Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 45

    (1)     If a credit provider receives a written request for a statement under this subsection from a debtor under a contract that is a credit sale contract or a loan contract or from a guarantor who has entered into a contract of guarantee with the credit provider in relation to the obligations of the debtor under a credit sale contract or a loan contract, the credit provider shall, within 14 days after receiving the request, give to the debtor or guarantor who made the request a written statement showing—

        (a)     each amount received under the contract by the credit provider and the date it was received; and

        (b)     each amount due under the contract and payable to the credit provider that has not been received by the credit provider and the date it became due; and

        (c)     each amount payable under the contract to the credit provider that has not become due and the date it becomes due.

Note      A fee may be determined under s 255 (Determination of fees) for a request under this subsection.

    (2)     Subject to subsection (3), a credit provider 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.

    (3)     A credit provider is not required to comply with a request under subsection (1) from a debtor or a guarantor if, within 3 months immediately before the receipt of the request, he or she has complied with an earlier request from that debtor or guarantor in relation to the relevant credit sale contract, loan contract or contract of guarantee.