Credit Regulations (Amendment) (ACT)

Credit Regulations1 (Amendment)

Subordinate Law No. 33 of 19942

The Australian Capital Territory Executive, in accordance with section 5 of the Subordinate Laws Act 1989, makes the following Regulations under the Credit Act 1985.

Dated 7 October 1994.

terry connolly

Minister

bill wood

Minister

Principal Regulations

1.  In these Regulations, “Principal Regulations” means the Credit Regulations.

Commencement

2. These Regulations commence on the day on which section 7 of the Credit (Amendment) Act 1994 commences.

Insertion

3.  After regulation 8 of the Principal Regulations the following regulations are inserted:

Prescribed amounts for credit sale contracts and loan contracts

“8A.  (1)  For the purposes of subsection 30 (1) of the Act, the prescribed amount is $30,000.

“(2)  For the purposes of paragraph 30 (2) (a) of the Act, the prescribed amount is $30,000.

Prescribed percentage rates for loan contracts

“8B.  (1)  For the purposes of paragraph 30 (2) (b) of the Act, the prescribed percentage rate is 8%.

“(2)  For the purposes of paragraph 30 (2) (c) of the Act, the prescribed percentage rate is 8%.”.

NOTES

1. Reprinted as at 31 May 1992.  See also Act No. 64, 1993; Subordinate Law No. 6, 1994.

2. Notified in the ACT Gazette on 7 October 1994.

©  Australian Capital Territory 1994