QueenslandConsumer Credit
(Queensland) Act 1994ConsumerCreditRegulation1995Reprinted as in force on 30 November
2007Reprint No. 3BThis reprint is
prepared bythe Office of the Queensland Parliamentary
CounselWarning—This reprint is not an authorised
copyNOT FURTHER AMENDEDLAST REPRINT
BEFORE REPEALSee 2010 Act No. 16 s 11
Information about this reprintThis
regulation is reprinted as at 30 November 2007. The reprint—•shows the law as amended by all
amendments that commenced on or before that day(Reprints Act
1992 s 5(c))•incorporatesallnecessaryconsequentialamendments,whetherofpunctuation,numbering or
another kind (Reprints Act 1992 s 5(d)).The reprint
includes a reference to the law by which each amendment was
made—see listof legislation and list of annotations in
endnotes. Also see list of legislation for anyuncommenced
amendments.This page is specific to this reprint. See
previous reprints for information about earlierchanges made under
the Reprints Act 1992. A table of reprints is included in the
endnotes.Also see endnotes for information
about—•when provisions commenced•editorial changes made in earlier
reprints.Dates shown on reprintsReprints dated at
last amendmentAll reprints produced on or after 1 July
2002, hardcopy and electronic, are dated as at the last
date of amendment. Previously reprints weredated as at the
date of publication. If a hard copy reprint is dated earlier than
an electronicversion published before 1 July 2002, it
means the legislation was not further amendedand the reprint
date is the commencement of the last amendment.If the date of a
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s17s4Consumer Credit Regulation 1995Consumer Credit Regulation 1995[as
amended by all amendments that commenced on or before 30
November2007]Part 1Preliminary1Short
titleThisregulationmaybecitedastheConsumerCreditRegulation 1995.2CommencementThis regulation
commences on the day theConsumer Credit(Queensland) Act
1994, section 10 commences.3DefinitionsIn this
regulation—authorised deposit-taking institutionhas
the meaning givenunder theBanking Act
1959(Cwlth), section 5(1).the Codemeans
the Consumer Credit Code.4Forms(1)A reference in this regulation to a
form of a particular numberis a reference to a form of that
number in the schedule.(2)The number of a
form or a reference to the provision of theCode and this
regulation to which the form relates need notappearonadocumentthatisrequiredtocomplywiththeform.(3)Theexpression“creditprovider”,“debtor”,“lessor”or“lessee” in a form may be replaced by the
name of the creditprovider,debtor,lessororlesseeor,iffirstexplained,byanother expression.
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5A8s 5BConsumer Credit
Regulation 1995(4)A document that is required to comply
with a form need notcontain any matter that is not relevant to
the credit contract,mortgage,guaranteeorconsumerleaseconcerned.Consequential
renumbering of items is permissible.Note—Schedule 2, clause 11 of the Code
makes provision with respect toforms. The clause
provides, among other things, that strict compliancewith
a form is not necessary and substantial compliance is
sufficient.Part 2Matters
prescribed for thepurposes of part 1 of the Code(Preliminary)5AContinued application of pt 11 of the Code
andinterpretation(1)This
section applies despite a statement in a provision of thispart
that—(a)the Code does not apply to a
particular matter; or(b)the Code, other
than a particular provision or provisions(prescribed provision or provisions),
does not apply to aparticular matter.(2)The
Code applies in relation to the particular matter and theprescribed provision or provisions to the
extent necessary forthe interpretation of the particular matter
and the prescribedprovision or provisions.(3)Part
11 of the Code applies in relation to the particular matterandtheprescribedprovisionorprovisionstotheextentthecontext permits.5BApplication of Code to provision of credit
under billfacilitiesThe Code applies
to the provision of credit arising out of a billfacilityunlessthecreditisprovidedbyanauthoriseddeposit-taking
institution.
