Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 29

    (1)     As soon as a supplier knows that a contract of sale by the supplier is rescinded or discharged, being a contract of sale in relation to which the supplier knows a linked credit provider of the supplier has—

        (a)     entered into a tied loan contract with the buyer; or

        (b)     entered an amount in an account of the buyer kept by the linked credit provider under a tied continuing credit contract in relation to the contract of sale;

the supplier shall give notice of the rescission or discharge to the linked credit provider.

    (2)     A supplier that fails to comply with subsection (1) commits an offence.

Maximum penalty:

        (a)     for an individual—$1 000; and

        (b)     for a corporation—$5 000.