Credit Act 1987 (Qld)

Queensland Credit Act 1987 Reprinted as in force on 5 July 2004 Reprint No. 5 This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy

Information about this reprint This Act is reprinted as at 5 July 2004. The reprint shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)). 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. Minor editorial changes allowed under the provisions of the Reprints Act 1992 mentioned in the following list have also been made to— • correct spelling and use different spelling consistent with current drafting practice (s 26(2)) • use aspects of format and printing style consistent with current drafting practice (s 35). 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. Spelling The spelling of certain words or phrases may be inconsistent with other reprints because of changes made in various editions of the Macquarie Dictionary (for example, in the dictionary, ‘judgement’ has replaced ‘judgment’). Dates shown on reprints Reprints dated at last amendment All reprints produced on or after 1 July 2002, authorised (that is, hard copy) and unauthorised (that is, electronic), are dated as at the last date of amendment. Previously reprints were dated as at the date of publication. If an authorised reprint is dated earlier than an unauthorised 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 an authorised reprint is the same as the date shown for an unauthorised version previously published, it merely means that the unauthorised version was published before the authorised version. Also, any revised edition of the previously published unauthorised version will have the same date as that version. Replacement reprint date If the date of an authorised reprint is the same as the date shown on another authorised reprint it means that one is the replacement of the other.

Queensland Credit Act 1987 Contents Part 1 1 2 5 5A 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 21A 21B Part 2 22 23 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Application of Act and transitional provisions . . . . . . . . . . . . . . . . 9 Further transitional and other special provisions . . . . . . . . . . . . . 11 Act binds Crown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Jurisdiction of courts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Credit contracts deemed to be regulated contracts . . . . . . . . . . . 27 Application of Act to assignors and assignees . . . . . . . . . . . . . . . 28 Contracts of employment excluded . . . . . . . . . . . . . . . . . . . . . . . 28 Annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Credit charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Tied loan contracts and tied continuing credit contracts. . . . . . . . 30 Contracts for hiring of goods deemed credit sale contracts . . . . . 31 Certain contracts not credit sale contracts . . . . . . . . . . . . . . . . . . 34 Loan contract does not include amounts of credit under credit sale contracts or continuing credit contracts . . . . . . . . . . . . . . . . 34 Business of providing credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Recognised States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Exceptions from application of Act . . . . . . . . . . . . . . . . . . . . . . . . 35 Variation of application of Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Act not to apply to new credit contracts . . . . . . . . . . . . . . . . . . . . 36 Act to continue to apply in certain cases . . . . . . . . . . . . . . . . . . . 37 Contracts of sale Contracts of sale to which part applies. . . . . . . . . . . . . . . . . . . . . 38 Contract of sale conditional on grant of credit . . . . . . . . . . . . . . . 38

Credit Act 1987 Contents 24 25 26 27 28 29 30 31 Part 3 Division 1 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Division 2 49 50 51 52 Supplier not to require buyer to obtain credit from specified person ........................................ Discharge of mortgage relating to discharged regulated contracts ...................................... Liability of supplier and linked credit provider. . . . . . . . . . . . . . . . Discharge of tied loan contract and mortgage upon rescission or discharge of contract of sale . . . . . . . . . . . . . . . . . . . . . . . . . . Discharge of mortgage relating to tied continuing credit contract on discharge or rescission of contract of sale . . . . . . . . . . . . . . . Provisions of ss 27 and 28 are in addition to other rights etc. . . . Disputes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supplier to inform linked credit provider of rescission or discharge of contract of sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regulated contracts Credit sale contracts and loan contracts Application of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contracts to be in writing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Form and copies of contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Copy of accepted offer to be given . . . . . . . . . . . . . . . . . . . . . . . . Debtor to be given prescribed statement of rights under Act . . . . Disclosure in credit sale contracts . . . . . . . . . . . . . . . . . . . . . . . . Disclosure in loan contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Add on contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of annual percentage rate . . . . . . . . . . . . . . . . . . . . . . Acceptable rate of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inclusion of more than 1 rate of interest . . . . . . . . . . . . . . . . . . . . Variation ineffective without notice . . . . . . . . . . . . . . . . . . . . . . . . Civil penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contracts to be in accordance with division . . . . . . . . . . . . . . . . . Minimum credit charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement for debtor or guarantor on request . . . . . . . . . . . . . . . Copy of document for debtor or guarantor . . . . . . . . . . . . . . . . . . Continuing credit contracts Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Billing cycle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment of supplier by credit provider on behalf of debtor . . . . . 39 39 40 46 48 49 49 50 50 51 52 54 54 55 57 59 61 62 62 62 63 64 64 64 65 66 67 69 69 Page 2

53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 Division 3 70 71 72 73 74 75 Division 4 76 77 78 79 80 81 Credit Act 1987 Contents Chargeable amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount payable under continuing credit contract. . . . . . . . . . . . . Credit charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of annual percentage rate to billing cycle of less than 1 month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit charge in respect of non-business days . . . . . . . . . . . . . . Debtor to be given prescribed statement . . . . . . . . . . . . . . . . . . . Notice of terms of continuing credit contract . . . . . . . . . . . . . . . . Variation of continuing credit contract ineffective without notice. . Statement of account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Correction of billing errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of account to be given before proceedings instituted . Statement of account not to include opening balance in chargeable amount in certain circumstances . . . . . . . . . . . . . . . . Statement of account need not be given in certain circumstances ................................. Credit provider to pay amounts owing to debtor upon request . . . Civil penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit provider to give copy of notice upon request . . . . . . . . . . . Operation of regulated contracts Disclosure on discharge of contracts and making of new contract ...................................... Variation of credit sale contracts and loan contracts . . . . . . . . . . Variation of interest rates of credit sale contracts and loan contracts ....................................... Deferral charge payable under credit sale contract or loan contract ........................................ Default charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Variation of credit contracts generally. . . . . . . . . . . . . . . . . . . . . . General Unauthorised fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enforcement expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right to revoke offer is paramount . . . . . . . . . . . . . . . . . . . . . . . . Sufficient statement of annual percentage rate . . . . . . . . . . . . . . Sufficient statement of estimated credit charge . . . . . . . . . . . . . . Liability where discrepancy between credit charge and annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 70 71 72 74 74 75 75 76 77 78 79 80 81 81 81 82 83 84 86 87 89 90 90 91 92 92 92 93 Page 3

Credit Act 1987 Contents 82 83 84 85 86 86A 87 87A 87B 88 89 Part 4 Division 1 90 91 92 93 94 95 96 97 98 99 100 101 102 Division 2 103 Part 5 104 105 106 107 Assignment of rights by credit provider . . . . . . . . . . . . . . . . . . . . Loans to be in money or equivalent . . . . . . . . . . . . . . . . . . . . . . . Application of payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appropriation of payments where more than 1 credit contract . . . Credit provider may apply to court for reduction of loss for contravention of Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stay of civil penalty pending court’s decision . . . . . . . . . . . . . . . . General order varying civil penalty . . . . . . . . . . . . . . . . . . . . . . . . General order varying civil penalty for minor errors . . . . . . . . . . . Court may direct payment to the Fund . . . . . . . . . . . . . . . . . . . . . Effect of reduction of liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Relief for minor errors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regulated mortgages General Application of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligations under mortgage not to exceed obligations under regulated contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mortgage of goods to be in writing . . . . . . . . . . . . . . . . . . . . . . . . Debtor entitled to copy of mortgage . . . . . . . . . . . . . . . . . . . . . . . Enforcement expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for entry of premises void in certain circumstances . . . Order of court required before entry for repossession . . . . . . . . . Mortgagor may be required to state where goods are . . . . . . . . . Court may determine time and place for return of goods . . . . . . . Blanket securities over property or assets prohibited. . . . . . . . . . Restriction on mortgage of after-acquired property . . . . . . . . . . . Mortgages and continuing credit contracts. . . . . . . . . . . . . . . . . . Fraudulent sale or disposal of property . . . . . . . . . . . . . . . . . . . . Assignment etc. of property Assignment by mortgagor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Termination and enforcement of regulated contracts and regulated mortgages Calculation of net balance and outstanding balance of amount financed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of net balance due . . . . . . . . . . . . . . . . . . . . . . . . . . . Early termination of regulated contract. . . . . . . . . . . . . . . . . . . . . Mortgagor may compel sale of goods . . . . . . . . . . . . . . . . . . . . . 93 96 96 96 97 98 99 101 101 102 102 103 103 104 104 104 105 105 106 106 106 107 108 108 109 110 111 112 112 Page 4

108 109 110 111 112 113 114 115 116 117 Part 6 118 119 120 121 122 123 124 125 126 127 Part 7 128 129 130 131 132 Part 8 133 134 135 136 137 138 Credit Act 1987 Contents Restrictions on exercise of rights by credit provider or mortgagee ................................... Proceedings prohibited where debtor remedies breach etc. . . . . Limit on amount recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . . . Restriction on exercise of powers. . . . . . . . . . . . . . . . . . . . . . . . . Court may order delivery of goods . . . . . . . . . . . . . . . . . . . . . . . . Taking possession of goods by mortgagee . . . . . . . . . . . . . . . . . Mortgagor’s right to redeem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mortgagee to account for proceeds of sale . . . . . . . . . . . . . . . . . Power to give relief against repossession of certain goods from farmers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Postponement of exercise of rights . . . . . . . . . . . . . . . . . . . . . . . Regulated contracts and regulated mortgages—general Penalty for false representations etc. . . . . . . . . . . . . . . . . . . . . . . Court may approve removal of mortgaged goods . . . . . . . . . . . . Prohibition on assignment of wages etc. . . . . . . . . . . . . . . . . . . . Restrictions on taking bills of exchange as security . . . . . . . . . . . Advertisements offering credit . . . . . . . . . . . . . . . . . . . . . . . . . . . Prohibition of credit hawking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Terminology in contracts etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contracting by agents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contract or mortgage not illegal etc. because of offence . . . . . . . Notices to be given to all parties . . . . . . . . . . . . . . . . . . . . . . . . . Contracts of insurance Insurance in respect of regulated contracts . . . . . . . . . . . . . . . . . Insurance in respect of regulated mortgages . . . . . . . . . . . . . . . . Unauthorised insurance need not be maintained. . . . . . . . . . . . . Action after rejection of insurance proposal . . . . . . . . . . . . . . . . . No-claim bonus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contracts of guarantee Contracts of guarantee unenforceable unless in writing. . . . . . . . Extent of liability of guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . Recovery against guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guarantee of obligations of minor . . . . . . . . . . . . . . . . . . . . . . . . Guarantor to receive copy of contract of guarantee . . . . . . . . . . . Guarantor to be given prescribed statements . . . . . . . . . . . . . . . 113 117 117 117 118 118 119 121 124 126 128 129 130 130 131 135 136 136 137 137 138 139 141 141 143 143 143 144 145 145 145 Page 5

