) or the goods are, or include, a commercial vehicle or farm machinery and—
(a)the contract provides, or it is reasonably likely having regard to the nature of the goods that the goods are, or are to be, attached to land or to other goods and the goods are not, or when so attached would not be, reasonably capable of being redelivered to the supplier; or
(b)before the contract is made, the supplier—
(i)acts in such a way that the person to whom the goods are hired ought reasonably to infer that the supplier is willing, whether during or within a reasonable time after the period during which the contract is in force, to negotiate the sale to him or her of the goods or of goods of a value and description similar to the value and description of the goods to which the contract relates (being a value and description as at the time the contract is made); and
(ii)expects, or in the circumstances ought reasonably to expect, that the person to whom the goods are hired will negotiate the purchase by him or her of the goods or of goods of such a similar value and description; or
(c)before the contract is made, it is agreed that the person to whom the goods are hired may continue the contract for a nominal consideration for a period that exceeds, or for 2 or more periods that together exceed, the period of 2 years after the end of the original term of the contract for the hiring.
(3)If a contract for the hiring of goods is by this section deemed to be a credit sale contract—
(a)the person from whom the goods are hired is the credit provider under the credit sale contract; and
(b)the person to whom the goods are hired is the debtor under the credit sale contract; and
(c)the cash price of the goods for the purposes of the credit sale contract is the cash price in relation to the contract for the hiring; and
(d)the instalments payable under the contract for the hiring are instalments payable under the credit sale contract; and
(e)the property of the supplier in the goods passes under the contract to the person to whom the goods are hired on delivery of the goods or the making of the contract, whichever last occurs; and
(f)a mortgage containing the prescribed terms and conditions shall be deemed to have been entered into in writing between the person to whom the goods are hired and the supplier as security for payment to the supplier of the amount payable to him or her by the person to whom the goods are hired under the contract; and
(g)any provision in the contract for hiring because of which the supplier is empowered to take possession, or dispose of, the goods to which the contract relates is void.
(4)Subsection (2) does not apply to a contract for the hiring of goods that are or might reasonably be expected to be used by the person to whom they are hired for the purpose of a business carried on by him or her or by him or her and another person or other persons, if the whole or the greater part of the amount payable under the contract is, or might reasonably be expected to be, a loss or outgoing necessarily incurred in carrying on the business.
(5)In this section—
(a)a reference to a contract for the hiring of goods does not include—
(i)a reference to a contract for the hiring of goods to a body corporate; or
(ii)a reference to a contract for the hiring of goods to the extent that the financial accommodation provided in relation to the goods is not credit within the meaning of this Act;
(b)cash price, in relation to a contract for the hiring of goods—
(i)if at the time the contract is made the goods are available for purchase for cash from the person from whom the goods are hired—means the lowest price at which the person to whom the goods are hired might have bought the goods from the firstmentioned person for cash; or
(ii)if at the time the contract is made the goods are reasonably available for purchase for cash but are not reasonably available for purchase for cash from the person from whom the goods are hired—means the price at which, at that time, the person to whom the goods are hired might reasonably have bought goods of that kind for cash; or
(iii)if at the time the contract is made the goods are not reasonably available for purchase for cash—means the amount that is the reasonable value of the goods at that time.
Certain contracts not credit sale contracts
(1)For this Act, a reference to a credit sale contract does not include—
(a)a reference to a contract of sale of goods and services in relation to the payment for which credit is, or is to be, provided under a continuing credit contract; or
(b)a reference to a lay-by sale within the meaning of subsection (2).
(2)A reference in subsection (1) to a lay-by sale is a reference to a sale of goods, or an agreement to sell goods, under conditions, express or implied, that provide that—
(a)any of the goods sold or agreed to be sold will not be delivered to the purchaser until the purchase price is paid for the goods to be delivered, whether or not any charge is expressed to be payable for storage of the goods; and
(b)the purchase price or, if a deposit is paid, the balance of the purchase price—
(i)is to be payable by instalments (whether the number of instalments or the amount of all or any of the instalments is fixed by those conditions or is left at the option of the purchaser) payable over a fixed or ascertainable period; or
(ii)is to be paid at the end of a fixed or ascertainable period with an option, express or implied, for the purchaser to make payments in relation to the purchase price during that period.
