Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 35

    (1)     A credit sale contract relating to goods and services shall include—

        (a)     the date when the contract, or an offer to enter into the contract, was signed by the debtor; and

        (b)     a description or identification of the goods and services; and

        (c)     a statement of the amount financed in accordance with schedule 2; and

        (d)     a statement of the credit charge in accordance with schedule 3; and

        (e)     if, at the relevant date, it is possible to express the whole of the credit charge as an amount of money, a statement of the total of—

              (i)     the credit charge; and

              (ii)     the amount financed; and

        (f)     a statement of the annual percentage rate in accordance with section 38; and

        (g)     a statement of the person to whom, and the place where, payments by the debtor are to be made; and

        (h)     a statement whether payments are to be made by instalments and, if they are to be so made, a statement of such of the following as are known or can be calculated at the relevant date:

              (i)     if each instalment is the same amount—that amount;

              (ii)     if each instalment except the last is the same amount—that amount and the amount of the last instalment;

              (iii)     if neither subparagraph (i) nor subparagraph (ii) applies—the amount of each instalment;

              (iv)     the number of instalments;

              (v)     the time for the payment of each instalment or the time for the payment of the first instalment and the interval between each instalment and the subsequent instalment; and

              (i)     if a commission charge is payable—a statement to that effect and, except so far as the information is not known by the credit provider or is not readily available to the credit provider, a statement of the person to whom and the person by whom the commission charge is payable; and

        (j)     a statement whether any mortgage relating to the contract has been, or is agreed to be, entered into.

    (2)     A credit provider shall not include in the amount financed under a credit sale contract—

        (a)     an amount payable by the debtor to the credit provider in relation to a risk under a contract of insurance (other than compulsory insurance relating to goods) other than a risk specified in schedule 2, clause 1 (d) (iv) or (e);

        (b)     if a mortgage relating to the contract has been entered into—an amount in relation to insurance against loss of the security interest of the mortgagee in any goods subject to the mortgage because of any law in force in the ACT exceeding an amount calculated by applying the prescribed rate for title insurance in relation to goods of that class; or

        (c)     an amount in relation to the discharge of the liability of the debtor to the credit provider under a regulated contract that exceeds the amount of the net balance due to the credit provider calculated in accordance with section 103 immediately before the discharge of the liability.

    (3)     Nothing in this section requires the inclusion in a credit sale contract of a statement referred to in this section that is not applicable to the contract.

    (4)     In this section:

"relevant date" means the date the credit sale contract is entered into or, if the credit sale contract is entered into by the acceptance by the credit provider of an offer made by the debtor, the date the offer is made.