Credit Act 1987 Contents 139 140 Part 9 Division 3 148 149 150 151 152 153 Part 10 154 155 156 157 158 159 160 161 162 163 167 168 169 170 171 Part 12 179 Schedule 1 Schedule 2 Schedule 3 Schedule 4 Schedule 5 Schedule 6 Discharge of guarantee by notice. . . . . . . . . . . . . . . . . . . . . . . . . Right to revoke offer of guarantee . . . . . . . . . . . . . . . . . . . . . . . . Control of credit providers’ practices Reopening of regulated contracts and regulated mortgages Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Court may reopen certain transactions . . . . . . . . . . . . . . . . . . . . Matters to be considered by court . . . . . . . . . . . . . . . . . . . . . . . . Joinder of parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Limitation on reopening of transaction . . . . . . . . . . . . . . . . . . . . . Jurisdiction of court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General Notices by mortgagee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governor in Council may fix maximum annual percentage rates . Legibility of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Restriction on form of document . . . . . . . . . . . . . . . . . . . . . . . . . Approval of form of document . . . . . . . . . . . . . . . . . . . . . . . . . . . Documents and forms to comply with Act . . . . . . . . . . . . . . . . . . Statements etc. not required to be in separate documents . . . . . Signature of documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contracting out of Act prohibited . . . . . . . . . . . . . . . . . . . . . . . . . General penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Disposal of penalties and fees etc.. . . . . . . . . . . . . . . . . . . . . . . . Certain rights etc. saved. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Giving of notices etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Limitation of liability of registrar . . . . . . . . . . . . . . . . . . . . . . . . . . Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendments Amendment of Hire-purchase Act 1959 . . . . . . . . . . . . . . . . . . . . Accrued credit charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of amount financed in relation to credit sale contract ....................................... Statement of credit charge in relation to credit sale contract of goods or services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of amount financed in relation to loan contract . . Statement of credit charge in relation to loan contract . . . . . Annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 146 147 147 148 150 151 151 152 152 153 153 154 154 154 155 155 155 155 155 156 157 157 158 159 161 165 166 169 170 Page 6

Schedule 7 Schedule 8 Part 1 1 2 3 4 Part 2 5 Schedule 9 1 2 3 4 5 6 7 8 9 10 11 12 Credit Act 1987 Contents Statement of account in relation to continuing credit contract ..................................... Further transitional and other special provisions . . . . . . . . . Provisions because of the enactment of the Credit Act 1987 Certain past nondisclosures about insurance commission not to incur civil penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operation of amendments relating to description of consumer credit insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operation of amendments to ss 86 and 87 of this Act . . . . . . . . . Operation of ss 86A and 87A of this Act . . . . . . . . . . . . . . . . . . . Provisions because of the enactment of the CreditAmendment Act 1994 Application of amendments to existing proceedings . . . . . . . . . . Exceptions from application of Act . . . . . . . . . . . . . . . . . . . . . Certain credit by bank or pastoral finance company . . . . . . . . . . Housing loan contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pawnbrokers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly account charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Low value transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance premium financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overseas visitors cash advances . . . . . . . . . . . . . . . . . . . . . . . . . Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Educational services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beneficiaries under trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Petrol and taxi cards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Farming property transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . 172 177 177 178 179 180 180 181 181 181 182 182 183 184 185 185 185 186 186 187 Endnotes 1 2 3 4 5 6 7 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date to which amendments incorporated. . . . . . . . . . . . . . . . . . . . . . Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tables in earlier reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 188 189 189 190 190 191 Page 7

Credit Act 1987 Credit Act 1987 Part 1 Preliminary [s 1] [as amended by all amendments that commenced on or before 5 July 2004] An Act relating to the provision of credit and the regulation of contracts providing credit, and for related purposes Part 1 Preliminary 1 Short title This Act may be cited as the Credit Act 1987 . 2 Commencement (1) Section 1 and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty. (2) Except as provided by subsection (1), the several provisions of this Act shall commence on a day or on the respective days appointed by proclamation or successive proclamations. 5 Application of Act and transitional provisions (1) Except as otherwise expressly provided in or under this Act, this Act applies (despite anything to the contrary in any other Act or law) to and in respect of 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 Queensland by the buyer, debtor or mortgagor; or (b) where the contract of sale, credit contract or mortgage is not in writing or is in writing but is not signed by the Reprint 5 effective 5 July 2004 Page 9

Credit Act 1987 Part 1 Preliminary [s 5] buyer, debtor or mortgagor in Queensland or in a recognised State— (i) in the case of a contract of sale, if the goods or services are, or are to be, delivered or supplied in Queensland; or (ii) in the case of a credit contract, if the credit is, or is to be, provided to the debtor in Queensland or the debtor has, or is to have, the use or benefit of the credit in Queensland; or (iii) in the case of a mortgage, if property subject to the mortgage is at the date of creation of the mortgage situated in Queensland. (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, as the case may be, made before the commencement of the provision. (3) This Act (except sections 59, 60 and 68(1)(c), parts 2, 7 and 8 and part 9, division 3) 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 commenced before the commencement of that part. (4) Where, because of subsection (3), this Act (except sections 59, 60 and 68(1)(c), parts 2, 7 and 8 and part 9, division 3) applies to and in relation to a continuing credit contract, the credit provider shall, when the credit provider first gives a statement of account referred to in section 62 after the commencement of part 3 give to the debtor a statement in accordance with section 59 and a notice stating the matters required to be stated in a notice under section 60. Page 10 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 5A] 5A Further transitional and other special provisions The further transitional and other special provisions set out in schedule 8 have effect (including retrospective effect) as according to their tenor. 6 Act binds Crown (1) Except where otherwise expressly provided by this Act, this Act binds the Crown not only in right of Queensland but also, so far as the legislative power of Parliament permits, the Crown in all its other capacities. (2) This Act applies to and in respect of the Crown in any of its capacities to the same extent as if the Crown were, in that capacity, a body corporate. 7 Interpretation (1) In this Act— acceptable rate of interest , in relation to a loan contract or a continuing credit contract, means an annual percentage rate that the credit provider agrees to accept so long as the debtor duly observes and performs the terms of the contract. account charge , in relation to a continuing credit contract, means— (a) in relation to the period of 12 months after the contract is made—the sum (not exceeding the amount prescribed for the time being or, if no amount is prescribed, $100) of— (i) any amount that, under the contract, is payable by the debtor to the credit provider as the fixed fee or other charge for entering into the contract; and (ii) any amount that, under the contract, is payable by the debtor to the credit provider as the fixed annual fee or other annual charge in respect of that period; or Reprint 5 effective 5 July 2004 Page 11

Credit Act 1987 Part 1 Preliminary [s 7] Page 12 (b) in relation to any other period of 12 months—any amount (not exceeding the amount prescribed for the time being or, if no amount is prescribed, $50) that, under the contract, is payable by the debtor to the credit provider as the fixed annual fee or other annual charge in respect of that period. accrued credit charge , in relation to a credit sale contract or a loan contract at a particular time, means— (a) the minimum credit charge; or (b) the amount of any credit charge which, under the contract, has accrued at that time calculated as provided in section 13; whichever is the greater. actuarial method , in relation to a calculation for the purposes of a credit sale contract or a loan contract, means the method under which— (a) it is assumed that all payments by the debtor under the contract will be made on the respective dates on which they fall due and that credit will be provided at the time or times determined under the contract; and (b) payments by the debtor under the contract are allocated between the amount of the credit charge and the amount financed so that each payment is applied first to the accrued credit charge at the date on which the payment is due and— (i) if the amount of the payment is greater than the amount of the accrued credit charge on the date on which the payment is made—the remaining amount of the payment is applied to the unpaid balance of the amount financed; or (ii) if the amount of the payment is less than the amount of the accrued credit charge on the date on which the payment is made—the amount of the difference between the payment and the accrued credit charge is added to the unpaid balance of the amount financed. Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] amount financed means— (a) in relation to a regulated credit sale contract—the sum of the balance of the cash price required to be stated in accordance with schedule 2, section 1(c) and the total of the amounts required to be stated in accordance with section 1(d) to (i) of that schedule; (b) in relation to any other credit sale contract—the sum of the cash price (less the deposit, if any) and amounts payable under the contract by the debtor to the credit provider that, if the contract were a regulated credit sale contract, would be required to be stated in accordance with schedule 2, section 1(d) to (i); (c) in relation to a regulated loan contract—the sum of the amounts required to be stated in accordance with schedule 4, section 1; (d) in relation to any other loan contract—the sum of the amount agreed under the contract to be lent and amounts payable under the contract by the debtor to the credit provider that, if the contract were a regulated loan contract, would be required to be stated in accordance with schedule 4, section 1(b) to (f). annual percentage rate means annual percentage rate within the meaning of section 12. bank means a bank within the meaning of the Banking Act 1959 (Cwlth) or a bank constituted by a law of a State or of the Commonwealth. billing cycle means billing cycle as referred to in section 51. body corporate does not, except in the case of a credit provider that is a body corporate, include— (a) a body corporate constituted under the BuildingUnitsandGroupTitlesAct1980 by the proprietor or proprietors of lots within the meaning of that Act; or (aa) the body corporate for a community titles scheme under the BodyCorporateandCommunityManagementAct1997 ; or Reprint 5 effective 5 July 2004 Page 13

