Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subsection 71(3) of the Code, as much of the following information as is ascertainable is prescribed in respect of a credit contract (other than a continuing credit contract):
(a) the date of the change in the contract;
(b) the unpaid daily balance at the date of the notice;
(c) the amount by which the amount of credit will be increased in accordance with the agreement;
(d) the persons, bodies or agents (including the credit provider) to whom the amount mentioned in paragraph (c) is to be paid and the amounts payable to them;
(e) the total of the amounts mentioned in paragraphs (b) and (c);
(f) details of any change to the annual percentage rate;
(g) details of any credit fees or charges that will be payable after the change in the contract;
(h) current repayment details, being:
(i) the number of repayments yet to be made; and
(ii) the amount of each of those repayments; and
(iii) the total amount of those repayments yet to be paid;
(i) the repayment details once the agreement is made, being:
(i) the number of repayments yet to be made once the agreement is made; and
(ii) the amount of each of those repayments; and
(iii) the total amount of those repayments; and
(iv) details of any changes in the times or frequency of repayment;
(j) if commission is to be paid by or to the credit provider for the introduction of credit business or business financed by the increased amount of credit under the contract--information of the kind mentioned in subsection 17(14) of the Code;
(k) the proposed increase in the term of the contract;
(l) the proposed new expiry date for the contract.
Note 1: Subsection 71(1) of the Code requires a credit provider to give notice to the other party of a change to a credit contract, mortgage or guarantee that has been agreed to by the credit provider and the other party. The notice must be given within 30 days after the date of the agreement.
Note 2: Subsection 71(3) of the Code provides that, if the parties propose to increase the amount of credit by agreement, the credit provider must also give to the debtor, before the agreement is made, a written notice containing the information required by the regulations.
(2) Despite subregulation (1), the matter in paragraphs (1)(h) and (i) relating to the total amount of repayments need only be included in the written notice given under subsection 71(3) of the Code if the contract concerned would, on the assumptions under sections 180 and 182 of the Code, be paid out within 7 years of the date on which credit is first provided under the contract.