New South Wales Repealed Regulations New South Wales Repealed RegulationsThis legislation has been repealed.
(1) In this clause:
"equivalent annual interest rate" means the rate mentioned in section 28 (2) (c) of the Act (expressed as a percentage) calculated as prescribed by this clause.
"interest period", in relation to a loan made by a pawnbroker, means a period of time in respect of which interest is charged on any outstanding balance.
"outstanding balance", in relation to such a loan, means the portion of the amount advanced that remains unpaid.
"periodic interest rate", in relation to such a loan, means the rate (expressed as a percentage) per interest period at which interest is chargeable on any outstanding balance.
(2) The equivalent annual interest rate, in relation to a loan made by a pawnbroker, is the rate that bears to a year the same proportion as the periodic interest rate bears to the interest period. For example:(a) if the interest period is one month, the equivalent annual interest rate is 12 times the periodic interest rate, and(b) if the interest period is one week, the equivalent annual interest rate is 52 times the periodic interest rate.