Credit Act 1987 Part 1 Preliminary [s 7] Page 14 (b) a company owning an interest in land and having a memorandum or articles of association conferring on owners of shares in the company the right to occupy certain parts of a building erected on that land; all or the majority of which lots or parts, as the case may be, are intended to be occupied as dwellings. cash includes cheques. cash price , in relation to a contract of sale of, or credit sale contract relating to, goods or services, means— (a) unless the contract is one to which paragraph (b), (c), (d) or (e) applies—the price payable under the contract for the goods or services; or (b) where, under the contract, credit for the payment for the goods or services is, or is to be, provided by the supplier or by a linked credit provider of the supplier and, at the time at which the contract is made, the goods or services are available for purchase from the supplier for cash—the lowest price at which at that time the buyer might have bought the goods or services from the supplier for cash; or (c) where, under the contract, credit for the payment for the goods or services is, or is to be, provided by the supplier or by a linked credit provider of the supplier and, at the time at which the contract is made, the goods or services are reasonably available for purchase for cash but are not available for purchase from the supplier for cash—the price at which at that time the buyer might reasonably have bought goods or services of that kind for cash; or (d) where, under the contract, credit for the payment for the goods or services is, or is to be, provided by the supplier or by a linked credit provider of the supplier and, at the time at which the contract is made the goods or services are not reasonably available for purchase for cash—the amount that is— Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] (i) in the case of a sale of goods—the reasonable value of the goods at that time; or (ii) in the case of a sale of services—the reasonable value at that time of the services (whether or not they have been supplied); or (iii) in the case of a contract of sale that is a contract of sale of both goods and services—the sum of the reasonable value of the goods at that time and the reasonable value at that time of the services (whether or not they have been supplied); or (e) where some other price is prescribed in relation to the contract—that price. commercial vehicle means— (a) a motor vehicle constructed or adapted principally for the carriage of goods but does not include a motor vehicle of the kind known as a utility, a station wagon or a panel van; or (b) a vehicle without motive power of its own and constructed or adapted principally for the carriage of goods and for being drawn by a motor vehicle. commission charge , in relation to a regulated credit sale contract or a regulated loan contract, means an amount paid or payable (whether directly or indirectly and whether or not under an agreement or undertaking) by way of commission or as a payment in the nature of a commission (however described), being an amount— (a) that is paid or payable in respect of the introduction of the debtor to the credit provider and paid or payable by the credit provider or the spouse of the credit provider or, where the credit provider is a body corporate, the credit provider or a related body corporate within the meaning of the Corporations Law; or (b) that is paid or payable in connection with a contract— (i) that is connected with the regulated credit sale contract or regulated loan contract; and Reprint 5 effective 5 July 2004 Page 15

Credit Act 1987 Part 1 Preliminary [s 7] Page 16 (ii) the consideration for which is wholly or partly included within the amount financed. compulsory insurance , in relation to goods, means any insurance in relation to liability in respect of death or bodily injury caused by or arising out of the use of the goods, being insurance required by the law of the place where the goods are or are being or are to be used. continuing credit contract means a continuing credit contract within the meaning of section 49. contract for the hiring of goods includes a contract for the lease of goods or for the grant of a licence to use goods and any other contract for the bailment of goods. credit includes any form of financial accommodation other than— (a) credit provided to a debtor predominantly for the purposes of carrying on or establishing or in connection with the carrying on or establishing of a trade, business or profession by the debtor; or (b) credit provided for the purchase of services, where the buyer has contracted to provide those services, or goods and services that include those services, to a third person; or (c) any transaction prescribed as being a transaction that is not credit within the meaning of this Act; but, despite paragraph (a), credit includes any form of financial accommodation provided to a debtor in respect of a contract relating to a commercial vehicle or farm machinery. credit charge means credit charge within the meaning of section 13(1). credit contract means— (a) a credit sale contract; or (b) a loan contract; or (c) a continuing credit contract. Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] credit provider means— (a) in relation to a credit contract—the person providing credit under the contract in the course of a business carried on by the person; or (b) in relation to a proposed credit contract—the person by whom credit is to be provided under the contract in the course of a business carried on by the person. credit sale contract means, subject to sections 15 and 16, a contract of sale of goods or services where in respect of the payment for the goods or services credit is, or is to be, provided to a debtor, being a buyer but not being a body corporate, by a supplier in the course of a business carried on by the supplier and, under the contract— (a) a charge is made for the provision of credit; or (b) the amount payable by the debtor is not required to be paid within the period of 4 months after credit is provided under the contract; or (c) the amount payable by the debtor may be paid by 5 or more instalments or by a deposit and 4 or more instalments; but does not include any contract of a class or description of contracts prescribed as not being credit sale contracts within the meaning of this Act. cross claim includes counterclaim, set off and third party claim. daily percentage rate , in relation to a credit sale contract or a loan contract, means the rate determined by dividing the annual percentage rate under the contract by 365. debtor means— (a) in relation to a credit contract—the person to whom credit is provided under the contract; or (b) in relation to a proposed credit contract—the person to whom credit is to be provided under the contract. default charge means— Reprint 5 effective 5 July 2004 Page 17

Credit Act 1987 Part 1 Preliminary [s 7] Page 18 (a) in relation to a regulated credit sale contract or a regulated loan contract—a charge made by a credit provider in accordance with section 74; or (b) in relation to any other credit contract—an amount payable under the contract by the debtor because of the debtor’s failure to fulfil the debtor’s obligations under the contract. deferral charge means— (a) in relation to a regulated credit sale contract or a regulated loan contract—a charge made by a credit provider in respect of the deferral of the payment of an amount in accordance with section 73; or (b) in relation to any other credit sale contract or loan contract—a charge made by a credit provider in respect of the deferral of the payment of an amount payable under the contract by the debtor. deposit means— (a) in relation to a credit sale contract relating to goods—an amount that, under the contract, was paid or payable by the buyer to the supplier on or before the delivery of the goods or, where the delivery is not completed on 1 day, on or before the commencement of the delivery; or (b) in relation to a credit sale contract relating to services—an amount that, under the contract, was paid or payable by the buyer to the supplier on or before the commencement of the supply of the services; or (c) in relation to a credit sale contract relating to goods and services—an amount that, under the contract, was paid or payable by the buyer to the supplier on or before the commencement of the delivery or supply of the goods and services; and, where there is a trade-in allowance, includes the trade-in allowance. determination includes order, direction, decision or declaration. Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] discharge , in relation to a contract, means discharge of the contract so far as it is executory, otherwise than by frustration. enforcement expense means— (a) in relation to a regulated contract—an amount that, subject to section 77, the debtor is liable to pay to the credit provider in relation to the exercise of a right under the contract arising from the default of the debtor; or (b) in relation to a regulated mortgage—an amount that, subject to section 94, the mortgagor is liable to pay to the mortgagee in relation to the exercise of a right under the mortgage arising from the default of the mortgagor; or (c) in relation to any other credit contract or mortgage—an amount expended or the amount of a liability incurred by the credit provider or mortgagee under the contract or mortgage to remedy a default of the debtor or mortgagor or in the exercise of rights of the credit provider or mortgagee under the contract or mortgage arising because of the default. estimated credit charge , in relation to a credit sale contract or a loan contract under which the whole or a part of the credit charge is a credit charge other than a predetermined credit charge or a minimum credit charge, means the amount of that whole or part that, when the contract is made, is an amount that can be calculated— (a) on the assumption that all amounts payable under the contract are paid on the respective dates on which, under the contract, they are required to be paid; or (b) in accordance with an applicable method prescribed for the purposes of calculating estimated credit charges. farm machinery means— (a) a harvester, binder, tractor, plough or other agricultural implement; or Reprint 5 effective 5 July 2004 Page 19

Credit Act 1987 Part 1 Preliminary [s 7] (b) any other goods of a class commonly used for the purposes of a farming undertaking that are prescribed as being farm machinery for the purposes of this Act; where the goods are acquired for the purposes of a farming undertaking. farming undertaking includes— (a) any agricultural, apicultural, dairy farming, horticultural, orcharding, pastoral, poultry keeping, viticultural or other business involving the cultivation of the soil, the gathering of crops or the rearing of livestock; and (b) the business of taking fish, crustacea, oysters or any other marine, estuarine or freshwater animal life; and (c) the cutting of timber for sale; and (d) any class of business prescribed as a farming undertaking. Fund means the Consumer Credit Fund established under the Consumer Credit (Queensland) Act 1994 , section 51. goods includes— (a) all chattels personal other than things in action and money; and (b) fixtures severable from the realty; and (c) any present or future product of a farming undertaking, including any agricultural or horticultural produce, wool and the increase or progeny of stock; but does not include any goods of a class or description prescribed as not being goods within the meaning of this Act. guarantee includes indemnity. guarantor means a person who enters into a contract of guarantee in respect of the performance by a debtor or mortgagor of the debtor’s or mortgagor’s obligations under a credit contract or mortgage or a person who enters into a Page 20 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] contract of indemnity in relation to a credit contract or mortgage but does not include a body corporate or— (a) a person who is the supplier, or spouse of the supplier, of goods or services to which the contract or mortgage relates or, where the supplier is a body corporate, a person who is a director or officer of the body corporate or is a related body corporate within the meaning of the CorporationsLaw or a director or officer of a related body corporate or spouse of such a director or officer; or (b) a person who enters into a contract of guarantee or a contract of indemnity— (i) in respect of the obligations under a credit contract of a person who deals in goods or services of the kind to which the contract relates; or (ii) in respect of the obligations of a debtor under a loan contract made for the purposes of the acquisition of goods of a kind in which the debtor deals. instalment does not include a deposit. judgement includes order. land has the same meaning as it has in the Property Law Act1974 . linked credit provider , in relation to a supplier, means a credit provider— (a) with whom the supplier has a trade or tie agreement; or (b) to whom the supplier, by arrangement with the credit provider, regularly refers persons for the purpose of obtaining credit; or (c) with whom the supplier has an agreement or arrangement, whether formal or informal, under which contracts or applications or offers for credit from the credit provider may be signed by persons at the premises of the supplier. Reprint 5 effective 5 July 2004 Page 21

