Credit (Home Finance Contracts) (Savings and Transitional) Regulation 1984 (NSW)

1Name of Regulation

This Regulation may be cited as the Credit (Home Finance Contracts) (Savings and Transitional) Regulation 1984.

2Commencement

This Regulation shall take effect on and from 21 December 1984.

2AApplication of Regulation

This Regulation applies only to home finance contracts and other matters to which the Act applies, as referred to in section 2A of the Act.

3Definition

In this Regulation, the Act means the Credit (Home Finance Contracts) Act 1984.

3AContracts to which the Act applies

For the purposes of the definition of home finance contract in section 4 of the Act, $125,000 is prescribed instead of $67,500.

4Notice by credit provider(1)

For the purposes of section 7 of the Act, the prescribed form of notice is set out in Schedule 1.

(2)

Where the notice prescribed by subclause (1) suggests or requires the insertion of information in a blank space, the notice shall be in a form in compliance with this Regulation only when each item of information is inserted as suggested or required.

5Prescribed requirements for print and type in notice(1)

For the purposes of section 18 (2) (b) of the Act:

• (a)

  subject to paragraph (c), where any print or type that is produced directly or indirectly by a method or process under which each character occupies a space of the same width, that print or type shall be not smaller than 12-pitch,

• (b)

  subject to paragraph (c), print or type produced by a method or process other than that referred to in paragraph (a) shall be in one of the type faces specified in Schedule 2 and of or larger than the size of 10 point, and

• (c)

  where, in a notice prescribed by clause 4, there is a blank space in which further print or type is subsequently inserted by a method or process by which each character occupies a space of the same width, that latter print or type shall, when inserted, be not smaller than 13-pitch

(2)

In subclause (1):

character includes a letter, figure, symbol, punctuation mark and space between adjacent characters.

12-pitch means of dimensions such that any selected passage of print or type 25 mm in length includes no more than 12 characters and 13-pitch has a corresponding meaning.

6Prescribed requirements for reproduction of print or type

Where the dimensions of the face measurement of print or type in a notice prescribed by clause 4 comply with clause 5 and that notice is photographed, reproduced or copied, the face measurement of the print or type in the notice produced by that photograph, reproduction or copy shall, for the purposes of section 18 (2) (b) of the Act, be not less than 95 per cent of the face measurement of the print or type in the original notice.

7Lay-out of notice(1)

Subject to sections 19 and 20 of the Act, the notice prescribed by clause 4 (and any part thereof) shall be:

• (a)

  paragraphed and indented, and

• (b)

  set out in the contrasting print or type of upper and lower case,

as appears in Schedule 1.

(2)

A credit provider who serves, or who causes to be served, a notice prescribed by clause 4 that does not comply with subclause (1) is guilty of an offence and liable to a penalty not exceeding 5 penalty units.

Schedule 1Home finance contract—notice

(Clause 4)

Credit (Home Finance Contracts) Act 1984Section 7

19.

(date)

To:

(name of debtor or guarantor)

(address)

From:

(name of credit provider)

(address)

After one month from the time this Notice is received

(name of credit provider)

intends to take legal action or exercise a right under a home finance contract against

(name of debtor)

The credit provider’s reasons are given at the end of this Notice, together with:

• *

  the amount the credit provider claims to be owed under the contract; and

• *

  details of the contract.

This Notice is given to the debtor under a home finance contract and any guarantor of that contract.

You should discuss this matter with the credit provider as soon as possible.

The person to contact is

(name or title of officer or agent)

of

(name of credit provider or agent)

Telephone No:

If this Notice is given to you because you have guaranteed repayment of the debtor’s home finance contract, you should also discuss this matter with the debtor immediately.

If you are the debtor under the home finance contract and you cannot come to a suitable arrangement with the credit provider, contact Consumer Affairs immediately.

If you have been unemployed, sick or there is another good reason why you cannot meet your commitments, then the contract may be able to be varied under the law to meet your situation.