Loan contracts not to include certain credit
For this Act, a reference to credit in relation to a loan contract does not include a reference to credit provided under a credit sale contract or a continuing credit contract.
Business of providing credit
In this Act, a reference to carrying on a business of providing credit includes a reference to carrying on a business of providing credit in the course of, or as part of or as incidental to or in connection with, the carrying on of another business.
Recognised States
(1)If the Chief Minister is satisfied that in a State or another Territory the law for the regulation of the provision of credit is such as to enable reciprocal arrangements to be made with the Territory in relation to the provision of credit, the Chief Minister may, in writing, declare that State or other Territory to be a recognised State.
(2)A declaration is a notifiable instrument.
Note A notifiable instrument must be notified under the Legislation Act 2001.
Exceptions from application of Act
(1)Parts 3 to 8 do not apply in relation to a regulated contract if the credit provider is a financial institution.
(2)The provisions of parts 3, 4, 5, 6, 7 and 8 do not apply to or in relation to the provision of credit by a bank or a pastoral finance company if the credit is provided by way of overdraft or otherwise than by way of a credit sale contract, continuing credit contract or term loan.
Variation of application of Act
(1)The Minister may, in writing, declare that this Act—
(a)does not apply to a person mentioned in the declaration; or
(b)applies to a person mentioned in the declaration to the extent stated in the declaration; or
(c)does not apply to a transaction or matter mentioned in the declaration; or
(d)applies to a transaction or matter mentioned in the declaration to the extent stated in the declaration; or
(e)does not apply, to the extent stated in the declaration—
(i)to a transaction mentioned in the declaration that is entered into by a person mentioned in the declaration; or
(ii)to an associated matter mentioned in the declaration; or
(f)applies subject to any exemption or exception under a corresponding law.
(2)A declaration under subsection (1)—
(a)may specify the period during which the declaration shall remain in force; and
(b)may provide that the operation of the declaration is subject to the terms and conditions specified in the declaration.
(3)A declaration under subsection (1) is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.
(4)In this section:
corresponding law means a law for the regulation of the provision of credit, being a law of a State or Territory declared under section 17 to be a recognised State.
(5)If a person to whom or which a declaration under subsection (1) applies fails to comply with any terms and conditions to which the operation of the declaration is subject, that person commits an offence.
Maximum penalty:
(a)for an individual—$5 000; and
(b)for a corporation—$25 000.
19BAct not to apply to new credit contracts
(1)Subject to subsection (2), this Act does not apply to a credit contract made on or after the commencement of the provisions referred to in the Consumer Credit Act 1995, section 2 (2).
(2)This Act applies to—
(a)a credit contract (other than a continuing credit contract) and a mortgage or guarantee relating to such a credit contract—
(i)made on or after the commencement of the provisions referred to in the Consumer Credit Act 1995, section 2 (2) if the offer to enter into it was made before that commencement; and
(ii)to which this Act would have applied if the credit contract had been made before that commencement; and
(b)a credit contract (other than a continuing credit contract) and a mortgage or guarantee relating to such a credit contract made on or after that commencement, but not later than 1 month after that commencement, if—
(i)the credit contract does not comply with the Consumer Credit (Australian Capital Territory) Code; and
(ii)had the credit contract been made before that commencement, this Act would have applied to it and it would have complied with this Act.
19CAct to continue to apply in certain cases
(1)Except as otherwise provided by this section, this Act continues to apply—
(a)to a continuing credit contract entered into before the commencement of the provisions referred to in the Consumer Credit Act 1995, section 2 (2), but only in relation to anything done or omitted to be done before that commencement; and
(b)to a credit contract of any other kind entered into before that commencement in relation to anything done or omitted to be done, whether before or after that commencement; and
(c)to a mortgage or guarantee relating to a continuing contract referred to in paragraph (a), but only in relation to anything done or omitted to be done before that commencement; and
(d)to a mortgage or guarantee relating to a credit contract referred to in paragraph (b) in relation to anything done or omitted to be done, whether before or after that commencement.
(2)If the credit provider under a contract to which this Act continues to apply acts in accordance with a provision of section 34, 35, 66 to 69, 78 to 99, 163, 171, 172 or 173 of the Consumer Credit (Australian Capital Territory) Code, the credit provider is taken to have acted in accordance with the corresponding provision of this Act.
(3)Notwithstanding subsection (2), section 112 (1) (b) continues to apply in relation to goods subject to a regulated mortgage.