Credit Act 1987 Part 1 Preliminary [s 7] Page 22 loan contract , subject to section 17, means a contract under which a person in the course of a business carried on by the person provides or agrees to provide, whether on 1 or more occasions, credit to another person, not being a body corporate, in 1 or more of the following ways— (a) by paying an amount to or in accordance with the instructions of that other person; (b) by applying an amount in satisfaction or reduction of an amount owed to the person by that other person; (c) by varying the terms of a contract under which moneys owed to the person by that other person are payable; (d) by deferring the obligation of that other person to pay an amount to the person; (e) by taking from that other person a bill of exchange or other negotiable instrument on which that other person (whether alone or with another person or other persons) is liable as drawer, acceptor or endorser; but does not include any contract of a class or description of contracts prescribed as not being loan contracts within the meaning of this Act. minimum credit charge , in relation to a credit sale contract or a loan contract, means the amount (if any) that, under the contract, is the minimum amount payable to the credit provider by the debtor under the contract as a credit charge. mortgage means an instrument or transaction by or under which a security interest is reserved or created or otherwise arises. mortgagee , in relation to a mortgage, means the person to whom the mortgage is given. mortgagor , in relation to a mortgage, means the person by whom the mortgage is given. motor vehicle means a motor vehicle within the meaning of the TransportInfrastructure(Roads)Regulation1991 made under the Transport Infrastructure (Roads) Act 1991 . Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] officer , in relation to a body corporate, includes a person who is an officer of the body corporate within the meaning of section 9 of the Corporations Law. pastoral finance company means a person carrying on a business of financing pastoral pursuits or a business of stock or station agents to whom an order in force under section 11 of the Banking Act 1959 (Cwlth) applies. predetermined credit charge , in relation to a credit contract that specifies a fixed amount as the whole or part of the credit charge (not being a minimum credit charge), means that fixed amount. recognised State means a State or Territory in respect of which a declaration referred to in section 19 is in force. record includes any book, account, document, paper or other source of information compiled, recorded or stored in written form, or on microfilm, or by electronic process, or in any other manner or by any other means. registrar means the chief executive of the department. registration fees , in relation to goods, means an amount payable under the law of a State or Territory in connection with the registration or use of the goods including any amount payable for compulsory insurance. regulated continuing credit contract means a continuing credit contract to which part 3 applies. regulated contract means regulated credit sale contract, regulated loan contract or regulated continuing credit contract. regulated credit sale contract means a credit sale contract to which part 3 applies. regulated loan contract means a loan contract to which part 3 applies. regulated mortgage means a mortgage to which part 4 applies. Reprint 5 effective 5 July 2004 Page 23

Credit Act 1987 Part 1 Preliminary [s 7] Page 24 rescission , in relation to a contract, means avoidance of the contract as from its beginning. security interest means an interest or power— (a) reserved in or over an interest in goods or other property; or (b) created or otherwise arising in or over an interest in goods or other property under a mortgage, bill of sale, charge, lien, pledge, trust or power; by way of security for the payment of a debt or other pecuniary obligation or the performance of any other obligation but does not include an interest or a power reserved, created or otherwise arising under a contract for the hiring of goods that is not by section 15 deemed to be a credit sale contract. services includes the rights and benefits that are, or are to be, supplied under— (a) a contract for or involving— (i) the performance of work (including work of a professional nature); or (ii) the provision of, or the use or enjoyment of, facilities for amusement, entertainment, recreation or instruction; or (b) a contract of insurance (including life assurance); or (c) a contract under which one person grants or confers, or purports to grant or confer, a franchise or other right, benefit or privilege to 1 or more other persons in consideration of the investment by that other person, or those other persons, of money and the performance by the person or persons of work associated with that investment; whether the contract is express or implied and, if it is express, whether it is oral or in writing and whether the services are supplied to order or by making them available to potential users, but does not include— Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 7] (d) the provision of credit; or (e) any rights or benefits of a prescribed class or description that are prescribed as not being services within the meaning of this Act; or (f) any rights or benefits that are, or are to be, supplied under a contract of a prescribed class or description and are prescribed as not being services within the meaning of this Act. statutory rebate means— (a) in relation to insurance charges (other than prescribed insurance charges) included in the amount financed under a regulated contract—the sum of— (i) the amount of premium paid in respect of a period of the insurance contract not yet commenced; and (ii) 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; and (b) in relation to prescribed insurance charges included in the amount financed under a regulated contract—the amount ascertained in the prescribed manner; and (c) in relation to maintenance charges included in the amount financed under a regulated contract in respect of maintenance of goods—an amount that bears to the amount of maintenance charges the same proportion that the number of whole months in the unexpired portion of the period for which maintenance is agreed to be provided bears to the number of whole months for which maintenance is agreed to be provided. supplier — (a) in relation to a contract of sale, credit sale contract or contract for the hiring of goods—means a person who supplies goods or services; or Reprint 5 effective 5 July 2004 Page 25

Credit Act 1987 Part 1 Preliminary [s 7] (b) in relation to a continuing credit contract—means a person who supplies goods or services or cash. supply includes— (a) in relation to goods, supply (including resupply within the meaning of subsection (2)) by way of sale or exchange; or (b) in relation to services, provide, grant or confer. tied continuing credit contract means tied continuing credit contract within the meaning of section 14(2). tied loan contract means tied loan contract within the meaning of section 14(1). trade-in allowance , in relation to a contract of sale of goods or services, means an amount by which the cash price or amount payable under the contract is, or is to be, reduced in respect of an interest in property sold or transferred or agreed to be sold or transferred to the supplier or another person. trade or tie agreement , in relation to a credit provider and a supplier, means an agreement or arrangement, whether formal or informal, relating to— (a) the supply to the supplier of goods or services in which the supplier deals; or (b) the business of supplying goods or services carried on by the supplier; or (c) the provision of credit to purchasers in respect of the payment for goods or services supplied by the supplier. (2) In this Act— (a) a reference to goods or services includes a reference to goods and services; (b) a reference to the resupply of goods bought from a person includes a reference to— (i) a supply of the goods to another person in an altered form or condition; and Page 26 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 8] (ii) a supply to another person of goods in which the first mentioned goods have been incorporated. (5) Where a regulation made for the purposes of this section— (a) prescribes an amount other than $40000 as the monetary limit for the purposes of this Act, a reference in this Act (including this section) to $40000 shall be construed as a reference to the amount so prescribed; (b) prescribes an annual percentage rate other than 14% as the annual percentage rate for the purposes of this Act, a reference in this Act (including this section) to a rate of 14% shall be construed as a reference to the annual percentage rate so prescribed. 8 Jurisdiction of courts In this Act, a reference to a court in relation to any contract or other matter— (a) where proceedings in relation to the contract or matter have been instituted in, or are before, a court (including a Small Claims Tribunal)—is a reference to that court; or (b) in any other case—is a reference to the court the monetary jurisdiction of which is not exceeded by the total amount payable in respect of the contract or other matter. 9 Credit contracts deemed to be regulated contracts Where it is alleged in any proceeding under this Act or in any other proceeding in respect of a matter arising under this Act that— (a) a credit sale contract or a loan contract is a credit sale contract or a loan contract to which part 3 applies; or (b) a continuing credit contract is a continuing credit contract to which part 3 applies; Reprint 5 effective 5 July 2004 Page 27

Credit Act 1987 Part 1 Preliminary [s 10] it shall be presumed, unless the contrary is established, that part 3 applies to the credit sale contract or loan contract or to the continuing credit contract. 10 Application of Act to assignors and assignees (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 manner 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 where the assignment is in contravention of this Act. (3) Subsection (1) does not apply where 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. 11 Contracts of employment excluded A reference in this Act to a contract or agreement in respect of 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 employer and employee between the debtor and that other person. Page 28 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 12] 12 Annual percentage rate For the purposes of this Act, a reference to the annual percentage rate— (a) in relation to a credit sale contract or a loan contract in respect of which the annual percentage rate has not been disclosed to the debtor or has been disclosed otherwise than in accordance with section 40—is a reference to the lowest percentage rate per annum that can be determined in accordance with that section in relation to the contract; 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 40—is a reference to the rate disclosed; and (c) in relation to a continuing credit contract—is a reference to the annual percentage rate within the meaning of section 56. 13 Credit charge (1) For the purposes of this Act a reference to a credit charge— (a) in relation to a credit sale contract or a loan contract—is a reference to the amount by which the amount payable under the contract by the debtor to the credit provider or a person on the debtor’s behalf (not including 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—is a reference to a credit charge within the meaning of section 55. (2) For the purposes of the interpretation of accrued credit charge in relation to a credit sale contract or a loan contract, the amount of the credit charge which has accrued at a particular time shall be calculated— Reprint 5 effective 5 July 2004 Page 29

Credit Act 1987 Part 1 Preliminary [s 14] (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) in the case of a credit sale contract—of the amount financed; or (ii) in the case of 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; or (b) where schedule 1 applies to the credit sale contract or loan contract—in accordance with the formula set out in that schedule; or (c) where an applicable method is prescribed for the purposes of this subsection—in accordance with that method. (3) In calculating the amount of a credit charge which has accrued under a credit sale contract or a loan contract, the credit provider may, if the credit provider so determines, apply a percentage rate per annum that is lower than the annual percentage rate disclosed under the contract. 14 Tied loan contracts and tied continuing credit contracts (1) For the purposes of this Act, a loan contract is a tied loan contract where the credit provider enters into the loan contract with a person who is a buyer of goods or 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 or services; and (b) at the time the loan contract is entered into the credit provider is a linked credit provider of the supplier. (2) For the purposes of this Act, a continuing credit contract is a tied continuing credit contract where the credit provider provides credit under the continuing credit contract in respect Page 30 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 15] of the payment by the debtor for goods or services supplied by a supplier in relation to whom the credit provider is a linked credit provider. 15 Contracts for hiring of goods deemed credit sale contracts (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 (other than any goods that are a commercial vehicle or farm machinery) at the time when the contract for the hiring is made is not more than $40000; 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 $40000 or the goods are 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, affixed to land or to other goods and the goods are not, or when so affixed 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 manner 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 the person 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 Reprint 5 effective 5 July 2004 Page 31

Credit Act 1987 Part 1 Preliminary [s 15] (ii) expects, or in the circumstances ought reasonably to expect, that the person to whom the goods are hired will negotiate the purchase by the person 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 expiration of the original term of the contract for the hiring. (3) Where 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 upon 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 the supplier 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. Page 32 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 15] (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 the person or by the person and another person or other persons, where 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 a reference— (i) to a contract for the hiring of goods to a body corporate; or (ii) 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; and (b) cash price , in relation to a contract for the hiring of goods, means— (i) where at the time the contract is made the goods are available for purchase for cash from the person from whom the goods are hired—the lowest price at which the person to whom the goods are hired might have bought the goods from the first mentioned person for cash; or (ii) where 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—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) where at the time the contract is made the goods are not reasonably available for purchase for cash—the amount that is the reasonable value of the goods at that time. Reprint 5 effective 5 July 2004 Page 33

