Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 30

    (1)     In this part, a reference to a credit sale contract does not include a reference to a credit sale contract relating to goods and services in relation to which the cash price is more than the amount prescribed by the regulations, unless—

        (a)     it is a contract relating to a commercial vehicle or farm machinery; or

        (b)     it is a contract relating to—

              (i)     a commercial vehicle or farm machinery; and

              (ii)     other goods and services.

    (2)     In this part, a reference to a loan contract does not include a reference to a loan contract in relation to which—

        (a)     the amount financed is more than the amount prescribed by the regulations;

        (b)     there is no annual percentage rate or there is only 1 annual percentage rate and that rate does not exceed the percentage rate prescribed by the regulations; or

        (c)     there is an acceptable rate of interest and a higher annual percentage rate that exceeds the acceptable rate by not more than 2% and that acceptable rate does not exceed the percentage rate prescribed by the regulations;

unless, when the contract is entered into, a mortgage relating to a commercial vehicle or farm machinery has been, or is agreed to be, entered into to secure the payment of a debt or the performance of an obligation under the contract.

    (3)     If the annual percentage rate in relation to a loan contract may, at the option of the credit provider, be any rate less than, or not exceeding, an annual percentage rate specified by the credit provider, that specified rate shall, for subsection (2) (b), be deemed to be the annual percentage rate in relation to the contract, whether or not the annual percentage rate applied under the contract is a lower rate than that specified rate.