Part 2Contracts of sale
Application of pt 2
(1)In this part, a reference to a contract of sale is a reference to—
(a)a contract of sale of goods and services if the cash price in relation to the sale is not more than—
(i)if the contract of sale is a regulated credit sale contract—the amount prescribed by the regulations for section 30 (1); or
(ii)if there is a regulated loan contract made in relation to the contract of sale—the amount prescribed by the regulations for section 30 (2) (a); or
(iii)in any other case—$20 000; or
(b)a contract of sale of goods, being a commercial vehicle or farm machinery; or
(c)a contract of sale—
(i)of goods, being a commercial vehicle or farm machinery; and
(ii)of other goods and services.
(2)For this part, a reference to a buyer or a person who buys or proposes to buy goods and services does not include a reference to a body corporate.
Contract of sale conditional on grant of credit
(1)If a buyer, before entering into a contract of sale of goods and services, makes known to the supplier that he or she requires credit to be provided in relation to payment for the goods and services and the credit is not provided by the supplier, the buyer, if he or she takes reasonable steps to obtain the credit but does not obtain the credit may, within a reasonable period after the contract is made, by written notice given to the supplier, rescind the contract.
(2)If a buyer has purported to rescind a contract of sale as referred to in subsection (1), the court may, on the application of the supplier or the buyer, declare whether or not the purported rescission was valid and, if it declares that the rescission was valid, may—
(a)on the application of the supplier or the buyer, if there is a dispute about the return of the goods to the supplier, make an order relating to the return of the goods; and
(b)if the contract of sale included terms relating to the compensation of the supplier for loss suffered because of the delivery of the goods to the buyer—make an order relating to the payment of compensation.
Supplier not to require buyer to obtain credit from specified person
(1)A supplier shall not require a person who, under a contract of sale, buys or proposes to buy goods and services supplied by that supplier to obtain credit from a specified person in relation to payment for the goods and services.
(2)A supplier that contravenes subsection (1) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
Consequence of discharge of certain contracts
(1)If a regulated credit sale contract is rescinded or discharged (whether under this Act or any other law in force in the Territory), any mortgage or guarantee that relates to the contract is also discharged to the extent that it secures or guarantees the payment of a debt or other pecuniary obligation, or the performance of any other obligation, under the regulated credit sale contract.
(2)If a contract of sale is rescinded or discharged (whether under this Act or any other law in force in the Territory)—
(a)any regulated loan contract relating to the contract of sale and made by the buyer with the supplier is also discharged to the extent that it provides for the payment of a debt or other pecuniary obligation, or the performance of any other obligation, relating to the contract of sale; and
(b)any mortgage or guarantee relating to the regulated loan contract to the extent that the contract is discharged is also discharged to the extent that it secures or guarantees the payment of a debt or other pecuniary obligation, or the performance of any other obligation, under the regulated loan contract.
(3)If a contract of sale is rescinded or discharged (whether under this Act or any other law in force in the Territory) and—
(a)in relation to the contract of sale, there is a regulated continuing credit contract made by the buyer with the supplier; and
(b)in relation to the regulated continuing credit contract there is a regulated mortgage or a guarantee;
that mortgage or guarantee is, at the same time as the contract of sale is rescinded or discharged, discharged to the extent that it secures or guarantees the payment of the amount entered in the account of the debtor kept by the credit provider under the contract in relation to the contract of sale and the amount (if any) of credit charges so entered and attributable to the contract of sale.
Linked credit provider
(1)If a buyer who has entered into a tied loan contract or tied continuing credit contract with a linked credit provider of a supplier for the provision of credit in relation to the payment by the buyer for goods and services supplied by the supplier under a contract of sale is entitled to claim damages against or recover a sum of money from the supplier for misrepresentation, breach of contract or failure of consideration in relation to the contract of sale, the supplier and linked credit provider are, subject to this section, jointly and severally liable to the buyer for the damages or sum of money.