Credit Act 1987 Part 1 Preliminary [s 16] 16 Certain contracts not credit sale contracts (1) For the purposes of this Act, a reference to a credit sale contract does not include— (a) a reference to a contract of sale of goods or services in respect of 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, which 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, where 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 expiration of a fixed or ascertainable period with an option, express or implied, for the purchaser to make payments in respect of the purchase price during that period. 17 Loan contract does not include amounts of credit under credit sale contracts or continuing credit contracts For the purposes of 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. Page 34 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 18] 18 Business of providing credit In this Act, a reference to carrying on a business of providing credit includes a reference to carrying on the provision of credit in the course of, or as part of, or as incidental to, or in connection with, the carrying on of another business. 19 Recognised States The Governor in Council— (a) if the Governor in Council is satisfied that in another State or a Territory the law for the regulation of the provision of credit is such as to enable reciprocal arrangements to be made with this State in relation to the provision of credit—may, by regulation, declare that other State or that Territory to be a recognised State; and (b) may, by regulation, vary or revoke a declaration under paragraph (a). 20 Exceptions from application of Act The provisions of this Act specified in schedule 9 do not apply to or with respect to the persons, classes of persons, matters or things specified in that schedule to the extent indicated in that schedule. 21 Variation of application of Act (1) A regulation may declare this Act, or the provisions of this Act stated in the regulation— (a) do not have effect in relation to a specified person or to a specified class of persons; or (b) have effect in relation to a specified person or to a specified class of persons to such extent as is specified; or (c) do not have effect in relation to a specified transaction or matter or class of transactions or matters; or Reprint 5 effective 5 July 2004 Page 35

Credit Act 1987 Part 1 Preliminary [s 21A] (d) have effect in relation to a specified transaction or matter or class of transactions or matters to such extent as is specified; or (e) do not have effect in relation to a specified transaction or class of transactions entered into by a specified person or specified class of persons or in relation to specified associated matters; or (f) have effect in relation to a specified transaction or class of transactions entered into by a specified person or specified class of persons, or in relation to specified associated matters, to such extent as is specified. (2) A regulation made under subsection (1)— (a) may specify the period during which the regulation shall remain in force; or (b) may provide that its operation is subject to such terms and conditions as are specified in the regulation. (3) A regulation in force under this section and the regulation as varied has effect according to its tenor. (4) A person to whom a regulation under this section applies, or to whom the regulation as varied applies, shall comply with the terms and conditions (if any) to which the operation of the regulation is subject. Maximum penalty—100 penalty units. 21A Act 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 this section. (2) This Act applies to— (a) a credit contract, other than a continuing credit contract, and to a mortgage or guarantee relating to such a credit contract— (i) made on or after the commencement of this section if the offer to enter into it was made before the commencement; and Page 36 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 1 Preliminary [s 21B] (ii) to which this Act would have applied if the credit contract had been made before the commencement; and (b) a credit contract, other than a continuing credit contract, and to a mortgage or guarantee relating to such a credit contract made on or after the commencement but within 1 month after the commencement if— (i) the credit contract does not comply with the Consumer Credit (Queensland) Code; and (ii) had the credit contract been made before the commencement, this Act would have applied to it and it would have complied with this Act. 21B Act to continue to apply in certain cases (1) Except as otherwise provided by this section, this Act continues to apply to— (a) a continuing credit contract entered into before the commencement of this section, but only in respect of anything done or omitted to be done before the commencement; and (b) a credit contract of another kind entered into before the commencement in respect of anything done or omitted to be done, whether before or after the commencement; and (c) a mortgage or guarantee relating to a continuing credit contract mentioned in paragraph (a), but only in respect of anything done or omitted to be done before the commencement; and (d) a mortgage or guarantee relating to a credit contract mentioned in paragraph (b) in respect of anything done or omitted to be done, whether before or after the commencement. (2) If the credit provider, under a contract to which this Act continues to apply, acts in accordance with the Consumer Credit (Queensland) Code, section 34, 35, 66 to 69, part 5 Reprint 5 effective 5 July 2004 Page 37

Credit Act 1987 Part 2 Contracts of sale [s 22] (except sections 75 to 77), 163, 171, 172 or 173, the credit provider is taken to have acted in accordance with the corresponding provision of this Act. (3) Despite anything to the contrary in subsection (2), section 113(1)(b) continues to apply in respect of goods subject to a regulated mortgage. Part 2 Contracts of sale 22 Contracts of sale to which part applies (1) In this part, a reference to a contract of sale is a reference— (a) to a contract of sale of goods (not being a commercial vehicle or farm machinery) or services where the cash price in relation to the sale is not more than $40000; or (b) to a contract of sale of goods, being a commercial vehicle or farm machinery; or (c) to a contract of sale— (i) of goods, being a commercial vehicle or farm machinery; and (ii) of other goods or services in relation to which the cash price is not more than $40000. (2) For the purpose of this part, a reference to a buyer or a person who buys or proposes to buy goods or services does not include a reference to a body corporate. 23 Contract of sale conditional on grant of credit (1) Where a buyer, before entering into a contract of sale of goods or services, makes it known to the supplier that the buyer requires credit to be provided in respect of the payment for the goods or services and the credit is not provided by the supplier, the buyer, if the buyer takes reasonable steps to Page 38 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 2 Contracts of sale [s 24] obtain the credit but does not obtain the credit, may within a reasonable period after the contract is made, by notice in writing given to the supplier, rescind the contract. (2) Where a buyer has purported to rescind a contract of sale as referred to in subsection (1), a 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 it was valid— (a) may, on the application of the supplier or the buyer, where there is a dispute as to the return of the goods to the supplier, make an order relating to the return of the goods; and (b) may, where 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. 24 Supplier not to require buyer to obtain credit from specified person A supplier shall not require a person who, under a contract of sale, buys or proposes to buy goods or services supplied by the supplier to obtain credit from a specified person in respect of payment for the goods or services. Maximum penalty—40 penalty units. 25 Discharge of mortgage relating to discharged regulated contracts (1) Where a regulated credit sale contract is rescinded or discharged (whether under this Act or any other Act or law), 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) Where a contract of sale is rescinded or discharged (whether under this Act or any other Act or law)— Reprint 5 effective 5 July 2004 Page 39

Credit Act 1987 Part 2 Contracts of sale [s 26] (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) Where a contract of sale is rescinded or discharged (whether under this Act or under any other Act or law) and— (a) in respect of 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. 26 Liability of supplier and linked credit provider (1) Where 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 respect of the payment by the buyer for goods or 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 Page 40 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 2 Contracts of sale [s 26] 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 the credit provider to a buyer was provided because of an approach by the buyer to the credit provider which was not induced by the supplier; or (b) where the proceedings relate to a contract of sale with respect to which a tied loan contract applies—that— (i) after due inquiry before the credit provider became such a linked credit provider, the credit provider was satisfied that the supplier was of good reputation in respect of the supplier’s 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, the credit provider had not had cause to suspect, and had not suspected, that the buyer 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); and (iii) since becoming such a linked credit provider, but before the tied loan contract was entered into, the credit provider had not had any cause to suspect, and had not suspected, that the supplier might be unable to meet the supplier’s liabilities as and when they fell due; or (c) where the proceedings relate to a contract of sale with respect to which a tied continuing credit contract entered into by the linked credit provider under an Reprint 5 effective 5 July 2004 Page 41

Credit Act 1987 Part 2 Contracts of sale [s 26] agreement of the kind referred to in section 49(2)(a)(ii) applies—that, having regard to— (i) the nature and volume of business carried on by the linked credit provider; and (ii) such other matters as 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 diminution or extinction of the buyer’s liability upon 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) where 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 credit provider; in respect of a liability for which, because of this section, a supplier and a linked credit provider are jointly and severally liable unless the buyer brings the proceedings against the supplier and linked credit provider jointly, or in the case of a cross claim or right referred to in subsection (3), claims in the proceedings against the supplier in respect of the liability. (5) Subsections (4), (8)(a) and (9)(a) do not apply where— Page 42 Reprint 5 effective 5 July 2004

Credit Act 1987 Part 2 Contracts of sale [s 26] (a) the supplier— (i) is a bankrupt or a person whose affairs are being dealt with under part X of the Bankruptcy Act 1966 (Cwlth); or (ii) being a body corporate, has been dissolved or has commenced to be wound-up; or (iii) being a natural person, has died; or (b) the court believes on reasonable grounds that it is not reasonably likely that any part of a judgement obtained against the supplier would be satisfied and has on the application of the buyer declared that subsections (4) and (8)(a) do not apply in that case; or (c) the buyer satisfies the court that the buyer 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 commencement of winding-up is a reference to commencement of winding-up as determined under the law relating to companies in the place where 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 respect of a contract of sale referred to in subsection (1) does not exceed, after discounting for any GST payable on any supply relating to the payment of the damages or sum of money, 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) the amount of interest (if any) or damages in the nature of interest allowed or awarded against the linked credit provider by the court; and (c) the amount of costs (if any) awarded by the court against the linked credit provider or supplier or both. Reprint 5 effective 5 July 2004 Page 43

