Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 54

    (1)     For this Act, a reference to a credit charge in relation to a billing cycle of a continuing credit contract is a reference to the amount included in the statement of account for that billing cycle in accordance with this division other than any part of that amount that is—

        (a)     the cash price of goods and services supplied by the credit provider or by another supplier in relation to payment for which credit is provided under the contract; or

        (b)     an amount of cash supplied by the credit provider or by another supplier for the supply of which credit is provided under the contract; or

        (c)     an amount of enforcement expenses; or

        (d)     an amount of stamp duty in relation to or in relation to the contract payable by the debtor to the credit provider; or

        (e)     an amount payable under the contract by the debtor to the credit provider that is a prescribed charge for this section; or

        (f)     the amount of any other consideration given to the debtor under the contract, being consideration that is of a kind prescribed for this section; or

        (g)     the amount of a credit charge included in a statement of account for an earlier billing cycle of the contract.

    (2)     A credit provider that includes in a statement of account for a billing cycle a credit charge that exceeds the amount derived by the application of the annual percentage rate in relation to the contract to the chargeable amount for the billing cycle in the way applicable under the contract commits an offence.

Maximum penalty:

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

        (b)     for a corporation—$5 000.

    (3)     In ascertaining the credit charge in relation to a continuing credit contract made between a credit provider and a debtor, regard shall not be had to any amount by which the amount payable by the credit provider to any supplier of goods and services or of cash to the debtor or to another person under the contract is less than the cash price of the goods and services or the amount of the cash.