(2)It is a defence to proceedings arising under subsection (1) against a linked credit provider of a supplier if the linked credit provider proves—
(a)that the credit provided by him or her to the buyer was provided as a result of an approach by the buyer to the credit provider that was not induced by the supplier; or
(b)if the proceedings relate to a contract of sale in relation to which a tied loan contract applies, that—
(i)after due inquiry before he or she became such a linked credit provider, he or she was satisfied that the supplier was of good reputation in relation to his or her financial standing and ethical standards of trading; and
(ii)since becoming such a linked credit provider, but before the tied loan contract was entered into, he or she had not had cause to suspect, and had not suspected, that the buyer might be entitled to claim damages against, or to recover a sum of money from, the supplier for a misrepresentation, breach of contract or failure of consideration referred to in subsection (1); and
(iii)since becoming such a linked credit provider, but before the tied loan contract was entered into, he or she had not had cause to suspect, and had not suspected, that the supplier might be unable to meet his or her liabilities as and when they fell due; or
(c)if the proceedings relate to a contract of sale in relation to which a tied continuing credit contract entered into by the linked credit provider under an agreement of the kind referred to in section 48 (2) (a) (ii) applies, that, having regard to—
(i)the nature and volume of business carried on by the linked credit provider; and
(ii)any other matters that appear to be relevant in the circumstances of the case;
the linked credit provider, before becoming aware of the contract of sale or of proposals for the making of the contract of sale (whichever the linked credit provider first became aware of), did not suspect, and could not reasonably have been expected to suspect, that a person entering into such a contract with the supplier might be entitled to claim damages against, or recover a sum of money from, the supplier for misrepresentation, breach of contract or failure of consideration as referred to in subsection (1).
(3)Subject to subsection (4), a buyer may in any proceedings set up the liability of a linked credit provider for damages or a sum of money under subsection (1) in reduction or extinction of the buyer’s liability on any claim for damages or a sum of money made by the linked credit provider against the buyer in the proceedings.
(4)Subject to subsection (5), a buyer may not—
(a)bring proceedings for damages or to recover a sum of money from a linked credit provider; or
(b)if proceedings are brought against the buyer by a linked credit provider—make a cross-claim or exercise a right referred to in subsection (3) against the linked credit provider;
in relation to a liability for which, because of this section, a supplier and a linked credit provider are jointly and severally liable unless—
(c)the buyer brings the proceedings against the supplier and linked credit provider jointly; or
(d)for a cross-claim or right referred to in subsection (3)—the buyer claims in the proceedings against the supplier in relation to the liability.
(5)Subsections (4), (8) (a) and (9) do not apply if—
(a)the supplier—
(i)is a bankrupt or a person whose affairs are being dealt with under the Bankruptcy Act 1966 (Cwlth), part 10; or
(ii)being a body corporate, has been dissolved or has begun to be wound up; or
(iii)being an individual, has died; or
(b)the court—
(i)believes on reasonable grounds that it is not reasonably likely that any part of a judgment obtained against the supplier would be satisfied; and
(ii)declares on the application of the buyer that subsections (4) and (8) (a) do not apply in that case; or
(c)the buyer satisfies the court that he or she has made reasonable efforts to locate the supplier but has been unable to do so and the court declares that subsections (4) and (8) (a) do not apply in that case.
(6)A reference in subsection (5) to the beginning of winding-up is a reference to beginning of winding-up as determined under the law relating to companies in the place if the body corporate is being wound up.
(7)The liability of a linked credit provider to a buyer for damages or a sum of money in relation to a contract of sale referred to in subsection (1) does not exceed the sum of—
(a)the amount financed under the tied loan contract or tied continuing credit contract in relation to the contract of sale; and
(b)any amount of interest or damages in the nature of interest allowed or awarded against the linked credit provider by the court; and
(c)any amount of costs awarded by the court against the linked credit provider or supplier or both.
(8)If, in proceedings in relation to the liability arising under subsection (1), judgment is given against a supplier and a linked credit provider, the judgment—
(a)shall not be enforced against the linked credit provider unless a written demand made on the supplier for satisfaction of the judgment remains unsatisfied for not less than 30 days; and
(b)may be enforced against the linked credit provider only to the extent of—
(i)the amount calculated in accordance with subsection (7); or
(ii)so much of the judgment debt as has not been satisfied by the supplier;
whichever is the lesser.
(9)If in proceedings in relation to the liability arising under subsection (1) a right referred to in subsection (3) is established against a linked credit provider, the buyer—
(a)shall not receive the benefit of the right unless judgment is given against the supplier and linked credit provider, a written demand has been made on the supplier for satisfaction of the judgment and the demand has remained unsatisfied for not less than 30 days; and
(b)may receive the benefit only to the extent of—
(i)the amount calculated in accordance with subsection (7); or
(ii)so much of the judgment debt as has not been satisfied by the supplier;
whichever is the lesser.