Credit Act 1987 Part 2 Contracts of sale [s 26] (8) Where in the proceedings in respect of the liability arising under subsection (1) judgement is given against a supplier and a linked credit provider, the judgement— (a) shall not be enforced against the linked credit provider unless a written demand made on the supplier for satisfaction of the judgement has remained 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 judgement debt as has not been satisfied by the supplier; whichever is the less. (9) Where in proceedings in respect of 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 judgement has been given against the supplier and linked credit provider, a written demand has been made on the supplier for satisfaction of the judgement 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 judgement debt as has not been satisfied by the supplier; whichever is the less. (10) Unless the linked credit provider and supplier otherwise agree, the supplier is liable to the linked credit provider for the amount of a loss suffered by the linked credit provider, being an amount not exceeding the maximum amount of the linked credit provider’s liability under subsection (7) and, unless the Page 44 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 6 Schedule 6 Annual percentage rate section 40 of this Act 1 This schedule applies to a credit sale contract or loan contract where— (a) the whole of the credit charge is a predetermined credit charge; and (b) the whole of the amount financed is, or is to be, provided on the same day; and (c) the amount financed and the predetermined credit charge are payable by equal instalments at equal intervals, the first interval commencing on the date on which the amount financed is provided. 2 Where this schedule applies to a contract, the annual percentage rate may be determined in accordance with the formula— 2NF (300C + NF) 2N 2 F + 300C (N + 1) where— N is the total number of instalments; C is the number of instalments that, under the contract, will be paid in 1 year or, where the contract is to be completed in less than 1 year, the number of instalments that would be paid in 1 year if instalments continued to be paid at the same intervals; F is an amount determined in accordance with the formula— - 1 --- 0 --- 0 ---- C ------ x ---- T --- NxA where— C is the same number as in the first mentioned formula; T is the total amount of the predetermined credit charge; N is the total number of instalments; and Page 170 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 6 A is the amount financed. 3 For the purposes of this schedule— (a) instalments shall be deemed to be equal if all the instalments except 1 are of the same amount and the difference between the amount of that 1 instalment and the amount of each of the other instalments is not more than $5 or 5% of the amount of each of the other instalments whichever is the greater; and (b) monthly intervals shall be deemed to be equal intervals; and (c) intervals shall be deemed to be equal if all the intervals except 1 are of the same length and the difference between the length of that 1 interval and the length of each of the other intervals is not more than 5% of the length of each of the other intervals. Reprint 5 effective 5 July 2004 Page 171

Credit Act 1987 Schedule 7 Schedule 7 Statement of account in relation to continuing credit contract section 62 of this Act 1 A statement of account for a continuing credit contract shall include a statement of— (a) the date of the last day of the billing cycle; and (b) the amount owed by the debtor under the contract on the first day of the billing cycle; and (c) the amount owed by the debtor under the contract on the last day of the billing cycle; and (d) the date of purchase and the cash price of goods or services supplied by the credit provider during the billing cycle in respect of payment for which credit is provided under the contract and such a description of each transaction as will enable it to be identified; and (e) particulars, including the amount, of each amount of cash supplied by the credit provider during the billing cycle in respect of the supply of which credit is provided under the contract; and (f) particulars of each amount in respect of which, under the contract, credit is provided to the debtor during the billing cycle in respect of goods or services or cash supplied by a person other than the credit provider and in relation to each such amount particulars of the suppliers of the goods or services or of the cash to which the amount relates; and (g) particulars of each amount paid by the debtor to the credit provider under the contract during the billing cycle; and Page 172 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 7 (h) each amount (not being a payment by the debtor to the credit provider) by way of refund or allowance given to the debtor during the billing cycle; and (i) particulars of each amount (not being a payment by the debtor to the credit provider) because of which an amount included in an amount referred to in paragraph (d), (e), (f), (j), (k) or (l) is cancelled or reduced because of an amount by way of refund or allowance given to the debtor during the billing cycle; and (j) where the statement of account includes a statement under paragraph (d) of amounts relating to goods—particulars so far as they are known or can be ascertained, of amounts included in that amount in respect of— (i) charges for installation of the goods; or (ii) charges for maintenance of the goods; or (iii) charges for delivery of the goods to the debtor; unless included in the cash price of the goods under paragraph (d); and (k) particulars of amounts that, during the billing cycle, are added to the amount payable under the contract by the debtor to the credit provider, whether or not the credit provider pays, or has paid, those amounts to another person, in respect of contracts of insurance (if any) entered into in relation to the contract showing separately in respect of each such contract the name of the insurer and— (i) where there is a mortgage relating to the contract—amounts so payable in respect of insurance of property subject to the mortgage; and (ii) where there is a mortgage relating to the contract—amounts so payable in respect of insurance against loss of the security interest of the mortgagee in any goods subject to the mortgage because of any Act; and Reprint 5 effective 5 July 2004 Page 173

Credit Act 1987 Schedule 7 Page 174 (iii) amounts so payable in respect of insurance against sickness of, accidental injury to, or disability or death of the debtor or against unemployment of the debtor or, where there is more than 1 debtor, amounts so payable in respect of such insurance in relation to the debtors; and (iv) amounts so payable in respect of life insurance of the debtor or where there is more than 1 debtor, amounts so payable in respect of life insurance of the debtors; and (vi) amounts so payable in respect of insurance against loss of profits by the debtor or, where there is more than 1 debtor, amounts so payable in respect of insurance against loss of profits by the debtors; and (vii) amounts so payable in respect of insurance against such other risks (if any) as are prescribed; or, where an amount is payable in respect of a contract of insurance entered into in relation to the contract relating to 1 or more of the risks referred to in the preceding subparagraphs—that amount and a statement of the risks to which the amount relates; and (l) amounts that during the billing cycle are added to the amount payable under the contract by the debtor to the credit provider in respect of— (i) duty under the Duties Act 2001 payable in respect of the contract; or (ii) duty under the Duties Act 2001 payable in respect of any mortgage relating to the contract entered into during the billing cycle; and (m) the amount of the credit charge in respect of the billing cycle; and (n) the annual percentage rate in respect of the contract and the manner of its application to the contract; and (o) where the statement of account includes a request for payment of an amount by the debtor— Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 7 (i) the amount payable or the manner in which it may be ascertained from the statement; and (ii) the person to whom and the place at which the amount is payable; and (iii) where the request is not a request for the amount to be paid on receipt of the statement by the debtor—the date before which the amount is to be paid; and (p) particulars of amounts that during the billing cycle are added to the amount payable under the contract by the debtor to the credit provider and are the consideration, or part of the consideration, for the discharge of the liability of the debtor to the credit provider under a contract in force before the first day of the billing cycle other than consideration referred to in a preceding paragraph; and (q) particulars of any amount transferred to or from the account to which the statement relates from or to any other account maintained under the contract; and (r) particulars of amounts that during the billing cycle are added to the amount payable under the contract by the debtor to the credit provider in respect of the value of any consideration provided by the credit provider to the debtor, being consideration of a kind prescribed for the purposes of this paragraph, other than consideration referred to in a preceding paragraph. 2 In section 1— (a) a reference to an amount paid or owed by, or supplied to, or in respect of which credit is provided to or given by way of refund or allowance to, a debtor under a continuing credit contract at a particular time or during a particular period— (i) does not include a reference to an amount paid or owed by, or supplied to, or in respect of which credit is provided to, or given by way of refund or allowance to, the debtor at that time or during that period that is not at that time or during that period Reprint 5 effective 5 July 2004 Page 175

Credit Act 1987 Schedule 7 entered in an account of the debtor kept by the credit provider; and (ii) includes a reference to an amount paid or owed by or supplied to, or in respect of which credit is provided to, or given by way of refund or allowance to, the debtor before that time or period that has not been included in an earlier statement of account under the contract; and (b) a reference to goods or services supplied to a debtor during a billing cycle— (i) does not include a reference to goods or services supplied to a debtor during a billing cycle but in respect of which an amount is not during that billing cycle entered in an account of the debtor kept by the credit provider; and (ii) includes a reference to goods or services supplied before the commencement of the billing cycle but that have not been included in an earlier statement of account under the contract. Page 176 Reprint 5 effective 5 July 2004

Schedule 8 Credit Act 1987 Schedule 8 Further transitional and other special provisions section 5A of this Act Part 1 Provisions because of the enactment of the Credit Act 1987 1 Certain past nondisclosures about insurance commission not to incur civil penalty (1) This section applies to credit sale contracts or loan contracts entered into before the commencement of this section. (2) If a statement about an insurance commission charge payable in respect of a credit sale contract or a loan contract was included in written information given or shown to the debtor before or at the time that the debtor entered into the contract, section 44 of this Act does not operate (and is taken never to have operated) to relieve the debtor from liability to pay to the credit provider any credit charge under the contract merely because the contract does not include that statement or contains an inaccurate statement about the insurance commission charge. (3) If— (a) an insurance commission charge was payable to the credit provider in respect of a credit sale contract or a loan contract; and (b) an insurance commission charge was also payable to a body with a name that is similar to (or a derivative of) the name of the credit provider and a statement about the insurance commission charge payable to that body was included in the contract or in written information referred to in subsection (2); Reprint 5 effective 5 July 2004 Page 177

Credit Act 1987 Schedule 8 section 44 of this Act does not operate (and is taken never to have operated) to relieve the debtor from liability to pay to the credit provider any credit charge under the contract merely because the contract does not include a statement about the insurance commission charge payable to the credit provider or contains an inaccurate statement about the insurance commission charge. (4) If the name of an insurer under a contract of insurance entered into in relation to a credit sale contract or loan contract is disclosed in written information given or shown to the debtor before or at the time that the debtor entered into the credit sale contract or loan contract, section 44 of this Act does not operate (and is taken never to have operated) to relieve the debtor from liability to pay to the credit provider any credit charge under the contract merely because the contract does not disclose the name of the insurer or contains an inaccurate statement of the name of the insurer. (5) Nothing in this section affects the liability of a person to be convicted of an offence under this Act. (6) This section does not apply to any liability to pay any credit charge which has been determined by a court before the commencement of this section. (7) In this section, a reference to a statement about any insurance commission charge that is payable in respect of a credit sale contract or loan contract is a reference to a statement— (a) which relates to a commission charge for a contract of insurance entered into in connection with the credit sale contract or loan contract; and (b) which is required by section 37(1)(i) or 38(1)(h) of this Act to be included in the credit sale contract or loan contract. 2 Operation of amendments relating to description of consumer credit insurance (1) The amendments made to schedules 2, 4 and 7 by the CreditAmendment Act 1991 apply to regulated contracts entered into before as well as after the commencement of those Page 178 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 8 amendments but a regulated contract entered into before the commencement of the amendments which complied with schedule 2, 4 or 7, as the case may be, as in force prior to the commencement of the amendments and the other provisions of this Act, is to be taken to continue to comply with this Act. (2) A debtor who was, before the commencement of those amendments, not liable (because of section 44, 68 or any other provision of this Act) to pay to the credit provider any credit charge under a contract, but becomes so liable (because of subsection (1)) is taken always to have been liable to pay that charge. (3) This section does not apply to any liability to pay any credit charge which has been determined by a court before the commencement of this section. (4) A regulation under section 124 of this Act which prescribes the term consumer credit insurance to describe the insurance referred to in schedule 2, section 1(e)(iv), schedule 4, section 1(b)(iii) or schedule 7, section 1(k)(iii) (as in force before the amendment of those provisions by the Credit Amendment Act1991 ), is taken to authorise (and always to have authorised) the use of that term to describe that insurance even though it included insurance against unemployment. (5) A regulation under section 124 of this Act which prescribes the term unemployment insurance to describe the insurance referred to in schedule 2, section 1(e)(vi), schedule 4, section 1(b)(v) or schedule 7, section 1(k)(v) (as in force before the repeal of those provisions) is taken to authorise (and always to have authorised) the use of that term to describe insurance against unemployment despite the repeal of those provisions. 3 Operation of amendments to ss 86 and 87 of this Act The amendments made to sections 86 and 87 of this Act by the CreditAmendmentAct1991 apply to proceedings in a court commenced before as well as after the commencement of those amendments. Reprint 5 effective 5 July 2004 Page 179

