Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 (SLI NO 44 OF 2010) - REG 52

                The Code, other than Division 3 of Part 4 and Part 5, does not apply to a contract, other than a continuing credit contract, to the extent that the contract provides for the provision of credit in the following circumstances:

                (a)    the amount of credit to be provided does not at any time exceed $50;

               (b)    there is no insurance financed under the contract;

                (c)    there is no mortgage or guarantee taken by the credit provider;

               (d)    the annual percentage rate for the contract does not exceed the maximum annual percentage rate (if any) for the contract if it were a contract to which the Code applies.

Note    Section 203B of the Code provides, among other things, that the regulations may exempt a contract or a class of contracts from all or specified provisions of the Code.