Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 47

    (1)     If a credit provider enters into a credit sale contract or a loan contract that includes a statement of—

        (a)     the amount of fees payable to a duly qualified lawyer authorised to prepare documents for the contract or for a mortgage entered into in relation to the contract; or

        (b)     the amount of any charge prescribed for schedule 2, clause 1 (g) or schedule 4, clause 1 (d); or

        (c)     the value of any consideration of a kind prescribed for schedule 2, clause 1 (i) or schedule 4, clause 1 (f);

and the debtor claims that the amount or value is not a reasonable amount or value, he or she may apply to the ACAT for determination of the amount or value.

    (2)     If an application is made under subsection (1), the ACAT shall—

        (a)     determine the amount or value and make any orders that are necessary to give effect to its determinations; or

        (b)     dismiss the application.

    (3)     If the ACAT makes a determination under this section in relation to a credit sale contract or a loan contract, the contract as varied by the determination shall be deemed not to fail to comply with section 35 or 36 only because of the determination.