Credit Act 1987 Schedule 8 4 Operation of ss 86A and 87A of this Act Sections 86A and 87A of this Act do not apply to proceedings pending in a court on the commencement of those sections but apply to proceedings commenced after the commencement of those sections even though the contraventions or failures to which the proceedings relate occurred before that commencement. Part 2 Provisions because of the enactment of the Credit Amendment Act 1994 5 Application of amendments to existing proceedings The amendments of this Act made by the Credit AmendmentAct 1994 apply to proceedings started before, as well as after, the commencement of the amendments. Page 180 Reprint 5 effective 5 July 2004

Schedule 9 Credit Act 1987 Schedule 9 Exceptions from application of Act section 20 of this Act 1 Certain credit by bank or pastoral finance company The provisions of parts 3, 4, 5, 6, 7 and 8 of this Act do not apply to or with respect to the provision of credit by a bank or a pastoral finance company where the credit is provided by way of overdraft or otherwise than by way of a credit sale contract, continuing credit contract or term loan. 2 Housing loan contract (1) In this section— housing loan contract means a loan contract in respect of which the whole or part of the credit provided is, or is intended by the credit provider to be, applied for the purpose of— (a) enabling the debtor to acquire a private dwelling house or land on which to erect such a house; or (b) providing the debtor with funds for the erection of a private dwelling house or for the provision of additional accommodation in a private dwelling house; or (c) discharging the liability of the debtor in respect of credit referred to in paragraph (a) or (b); or (d) discharging the liability of the debtor under the later or latest loan contract in a series of 2 or more loan contracts where— (i) the series commenced with a contract referred to in paragraph (c); and (ii) the debtor under each contract in the series is the same; and Reprint 5 effective 5 July 2004 Page 181

Credit Act 1987 Schedule 9 (iii) credit was provided under each contract in the series to discharge the liability of the debtor under the immediately preceding contract in the series. private dwelling house means— (a) a building that is designed, or is designed principally, as a separate residence for 1 family or person; or (b) an apartment, flat or other part of a building that is so designed. (2) Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of— (a) the provision of credit under a housing loan contract; and (b) related matters preliminary to, and consequential upon, the provision of that credit. 3 Pawnbrokers Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of— (a) the provision of credit in the course of a business of pawnbroking carried on under the Second-hand DealersandPawnbrokersAct2003 by a licensed pawnbroker within the meaning of that Act; and (b) related matters preliminary to, and consequential upon, the provision of that credit. 4 Monthly account charges Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of— (a) the provision of credit under a credit contract where the only charge is an account charge that does not exceed $5 in relation to any period of 1 month; and (b) related matters preliminary to, and consequential upon, the provision of that credit. Page 182 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 9 5 Low value transactions (1) Subject to subsection (3), part 3, division 1 does not apply in respect of— (a) a credit sale contract; or (b) a loan contract relating to the supply of goods or services to a debtor by a related body corporate within the meaning of Corporations Law of the credit provider; where the amount financed is not more than the prescribed amount or if an amount is not prescribed $150 if subsection (2) is complied with in relation to the contract and the credit provider gives a copy of the contract to the debtor immediately upon its execution. (2) This section is complied with in relation to a contract if the contract is in writing, is signed by the debtor and includes— (a) a statement of the cash price of the goods or services; and (b) a statement of the annual percentage rate calculated in accordance with section 40 of this Act; and (c) a statement of the credit charge; and (d) a statement of the total amount payable under the contract; and (e) a statement whether payments are to be made by instalments and if they are to be so made a statement of— (i) where each instalment is of the same amount—that amount; and (ii) where each instalment except the last is the same amount—that amount and the amount of the last instalment; and (iii) where neither subparagraph (i) nor subparagraph (ii) applies—the amount of each instalment; and (iv) the number of instalments; and (v) the time for the payment of each instalment or the time for payment of the first instalment and the Reprint 5 effective 5 July 2004 Page 183

Credit Act 1987 Schedule 9 interval between each instalment and the next succeeding instalment; and (f) a notice immediately above the place where the debtor signs the contract stating— “READ YOUR CONTRACT CAREFULLY AS IT TELLS YOU ABOUT YOUR OBLIGATIONS. YOU HAVE OTHER RIGHTS AND OBLIGATIONS UNDER THE LAW. FOR MORE INFORMATION CONTACT THE REGISTRAR OF COMMERCIAL ACTS OR GET LEGAL ADVICE.”. (3) Subsection (1) does not apply to a credit sale contract or loan contract where, under or in relation to the contract— (a) a mortgage to secure payment of a debt or other pecuniary obligation or the performance of any other obligation under the contract is given or required to be given; or (b) a contract of insurance is entered into or required to be entered into. 6 Insurance premium financing (1) Section 38(2) of this Act does not apply in respect of a regulated loan contract under which the whole of the amount financed (other than that part of the amount financed that is payable in respect of duty under the DutiesAct2001 or prescribed charges) is or is to be paid in accordance with the instructions of the debtor to an insurer as an amount payable by way of premium in respect of a contract of insurance entered into by the insurer and the debtor. (2) Section 128 of this Act does not apply in respect of a credit provider where the condition to which that section applies relates to a regulated loan contract referred to in subsection (1). Page 184 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 9 7 Overseas visitors cash advances Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of a loan contract where— (a) the debtor is not ordinarily resident in Australia; and (b) under the terms of a contract entered into in a country other than Australia, the amount financed is to be repaid to a person whose principal place of business is outside Australia. 8 Staff loans Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of a person who in the course of or in connection with a trade, business or profession carried on by the person— (a) provides credit to an employee of that person; and (b) does not provide credit under a regulated contract to any person other than such an employee. 9 Educational services Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of— (a) the provision of credit— (i) by a school within the meaning of the Employment, Education and Training Act 1988 (Cwlth) (the Commonwealth Act ); or (ii) by a tertiary institution within the meaning of the Commonwealth Act; for the purposes of payment of fees or other expenses relating to the supply of educational services by the school or institution; or (b) related matters preliminary to, or consequential upon, the provision of that credit. Reprint 5 effective 5 July 2004 Page 185

Credit Act 1987 Schedule 9 10 Beneficiaries under trusts Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of credit provided to a person who is a beneficiary under a trust if the credit is provided by way of an advance by a trustee from the estate of a deceased person that is subject to that trust. 11 Petrol and taxi cards (1) Subject to subsection (2), parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of— (a) the provision of credit under a continuing credit contract that either wholly or substantially relates to— (i) the supply of petrol, liquefied petroleum gas, diesel fuel or oil; or (ii) the hire of a commercial passenger vehicle; and (b) related matters preliminary to, or consequential upon, the provision of that credit. (2) Subsection (1) does not apply to a continuing credit contract referred to in that subsection unless— (a) the contract is in writing; and (b) the contract includes a statement of the charges (if any) payable under the contract or the method of calculation of those charges; and (c) the contract provides that the credit provider shall give to the debtor notice in writing of any variation in the charges payable under the contract, or the method of calculation of those charges, not less than 7 days before the taking effect of the variation. (3) For the purposes of this section— charges does not include the cash price of goods or services supplied, or to be supplied, under a contract. services does not include the opening or maintenance of a continuing credit contract. Page 186 Reprint 5 effective 5 July 2004

Credit Act 1987 Schedule 9 12 Farming property transactions Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of the provision of credit for the purpose of the acquisition of land and goods where— (a) the land is acquired primarily for the purposes of a farming undertaking; and (b) the goods are intended for use in connection with that farming undertaking. (2) In subsection (1)— goods mean— (a) a commercial vehicle; or (b) farm machinery. Reprint 5 effective 5 July 2004 Page 187

Credit Act 1987 Endnotes Endnotes 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .188 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189 5 Tables in earlier reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190 6 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190 7 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .191 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 5 July 2004. Future amendments of the Credit Act 1987 may be made in accordance with this reprint under the Reprints Act 1992, section 49. Page 188 Reprint 5 effective 5 July 2004

Credit Act 1987 Endnotes 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 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 2 3 3A 3B 3C 3D 4 4A 4B rv Amendments to 1991 Act No. 97 1992 Act No. 40 1994 Act No. 60 1995 Act No. 57 1996 Act No. 38 1996 Act No. 75 1997 Act No. 28 1997 Act No. 28 2000 Act No. 20 2001 Act No. 71 Effective 17 December 1991 14 August 1992 4 November 1994 28 November 1995 1 November 1996 1 February 1997 13 July 1997 13 July 1997 1 July 2000 1 March 2002 Reprint date 1 July 1992 1 October 1992 22 December 1994 1 July 1996 25 November 1996 27 February 1997 8 August 1997 28 October 1997 14 July 2000 1 March 2002 Reprint No. 4C rv Amendments included 2003 Act No. 73 Effective 5 July 2004 Notes R4C rv withdrawn, see R5 Reprint 5 effective 5 July 2004 Page 189

