Credit (Continuing Credit Contracts-Fees and Charges) Amendment Order (No. 2) 1993 (Qld)

Queensland Subordinate Legislation 1993 No. 362 Credit Act 1987 CREDIT (CONTINUING CREDIT CONTRACTS—FEES AND CHARGES) AMENDMENT ORDER (No. 2) 1993 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Amended order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s.3 (Variation of application of Act (s.21 of Act)) . . . . . . . 2 4 Amendment of s.4 (Application of s.3(a)) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 Amendment of s.5 (Alteration of s.61 notice) . . . . . . . . . . . . . . . . . . . . . . . . 2 6 Replacement of Schedule (Form (Example)) . . . . . . . . . . . . . . . . . . . . . . . . 3 SCHEDULE Form (Example)

2 Credit (Continuing Credit Contracts—Fees and No. 362, 1993 Charges) Amendment (No. 2) ˙ Short title 1. This order in council may be cited as the Credit (Continuing Credit Contracts—Fees and Charges) Amendment Order (No. 2) 1993 . ˙ Amended order 2. The Credit (Continuing Credit Contracts—Fees and Charges) Order1993 is amended as set out in this order. ˙ Amendment of s.3 (Variation of application of Act (s.21 of Act)) 3. Section 3(f) (after ‘ entering into an account ’ )— insert— ‘ (whether as an opening balance or otherwise) ’. ˙ Amendment of s.4 (Application of s.3(a)) 4.(1) Section 4(a)— omit ‘ on or after 1 August 1993, ’, insert— ‘ that on formation includes terms and conditions that impose fees or charges (in addition to interest)— ’. (2) Section 4(b)— omit, insert— ‘ (b) any fee or charge included in the closing balance of a statement of account given under section 62 of the Act is disclosed in the statement of account for the billing cycle in which the fee or charge is debited. ’. ˙ Amendment of s.5 (Alteration of s.61 notice) 5. Section 5— insert—

3 Credit (Continuing Credit Contracts—Fees and No. 362, 1993 Charges) Amendment (No. 2) ‘(2) It is declared that if a credit provider gives notice of a variation in writing under subsection (1), section 61(2)of the Act has no effect. ’. ˙ Replacement of Schedule (Form (Example)) 6. Schedule— omit, insert— ‘SCHEDULE ‘Form (Example) section 4 DISCLOSURE IN CONTINUING CREDIT CONTRACTS THAT INCLUDE FEES AND CHARGES Maximum interest free period 55 days Annual Annual percentage rate charges Other fees and charges 16% $20 payable by Transaction fee 31/12/93 of 25 cents per debit transaction payable quarterly Lost card replacement fee of $10 payable on replacement

4 Credit (Continuing Credit Contracts—Fees and No. 362, 1993 Charges) Amendment (No. 2) ENDNOTES 1. Made by the Governor in Council on 23 September 1993. 2. Notified in the Gazette on 24 September 1993. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Consumer Affairs. The State of Queensland 1993