(10) Unless the linked credit provider and supplier otherwise agree, the supplier is liable to the linked credit provider for—
(a)the amount of a loss suffered by the linked credit provider, being an amount not exceeding the maximum amount of his or her liability under subsection (7); and
(b)unless the court otherwise determines, the amount of any costs reasonably incurred by the linked credit provider in defending the proceedings because of which the liability was incurred.
(11) Notwithstanding the provisions of any other Territory law, if in proceedings in relation to a liability arising under subsection (1) judgment is given against a supplier and a linked credit provider, or against a linked credit provider, for damages or a sum of money, the court shall on application by the buyer, unless cause is shown to the contrary, allow or award interest to the buyer against the supplier and linked credit provider or against the linked credit provider, as the case may be, on the whole or part of the damages or sum of money—
(a)at the percentage rate that is the annual percentage rate under the tied loan contract or tied continuing credit contract; or
(b)at 8% per annum, or, if some other percentage rate per annum is prescribed, that other rate;
whichever is the greater, from the time when the buyer became entitled to recover the damages or sum of money until the day the judgment is given.
(12) In determining whether cause is shown against allowing or awarding interest under subsection (11), the court shall take into account any payment made into court by the supplier or linked credit provider.
(13) If a judgment in relation to a liability arising under subsection (1) in relation to a contract of sale is enforced against a linked credit provider, the linked credit provider is subrogated to the extent of the judgment so enforced to any rights that the buyer would, apart from the judgment, have had against any person in relation to the loss or damage suffered by him or her as a result of the misrepresentation, breach of contract or failure of consideration in relation to the contract of sale from which the liability arose.
(14)In this section:
court does not include the ACAT.
Consequential discharge of tied loan contract and mortgage
(1)Subject to section 27, if a contract of sale is rescinded or discharged (whether under this Act or any other law in force in the ACT) and there is a tied loan contract made with the buyer by a linked credit provider of the supplier under the contract of sale, at the same time as the contract of sale is rescinded or discharged—
(a)the tied loan contract is discharged to the extent that it was entered into for the purposes of the payment for the goods and services supplied under the contract of sale; and
(b)any mortgage relating to the tied loan contract is discharged to the extent that it secures the payment of a debt or other pecuniary obligation or performance of any other obligation under the tied loan contract.
(2)Subsection (1) does not apply if the credit is provided by a linked credit provider of a supplier to a buyer as a result of an approach by the buyer to the credit provider that was not induced by the supplier.
(3)If, because of subsection (1), a tied loan contract is discharged when a contract of sale is rescinded or discharged—
(a)the credit provider is liable to the buyer for any amount paid by the buyer to the credit provider under the tied loan contract to the extent that it is discharged; and
(b)the supplier is liable to the credit provider for—
(i)the amount (if any) paid under the tied loan contract, to the extent that it is discharged, by the credit provider to the supplier; and
(ii)the amount paid under the tied loan contract, to the extent that it is discharged, by the credit provider to the buyer and paid by the buyer to the supplier; and
(iii)the amount of the loss (if any) suffered by the credit provider because of the discharge of the tied loan contract, being an amount not exceeding the amount of the accrued credit charge under the tied loan contract; and
(c)the buyer is liable to the credit provider for any amount paid under the tied loan contract, to the extent that it is discharged, to the buyer by the credit provider, other than amounts paid to the buyer and paid by him or her to the supplier;
and, if the contract of sale is a contract of sale of goods and services—
(d)if the goods are in the possession of the buyer—
(i)if, before the rescission or discharge of the contract of sale, there was not a mortgage relating to the tied loan contract—the buyer shall deliver the goods to the supplier; or
(ii)if, before the rescission or discharge of the contract of sale, there was a mortgage relating to the tied loan contract, to the extent that it is discharged—the buyer shall deliver the goods to the credit provider; and
(e)if the goods are in the possession of the credit provider and no amounts are owed to the credit provider under paragraph (b)—the credit provider shall deliver the goods to the supplier.
(4)If, under subsection (3) (d), goods are delivered to the credit provider, the credit provider is entitled to possession of the goods as against the supplier until the credit provider has been paid the amount for which the supplier is liable to the credit provider under subsection (3) (b).
