Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 52

    (1)     Subject to this section, a reference in this division to the chargeable amount in relation to a billing cycle of a continuing credit contract is a reference to the sum of any of the amounts included in the statement of account referred to in section 61 for that billing cycle as, under the contract, are determined by the credit provider to constitute the chargeable amount, being an amount not exceeding—

        (a)     the amount that is the amount owed under the contract by the debtor immediately before the beginning of the billing cycle less amounts included in the statement of account in relation to payments by the debtor during the billing cycle; or

        (b)     the amount that is the sum of the balances owed under the contract by the debtor at the end of each day of the billing cycle, divided by the number of days in the billing cycle;

whichever is the greater.

    (2)     A credit provider that determines as an amount constituting the chargeable amount for a billing cycle of a continuing credit contract an amount that exceeds the greater of the amounts referred to in subsection (1) (a) and (b) commits an offence.

Maximum penalty:

        (a)     for an individual—$1 000; and

        (b)     for a corporation—$5 000.

    (3)     If an amount determined as an amount constituting the chargeable amount for a billing cycle exceeds the greater of the amounts referred to in subsections (1) (a) and (b), the chargeable amount for the billing cycle shall be deemed, for this division, to be the lesser of the amounts referred to in subsections (1) (a) and (b).