Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 48

    (1)     For this section—

        (a)     a reference to an "agreement" includes a reference to an arrangement, understanding or course of dealing; and

        (b)     a person shall be deemed to agree with another person in relation to a matter if the firstmentioned person has an agreement, arrangement or understanding with the other person, or is engaged in a course of dealing with the other person, in relation to the matter.

    (2)     If—

        (a)     a person ( the creditor ), in the course of a business carried on by him or her, agrees with another person (other than a body corporate) to provide credit to that other person in relation to—

              (i)     payment for goods and services or cash supplied by the creditor to that other person from time to time; or

              (ii)     payment by the creditor to a third person in relation to goods and services or cash supplied by that third person to that other person from time to time; and

        (b)     the amounts owing to the creditor from time to time under the agreement are or are to be calculated on the basis that all amounts owing, and all payments made, by that other person under or in relation to the agreement are entered in 1 or more accounts kept for the purpose of the agreement;

the agreement is, for this Act, a continuing credit contract .

    (3)     If the creditor agrees to make payments to a third person in relation to goods and services or cash supplied by that third person to the other person, as referred to in subsection (2) (a) (ii), then, for this Act, the creditor shall, in relation to any goods and services or cash so supplied, be deemed to have provided credit to that other person to the extent of any payments made or to be made by the creditor to that third person.

    (4)     If in relation to the provision of credit—

        (a)     the only credit charge is a predetermined credit charge; or

        (b)     the credit is, or is to be, provided by specified instalments;

the provision of the credit is not, and does not form part of, the provision of credit under a continuing credit contract.

    (5)     This section does not apply to an agreement of a class or description of agreements prescribed as being continuing credit contracts that are not continuing credit contracts within the meaning of this section.