Discharge of tied continuing credit contract on discharge or rescission of contract of sale
(1)Subject to section 27, if a contract of sale is rescinded or discharged (whether under this Act or any other law in force in the ACT) and there is a tied continuing credit contract made with the buyer by a linked credit provider of the supplier under the contract of sale, any mortgage relating to the tied continuing credit contract is discharged to the extent that it secures payment of the amount entered in relation to the contract of sale in an account of the debtor kept by the credit provider under the tied continuing credit contract and the amount (if any) of the credit charge so entered and attributable to the contract of sale and—
(a)the credit provider shall enter in that account an amount by way of refund to the debtor equal to the firstmentioned amount; and
(b)the supplier is liable to the credit provider for an amount equal to the firstmentioned amount;
and, if the contract of sale is a contract of sale of goods and services—
(c)if the goods are in the possession of the buyer—
(i)if, before the rescission or discharge of the contract of sale, the goods were not subject to a mortgage relating to the tied continuing credit contract—the buyer shall deliver the goods to the supplier; or
(ii)if, before the rescission or discharge of the contract of sale, the goods were subject to a mortgage relating to the tied continuing credit contract—the buyer shall deliver the goods to the credit provider; and
(d)if the goods are in the possession of the credit provider and no amounts are owed to the credit provider under paragraph (b)—the credit provider shall deliver the goods to the supplier.
(2)If, under subsection (1) (c), goods are delivered to the credit provider, the credit provider is entitled to possession of the goods as against the supplier until the credit provider has been paid the amount for which the supplier is liable to the credit provider under subsection (1) (b).
(3)Subsection (1) does not apply if the credit is provided by a linked credit provider of a supplier to a buyer as a result of an approach by the buyer to the credit provider that was not induced by the supplier.
Operation of s 25 and s 26
The provisions of sections 25 and 26—
(a)are in addition to all other rights of a buyer exercisable against a linked credit provider or supplier (whether under this Act or any other law in force in the ACT); and
(b)so far as they relate to the rights between themselves of a linked credit provider and a supplier, may be varied by agreement between the linked credit provider and the supplier.
Disputes
If there is a dispute arising out of the operation of section 23, 25 or 26, the court may, on the application of a buyer, supplier, credit provider, mortgagee or guarantor, or any other person (being a person claiming an interest in the goods), make an order declaring or adjusting rights or liabilities affected by the operation of that section—
(a)to give effect to, or to enforce, any rights or liabilities consequent on that operation; or
(b)subject to any such rights or liabilities, to restore the buyer, supplier and credit provider, and any mortgagee, guarantor or other person interested in the goods, as nearly as practicable to their respective positions before the contract to which the dispute relates was entered into.
Notice of rescission etc to linked credit provider
(1)As soon as a supplier knows that a contract of sale by the supplier is rescinded or discharged, being a contract of sale in relation to which the supplier knows a linked credit provider of the supplier has—
(a)entered into a tied loan contract with the buyer; or
(b)entered an amount in an account of the buyer kept by the linked credit provider under a tied continuing credit contract in relation to the contract of sale;
the supplier shall give notice of the rescission or discharge to the linked credit provider.
(2)A supplier that fails to comply with subsection (1) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
Part 3Regulated contracts
Division 3.1 Credit sale contracts and loan contracts
Application of pt 3
(1)In this part, a reference to a credit sale contract does not include a reference to a credit sale contract relating to goods and services in relation to which the cash price is more than the amount prescribed by the regulations, unless—
(a)it is a contract relating to a commercial vehicle or farm machinery; or
(b)it is a contract relating to—
(i)a commercial vehicle or farm machinery; and
(ii)other goods and services.
(2)In this part, a reference to a loan contract does not include a reference to a loan contract in relation to which—
(a)the amount financed is more than the amount prescribed by the regulations;
(b)there is no annual percentage rate or there is only 1 annual percentage rate and that rate does not exceed the percentage rate prescribed by the regulations; or
(c)there is an acceptable rate of interest and a higher annual percentage rate that exceeds the acceptable rate by not more than 2% and that acceptable rate does not exceed the percentage rate prescribed by the regulations;
unless, when the contract is entered into, a mortgage relating to a commercial vehicle or farm machinery has been, or is agreed to be, entered into to secure the payment of a debt or the performance of an obligation under the contract.
