Victorian Current Acts Victorian Current Acts(1) A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48.
S. 39(2) substituted by No. 11/2010 s. 22(4).
(2) Nothing in this section affects or limits the powers of the Court under section 70 of the Consumer Credit (Victoria) Code or of a court under section 76 of the National Credit Code if the Court or court is satisfied that the annual percentage rate in respect of a credit contract although not exceeding, in the case of a credit contract in relation to which there is a mortgage, 30, and in the case of any other contract, 48, is excessive or that the transaction is unjust within the meaning of that section 70 or section 76, as the case requires, or is such that a court of equity would give relief.
(3) A credit provider must not enter into a credit contract where the annual percentage rate in respect of the contract exceeds 48.
Penalty applying to this subsection: 10 penalty units.