Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 3

    (1)     Except as otherwise expressly provided in or under this Act, this Act applies (notwithstanding any other Territory law) to and in relation to 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 the ACT by the buyer, debtor or mortgagor; or

        (b)     if the contract of sale, credit contract of mortgage is not in writing or is in writing but is not signed by the buyer, debtor or mortgagor in the ACT or in a recognised State—

              (i)     for a contract of sale—if the goods and services are, or are to be, delivered or supplied in the ACT; or

              (ii)     for a credit contract—if the credit is, or is to be, provided to the debtor in the ACT or the debtor has, or is to have, the use or benefit of the credit in the ACT; or

              (iii)     for a mortgage—if property subject to the mortgage is at the date of creation of the mortgage situated in the ACT.

    (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 entered into or made before the commencement of the provision.

    (3)     This Act (except sections 58, 59, 67 (1) (c) and Parts 2, 7, 8 and 9), 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 began before the commencement of that part.

    (4)     If, because of subsection (3), this Act (except sections 58, 59, 67 (1) (c) and Parts 2, 7, 8 and 9) applies to and in relation to a continuing credit contract, the credit provider shall, when he or she first gives a statement of account referred to in section 61 after the commencement of part 3, give to the debtor a statement in accordance with section 58 and a notice stating the matters required to be stated in a notice under section 59.

    (5)     A credit provider that fails to comply with subsection (4) commits an offence.

Maximum penalty:

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

        (b)     for a corporation—$5 000.