(3)If the annual percentage rate in relation to a loan contract may, at the option of the credit provider, be any rate less than, or not exceeding, an annual percentage rate specified by the credit provider, that specified rate shall, for subsection (2) (b), be deemed to be the annual percentage rate in relation to the contract, whether or not the annual percentage rate applied under the contract is a lower rate than that specified rate.
Contracts to be in writing
(1)A credit provider that enters into a credit sale contract or a loan contract that is not in writing signed by the debtor commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(2)Subsection (1) is not contravened if a credit sale contract or a loan contract is made by the acceptance of an offer in writing signed by the debtor to the credit provider to enter into the contract.
Form of offer
(1)A person that is—
(a)a credit provider; or
(b)an agent of a credit provider authorised to receive an offer to the credit provider to enter into a credit sale contract or a loan contract; or
(c)a supplier in relation to whom a credit provider is a linked credit provider;
shall not give a person a document for signature by that person as an offer in writing to the credit provider to enter into a credit sale contract or a loan contract unless the document includes a notice that is—
(d)in the form approved under section 256 (Approved forms) for this subsection; and
(e)in the prescribed position or, in a particular case, in a position approved by the ACAT, on the document.
(2)A credit provider, agent of a credit provider or supplier that contravenes subsection (1) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(3)A credit provider or an agent of a credit provider shall not give to a person an offer in writing signed by or on behalf of the credit provider to enter into a credit sale contract or a loan contract unless the document includes a notice that is—
(a)in the approved under section 256 (Approved forms) for this subsection; and
(b)in the prescribed position or, in a particular case, in a position approved by the ACAT, on the document.
(4)A credit provider or an agent of a credit provider that contravenes subsection (3) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(5)If—
(a)a credit provider; or
(b)an agent of a credit provider authorised to receive an offer to the credit provider to enter into a credit sale contract or a loan contract; or
(c)a supplier in relation to whom a credit provider is a linked credit provider;
gives to a person a document for signature by that person as an offer in writing to the credit provider to enter into a credit sale contract or a loan contract, the credit provider, agent or supplier, as the case may be, shall, before that person signs the document, also give to that person a true copy of the document for his or her own use certified by the credit provider, agent or supplier as a true copy of the document.
(6)A credit provider, agent of a credit provider or supplier that fails to comply with subsection (5) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(7)If a credit provider or an agent of a credit provider gives to a person an offer in writing signed by or on behalf of the credit provider to enter into a credit sale contract or a loan contract, the credit provider or agent shall, before that person accepts the offer, also give to that person for his or her own use a true copy of the offer certified by the credit provider or agent as a true copy of the offer.
(8)A credit provider or an agent of a credit provider that fails to comply with subsection (7) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(9)If a person signs a document and thereby offers to enter into, or enters into, a credit sale contract or a loan contract, any subsequent alteration of, or addition to, the terms and conditions of the contract is of no force or effect unless, after the alteration or addition has been made, that person has, opposite the alteration or addition, signed or initialled the margin of—
(a)the document in which the terms and conditions of the contract are specified; and
(b)the copy of the document given to him or her under subsection (5) or (7).
(10) If a person signs a document and thereby offers to enter into, or enters into, a credit sale contract or a loan contract—
(a)the credit provider; or
(b)an agent of the credit provider authorised to make or receive the offer to enter into the contract; or
(c)a supplier in relation to whom the credit provider is a linked credit provider;
shall not alter or add to the terms and conditions specified in the document with intent to deceive the debtor or, if the alteration or addition is made by the supplier, with intent to deceive the credit provider, whether or not the document in which those terms and conditions are specified has been signed or initialled as provided in subsection (9).
(11) A credit provider, agent or supplier that contravenes subsection (10) commits an offence.
Maximum penalty:
(a)for an individual—$1 000; and
(b)for a corporation—$5 000.
(12) In this section:
offer in writing includes a document that, if signed by or on behalf of the credit provider and the debtor, would be a credit sale contract or a loan contract.
Copy of accepted offer to be given
(1)If a person has signed an offer in writing to a credit provider to enter into a credit sale contract or a loan contract, the credit provider shall, not later than 14 days after accepting the offer, give to the debtor written notice of the acceptance endorsed on, or accompanied by, a copy of the offer.