If you have guaranteed repayment of the debtor’s home finance contract and the credit provider looks to you to pay out the contract, you have a right, similar to that of the debtor, to seek a variation of your commitments in circumstances of hardship.

If you disagree with anything in the Notice, including what it says is owed, contact Consumer Affairs or seek legal advice immediately. There are other people, such as financial counsellors, who may be able to help.

REASONS FOR, AND NATURE OF, INTENDED LEGAL ACTION OR EXERCISE OF RIGHT

(a)	Arrears:
Amount:	$
*Other amounts owing:	$
$
$
TOTAL:	$
*Specify nature of each amount.
Number of payments in arrears:
Period to which arrears relate:
(b)	Other reasons (if any):
(c)	Nature of intended legal action or exercise of right:

DETAILS OF HOME FINANCE CONTRACT

Loan No (if any)

Current interest rate:

Amount borrowed: $

Net balance due at date of this Notice:

$

Date of loan:

Duration of loan:

Registered Mortgage No (if any):

Address of any mortgaged property:

Description of any mortgaged property:	Volume No
Folio No
(Other)

IF YOU HAVE ANY DOUBTS OR YOU WANT MORE INFORMATION ABOUT WHAT TO DO NEXT, SEEK LEGAL ADVICE OR CONTACT YOUR NEAREST OFFICE OF THE DEPARTMENT OF CONSUMER AFFAIRS.

(signature of credit provider or agent)

Schedule 2Print or type for use in notice under Credit (Home Finance Contracts) Act 1984

(Clause 5 (1) (b))

Avante Garde

Avante Garde Book

Avante Garde Medium Bold

American Typewriter

American Typewriter Medium

American Typewriter Bold

Baskerville

Baskerville Roman

Baskerville Roman Italic

Baskerville Roman Bold

Bembo

Bembo Roman

Bembo Roman Italic

Bembo Bold

Bodoni

Bodoni Roman

Bodoni Roman Italic

Bodoni Bold

Century Old Style

Century Old Style Roman

Century Old Style Roman Italic

Century Old Style Bold

Century School Book

Century School Book Roman

Century School Book Roman Italic

Century School Book Bold

Clarendon

Clarendon Roman

Clarendon Roman Italic

Clarendon Bold

Claro

Claro Light

Claro Medium

Claro Medium Italic

Claro Demi-Bold

De Vinne

De Vinne Roman

De Vinne Roman Italic

De Vinne Bold

Gill Sans

Gill Sans Medium

Gill Sans Medium Italic

Gill Sans Bold

Gloucester Old Style

Gloucester Old Style Roman

Gloucester Old Style Roman Italic

Gloucester Old Style Bold

Helvetica

Helvetica Light

Helvetica Medium

Helvetica Medium Italic

Helvetica Bold

Karnak Intermediate

Karnak Intermediate Roman

Karnak Intermediate Roman Italic

Karnak Intermediate Bold

Megaron

Megaron Light

Megaron Medium

Megaron Medium Italic

Megaron Bold

Metro

Metro Italic

Metro Bold

Musica

Musica Roman

Musica Roman Italic

Musica Bold

Old Style

Old Style Roman

Old Style Roman Italic

Old Style Bold

Optima

Optima Roman

Optima Roman Italic

Optima Bold

Plantin

Plantin Roman

Plantin Roman Italic

Plantin Bold

Press Roman Bold

Press Roman Medium

Record Gothic

Rockwell Light

Rockwell Medium

Rockwell Bold

Rockwell Italic

Souvenir

Souvenir Light

Souvenir Light Italic

Souvenir Bold

Souvenir Medium

Times (or English)

Times (or English) Roman

Times (or English) Roman Italic

Times (or English) Bold

Univers

Univers Light

Univers Medium

Univers Medium Italic

Univers Bold

Zapf

Zapf Medium