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59s 6AConsumer Credit
Regulation 19955Exempt credit—maximum account
chargesFor the purposes of section 7(3) of the
Code, the prescribedmaximum charge is—(a)for
the period of 12 months after the continuing creditcontract is made—$200; and(b)for any subsequent period of 12
months—$125.Note—Section 7(3) of
the Code provides that the Code does not apply to theprovision of credit under a continuing
credit contract if the only chargethat is or may be
made for providing the credit is a periodic or otherfixedchargethatdoesnotvaryaccordingtotheamountofcreditprovided.However,theCodeappliesifthechargeexceedsthemaximum charge (if any) prescribed by
the regulations.6Additional exempt creditThe
Code (except part 4, division 3 and part 5) does not applytotheprovisionofcreditunderacontract(otherthanacontinuing credit
contract) if—(a)the amount of credit does not at any
time exceed $50;and(b)there is no
insurance financed under the contract; and(c)thereisnomortgageorguaranteetakenbythecreditprovider; and(d)theannualpercentagerateforthecontractdoesnotexceed the maximum annual percentage
rate (if any) forthecontractifitwereacontracttowhichtheCodeapplies.Note—Section 7(10) of the Code provides
that the regulations may exclude theprovision of
credit of any class from the Code.6AGIO
Finance Limited’s No Interest LoanScheme—exemption
from Code(1)Thissectionappliestothescheme(theNoInterestLoanScheme) that is
operated by GIO Finance Limited ACN 002812 704 in
accordance with the deed of agreement executed
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6B10s 6CConsumer Credit
Regulation 1995on 26 June 1992 by the New South Wales
Minister for FurtherEducation,TrainingandEmploymentandGIOFinanceLimited.(2)The Code does not apply to the
provision of credit under theNo Interest Loan
Scheme.6BRental Purchase Plan—exemption from
certainprovisions of CodeThe Code, other
than sections 70 to 74, does not apply to theprovision of
credit under the Queensland Government schemeknownastheRentalPurchasePlanScheme,andformerlyknown as the
H.O.M.E. Shared Scheme.6CPartnership
loans—exemption from certain provisions ofCode(1)TheCode,otherthanpart1,part4,division3,part5,divisions 4 and 5
and part 7, does not apply to the provision ofcredit by a firm,
or by a related body corporate of the firm, toapartnerofthefirm,whetherornotitisprovidedtothepartner with another person.(2)However,foracreditproviderwhoprovidescreditinthecourseofabusinessofprovidingcredittowhichtheCodeapplies to partners of a firm and to
others, this section appliesonlytotheprovisionofcreditontermsthataremorefavourable to the
debtor than thetermsonwhichthecreditprovider provides
credit to which the Code applies to personswho are not
partners of the firm.(3)For the purposes
of this section—(a)a partner of a firm includes a former
partner of a firmand an employee or former employee of the
firm; and(b)a related body corporate of a firm is
a body corporatethatis ultimatelywhollyowned
by all or some of thepartners of the firm or by other
persons on their behalf.
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6D11s 6EConsumer Credit
Regulation 19956DStudent loans—exemption from certain
provisions ofCode(1)The Code, other
than sections 56(1) and 70 to 74,1does
notapplytotheprovisionofcreditbyahighereducationalinstitution, or
by an association of students of the institution,to a
student of the institution on the grounds of hardship or ofan
emergency.(2)However,subsection(1)onlyappliesiftheinstitutionorassociation gives the debtor and any
guarantor the followingthings before the contract for the
provision of credit is enteredintobythedebtorortheguaranteeissignedbytheguarantor—(a)a
statement of the costs of the provision of credit, whichmustincludinganyfeesorchargespayableandtheinterestrateapplicableandmayincludeotherinformation; and(b)a
copy of the terms and conditions of the contract for theprovision of credit.(3)In
this section—associationofstudents,ofahighereducationalinstitution,means a union,
guild or other association of students—(a)of
the institution; or(b)oftheinstitutionandofotherhighereducationalinstitutions.higher
educational institutionmeans an institution within themeaning of theHigher Education
Funding Act 1988(Cwlth),section 4.6ELoans for conservation of heritage
items—exemptionfrom CodeThe Code does not
apply to the provision of credit under anyof the following
provisions—1The Code, sections 56 (Increase in
guarantor’s liabilities), 70 (Court may reopenunjust
transactions), 71 (Orders on reopening of transactions), 72 (Court