(2)A credit provider that fails to comply with subsection (1) commits an offence.
Maximum penalty:
(a)for an individual—$2 000; and
(b)for a corporation—$10 000.
(3)Subsection (1) does not apply in relation to—
(a)an offer to enter into a credit sale contract relating to goods that, in accordance with the offer, is accepted by delivery of the goods; or
(b)an offer to enter into a credit sale contract relating to services that, in accordance with the offer, is accepted by the beginning of performance of the services.
(4)In this section:
offer in writing includes a document that, if signed by or on behalf of the credit provider and the debtor, would be a credit sale contract or a loan contract.
Debtor to be given prescribed statement
(1)If a credit sale contract or a loan contract is made, the credit provider shall, not later than 14 days after the date when the contract is made, give to the debtor the statement in the form approved for this section.
(2)A credit provider that fails to comply with subsection (1) commits an offence.
Maximum penalty:
(a)for an individual—$2 000; and
(b)for a corporation—$10 000.
(3)Subsection (1) does not apply if the credit provider, an agent of the credit provider or a supplier in relation to whom the credit provider is a linked credit provider gives to the debtor at or before the time when the credit sale contract or loan contract is made the statement referred to in that subsection.
Disclosure in credit sale contracts
(1)A credit sale contract relating to goods and services shall include—
(a)the date when the contract, or an offer to enter into the contract, was signed by the debtor; and
(b)a description or identification of the goods and services; and
(c)a statement of the amount financed in accordance with schedule 2; and
(d)a statement of the credit charge in accordance with schedule 3; and
(e)if, at the relevant date, it is possible to express the whole of the credit charge as an amount of money, a statement of the total of—
(i)the credit charge; and
(ii)the amount financed; and
(f)a statement of the annual percentage rate in accordance with section 38; and
(g)a statement of the person to whom, and the place where, payments by the debtor are to be made; and
(h)a statement whether payments are to be made by instalments and, if they are to be so made, a statement of such of the following as are known or can be calculated at the relevant date:
(i)if each instalment is the same amount—that amount;
(ii)if each instalment except the last is the same amount—that amount and the amount of the last instalment;
(iii)if neither subparagraph (i) nor subparagraph (ii) applies—the amount of each instalment;
(iv)the number of instalments;
(v)the time for the payment of each instalment or the time for the payment of the first instalment and the interval between each instalment and the subsequent instalment; and
(i)if a commission charge is payable—a statement to that effect and, except so far as the information is not known by the credit provider or is not readily available to the credit provider, a statement of the person to whom and the person by whom the commission charge is payable; and
(j)a statement whether any mortgage relating to the contract has been, or is agreed to be, entered into.
(2)A credit provider shall not include in the amount financed under a credit sale contract—
(a)an amount payable by the debtor to the credit provider in relation to a risk under a contract of insurance (other than compulsory insurance relating to goods) other than a risk specified in schedule 2, clause 1 (d) (iv) or (e);
(b)if a mortgage relating to the contract has been entered into—an amount in relation to insurance against loss of the security interest of the mortgagee in any goods subject to the mortgage because of any law in force in the ACT exceeding an amount calculated by applying the prescribed rate for title insurance in relation to goods of that class; or
(c)an amount in relation to the discharge of the liability of the debtor to the credit provider under a regulated contract that exceeds the amount of the net balance due to the credit provider calculated in accordance with section 103 immediately before the discharge of the liability.
(3)Nothing in this section requires the inclusion in a credit sale contract of a statement referred to in this section that is not applicable to the contract.
(4)In this section:
relevant date means the date the credit sale contract is entered into or, if the credit sale contract is entered into by the acceptance by the credit provider of an offer made by the debtor, the date the offer is made.
Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register. A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1. Electronic and printed versions of an authorised republication are identical.
Republication No
Amendments to
Republication date
1 Act 1991 No 106 4 June 1992 2 Act 1993 No 44 31 January 1994 3 Act 1994 No 97 31 January 1995 4 Act 1996 No 42 30 November 1996 5 Act 2001 No 44 12 September 2001 6 A2001-56 13 September 2002 7 A2004-2 22 March 2004 8 A2005-2 23 February 2005 9 A2007-16 11 July 2007 10* A2008-36 2 February 2009 11 A2009-20 22 September 2009
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