Credit Act 1987 Endnotes Reprint No. 5 Amendments included — Effective 5 July 2004 Notes 5 Tables in earlier reprints Name of table Corrected minor errors Renumbered provisions Reprint No. 1 1, 2 6 List of legislation Credit Act 1987 No. 52 date of assent 1 October 1987 ss 1–2 commenced on date of assent ss 21, 158, 170–171 commenced 15 December 1988 (proc pubd gaz 17 December 1988 p 1943) remaining provisions commenced 1 May 1989 (proc pubd gaz 17 December 1988 p 1943) amending legislation— Credit Amendment Act 1991 No. 31 date of assent 12 June 1991 ss 1–2 commenced on date of assent remaining provisions commenced 15 July 1991 (1991 SL No. 17) Statute Law (Miscellaneous Provisions) Act 1991 No. 97 ss 1–3 sch 2 date of assent 17 December 1991 commenced on date of assent Justice Legislation (Miscellaneous Provisions) Act 1992 No. 40 s 163 sch 1 date of assent 14 August 1992 commenced on date of assent Statute Law (Miscellaneous Provisions) Act (No. 2) 1992 No. 68 s 3 sch 1 date of assent 7 December 1992 commenced on date of assent Credit Amendment Act 1994 No. 60 date of assent 4 November 1994 commenced on date of assent Statute Law Revision Act 1995 No. 57 ss 1–2, 4 sch 1 date of assent 28 November 1995 commenced on date of assent Page 190 Reprint 5 effective 5 July 2004

Credit Act 1987 Endnotes Consumer Credit Legislation Amendment Act 1996 No. 38 ss 1–2, pt 2 date of assent 1 November 1996 ss 1–2 commenced on date of assent remaining provisions commenced 1 November 1996 (see s 2 and 1996 SL No. 152) WorkCover Queensland Act 1996 No. 75 ss 1–2, 535 sch 2 date of assent 12 December 1996 ss 1–2 commenced on date of assent remaining provisions commenced 1 February 1997 (1996 SL No. 442) Body Corporate and Community Management Act 1997 No. 28 ss 1–2, 295 sch 3 date of assent 22 May 1997 ss 1–2 commenced on date of assent remaining provisions commenced 13 July 1997 (1997 SL No. 210) GST and Related Matters Act 2000 No. 20 ss 1, 2(4), 29 sch 3 date of assent 23 June 2000 ss 1–2 commenced on date of assent remaining provisions commenced 1 July 2000 (see s 2(4)) Duties Act 2001 No. 71 ss 1–2(1), 551 sch 1 date of assent 13 November 2001 ss 1–2 commenced on date of assent remaining provisions commenced 1 March 2002 (2002 SL No. 10) Second-hand Dealers and Pawnbrokers Act 2003 No. 73 ss 1–2, 117 sch 2 date of assent 22 October 2003 ss 1–2 commenced on date of assent remaining provisions commenced 5 July 2004 (2004 SL No. 118) 7 List of annotations Long title amd 1991 No. 97 s 3 sch 2 sub 1992 No. 68 s 3 sch 1 Arrangement of Act s 3 om 1991 No. 97 s 3 sch 2 Failure to comply with Money Lenders Act 1916 has not invalidated certain continuing credit contracts s 4 amd 1991 No. 97 s 3 sch 2 om R1 (see RA s 38) Further transitional and other special provisions s 5A ins 1991 No. 31 s 4 Interpretation s 7 amd 1991 No. 97 s 3 sch 2 def “body corporate” amd 1991 No. 97 s 3 sch 2; 1997 No. 28 s 295 sch 3 def “commission charge” amd 1991 No. 97 s 3 sch 2 Reprint 5 effective 5 July 2004 Page 191

Credit Act 1987 Endnotes def “Fund” ins 1994 No. 60 s 3 amd 1996 No. 38 s 5 def “guarantor” amd 1991 No. 97 s 3 sch 2 def “land” amd 1991 No. 97 s 3 sch 2 def “Minister” om 1991 No. 97 s 3 sch 2 def “motor vehicle” sub 1991 No. 97 s 3 sch 2 def “officer” amd 1991 No. 97 s 3 sch 2 def “property” om 1992 No. 40 s 163 sch 1 def “registrar” amd 1991 No. 97 s 3 sch 2 sub 1992 No. 40 s 163 sch 1 def “Territory” om 1991 No. 97 s 3 sch 2 Contracts of employment excluded s 11 amd 1991 No. 97 s 3 sch 2; 1996 No. 75 s 535 sch 2 Recognised States s 19 amd 1996 No. 38 s 6 Variation of application of Act s 21 amd 1991 No. 97 s 3 sch 2; 1992 No. 68 s 3 sch 1; 1996 No. 38 s 7 Act not to apply to new credit contracts s 21A ins 1996 No. 38 s 8 Act to continue to apply in certain cases s 21B ins 1996 No. 38 s 8 Liability of supplier and linked credit provider s 26 amd 2000 No. 20 s 29 sch 3 Amount payable under continuing credit contract s 54 amd 2001 No. 71 s 551 sch 1 Credit charge s 55 amd 2001 No. 71 s 551 sch 1 Notice of terms of continuing credit contract s 60 amd 2001 No. 71 s 551 sch 1 Variation of credit sale contracts and loan contracts s 71 amd 2001 No. 71 s 551 sch 1 Deferral charge payable under credit sale contract or loan contract s 73 amd 2001 No. 71 s 551 sch 1 Assignment of rights by credit provider s 82 amd 1991 No. 97 s 3 sch 2 Credit provider may apply to court for reduction of loss for contravention of Act s 86 amd 1991 No. 31 s 5; 1994 No. 60 s 4 Stay of civil penalty pending court’s decision s 86A ins 1991 No. 31 s 6 Page 192 Reprint 5 effective 5 July 2004

General order varying civil penalty s 87 amd 1991 No. 31 s 7; 1992 No. 40 s 163 sch 1 General order varying civil penalty for minor errors s 87A ins 1991 No. 31 s 8 amd 1992 No. 40 s 163 sch 1 Court may direct payment to the Fund s 87B ins 1994 No. 60 s 5 Assignment by mortgagor s 103 amd 2001 No. 71 s 551 sch 1 Advertisements offering credit s 122 amd 1992 No. 40 s 163 sch 1; 1992 No. 68 s 3 sch 1 Prohibition of credit hawking s 123 sub 1991 No. 97 s 3 sch 2 PART 9—CONTROL OF CREDIT PROVIDERS’ PRACTICES Division 1—Unjust conduct by credit providers div hdg om 1996 No. 38 s 9 Interpretation s 141 om 1996 No. 38 s 9 District Court to exercise jurisdiction s 142 amd 1991 No. 97 s 3 sch 2; 1995 No. 57 s 4 sch 1 om 1996 No. 38 s 9 Undertaking by credit provider s 143 om 1996 No. 38 s 9 Register of undertakings s 144 om 1996 No. 38 s 9 Restraint of unjust conduct s 145 om 1996 No. 38 s 9 Variation etc. of restraining order s 146 om 1996 No. 38 s 9 Division 2—Prohibition to act as credit provider div 2 (s 147) om 1996 No. 38 s 9 PART 9A—CONSUMER CREDIT FUND pt hdg ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Establishment of Fund s 153A ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Credit Act 1987 Endnotes Reprint 5 effective 5 July 2004 Page 193

Credit Act 1987 Endnotes Purpose of Fund s 153B ins 1994 No. 60 s 6 om 1996 No. 38 s 10 What Fund consists of s 153C ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Investment of Fund s 153D ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Payment out of the Fund s 153E ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Report by registrar s 153F ins 1994 No. 60 s 6 om 1996 No. 38 s 10 Governor in Council may fix maximum annual percentage rates s 155 amd 1991 No. 97 s 3 sch 2; 1996 No. 38 s 11 Proceedings for offences s 164 amd 1991 No. 97 s 3 sch 2 om 1996 No. 38 s 12 Offence by body corporate s 165 om 1996 No. 38 s 12 Evidence s 166 om 1996 No. 38 s 12 PART 11—ADMINISTRATION pt hdg om 1996 No. 38 s 13 Functions and powers of registrar s 172 amd 1992 No. 40 s 163 sch 1 om 1996 No. 38 s 13 Delegations s 172A ins 1992 No. 40 s 163 sch 1 om 1996 No. 38 s 13 Power of registrar to enter premises s 173 amd 1991 No. 97 s 3 sch 2 om 1996 No. 38 s 13 Persons not to obstruct registrar s 174 om 1996 No. 38 s 13 Production of records s 175 om 1996 No. 38 s 13 Page 194 Reprint 5 effective 5 July 2004

Credit Act 1987 Endnotes Secrecy s 176 om 1996 No. 38 s 13 Annual report s 177 om 1996 No. 38 s 13 Repeal of Money Lenders Act 1916 s 178 om R1 (see RA ss 38, 40) PART 12—AMENDMENTS pt hdg amd R2 (see RA s 39) Amendment of Hire-purchase Act 1959 s 179 amd R1 (see RA s 40) Amendment of Administration of Commercial Laws Act 1962 s 180 om R1 (see RA s 40) Amendment of Bills of Sale and Other Instruments Act 1955 s 181 om R1 (see RA s 40) SCHEDULE 2—STATEMENT OF AMOUNT FINANCED IN RELATION TO CREDIT SALE CONTRACT amd 1991 No. 31 s 9; 2001 No. 71 s 551 sch 1; 2003 No. 73 ss 1–2, 117 sch 2 SCHEDULE 4—STATEMENT OF AMOUNT FINANCED IN RELATION TO LOAN CONTRACT amd 1991 No. 31 s 10; 2001 No. 71 s 551 sch 1 SCHEDULE 7—STATEMENT OF ACCOUNT IN RELATION TO CONTINUING CREDIT CONTRACT amd 1991 No. 31 s 11; 2001 No. 71 s 551 sch 1 SCHEDULE 8—FURTHER TRANSITIONAL PROVISIONS prev sch 8 om R1 (see RA s 40) pres sch 8 ins 1991 No. 31 s 12 amd 1994 No. 60 s 7 AND OTHER SPECIAL SCHEDULE 9—EXCEPTIONS FROM APPLICATION OF ACT Pawnbrokers s 3 amd 1991 No. 97 s 3 sch 2; 2003 No. 73 s 117 sch 2 Low value transactions s 5 amd 1991 No. 97 s 3 sch 2 Insurance premium financing s 6 amd 2001 No. 71 s 551 sch 1 Educational services s 9 amd 1992 No. 40 s 163 sch 1 © State of Queensland 2008 Reprint 5 effective 5 July 2004 Page 195