may reviewunconscionableinterestandothercharges),73(Timelimit)and74(Joinderofparties)
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6F12Consumer Credit Regulation 1995s
6I(a)theHeritage Act
1977(NSW), section 106;(b)theHeritageAct1993(SA),section12,butonlyinrespect of loans made from the State
Heritage Fund toowners of land constituting places entered
in the StateHeritage Register established under that
Act;(c)theHeritage Act
1995(Vic), section 140.6FAuthorised deposit-taking
institutions—exemption fromCodeTheCodedoesnotapplytotheprovisionofcreditbyanauthorised deposit-taking institution
limited by the contract toa total period not exceeding 62
days.6GEstate administrators—exemption from
certainprovisions of Code(1)The
Code, other than sections 70 to 72, does not apply to theprovisionofcredittoaperson’sestate,whetherornotthepersonisdeceased,byapublicofficialorapublicbodyauthorised by any law or court to
administer the estate.(2)In this
section—estateincludes trust
property.public bodyincludes a
corporation owned or controlled by theState or an
authority of the State.6HCredit under Aged
Care Act 1997 (Cwlth)—exemptionfrom certain
provisions of CodeThe Code, other than sections 66 to 68 and
70 to 74, does notapplytotheprovisionofcreditbyanapprovedprovider,within the meaning of theAged
Care Act 1997(Cwlth), if theprovision of
credit is made and regulated under that Act.6IFirefighter’s Benefit Fund of WA
IncorporatedThe Code, other than part 2, division 3,
part 4, division 3 andpart 5, divisions 1 and 2, does not
apply to the provision of
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6J13s 6JConsumer Credit
Regulation 1995credittoapersonbytheFirefighter’sBenefitFundofWAIncorporated (thefund)
if—(a)the person is a member of the fund;
and(b)the application form by which the
person applies for thecredit states an annual percentage
rate for the credit; and(c)the credit
contract under which the credit is provided—(i)fixes, for the whole term of the contract,
an annualpercentage rate that is the same as the rate
stated inthe application form; and(ii)does not provide for varying the
rate.6JCharge card contracts—exemption of
certain contractsfrom Code(1)The
Code does not apply to the provision of credit under achargecardcontractmadeavailableby1ofthefollowingcredit
providers—•American Express Australia Limited ACN
108 952 085•AmericanExpressInternationalInc.ARBN000618208•Diners Club Pty
Limited ACN 004 343 051•Motorcharge Ltd
ACN 008 962 132.Examples—•american express platinum card•diners club personal card•motorcharge card(2)In
subsection (1)—charge card contractmeans a credit
contract under which—(a)credit is
ordinarily obtained by the use of a card; and(b)multiple advances of credit are
contemplated; and(c)the provision of an advance of credit
is limited to a totalperiod of not more than 62 days;
and(d)monthlyorotherperiodicstatementsofaccountareprovided to the debtor; and
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714s 9Consumer Credit
Regulation 1995(e)liquidateddamagesorchargesforlatepaymentarepayablebythedebtorifthedebtordoesnotrepayanadvanceofcreditmentionedinamonthlyorotherperiodic
statement of account within a stated period.7Mortgages—exemptions from Code(1)The Code does not apply to the
following mortgages—(a)anymortgagerelatingtoperishablegoods,livestock,primary produce
or food stuffs;(b)a banker’s right to combine
accounts;(c)a lien or charge arising by operation
of any Act or law orby custom.However,sections14and15oftheCode(relatingtodisclosures)applyinrespectofamortgagereferredtoinparagraph
(a).(2)Section83oftheCodedoesnotapplytoanymortgagerelatingtogoodsthatarelawfullyinthepossessionofthecredit provider.Note—This exclusion is made under section
8(3) of the Code.8Guarantees—exemption from CodeTheCodedoesnotapplytoanyguaranteebythesupplierunder a tied loan
contract or tied continuing credit contract.Note—This exclusion is made under section
9(3) of the Code.9Deemed mortgages for goods lease with
option topurchaseFor the purposes
of section 10(3)(f) of the Code, the relevantterms and
conditions of the mortgage are those set out in form1.Note—Section 10 of the Code deems a goods lease
with an option to purchaseto be a sale of goods by instalments
for the purposes of the Code. If the
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1015s 10Consumer Credit
Regulation 1995lease is a credit contract because of
section 6(1) of the Code, a mortgagecontaining the
terms and conditions set out in the regulations is taken bysection 10(3)(f) of the Code to have been
entered into between theperson to whom the goods are hired and
the supplier as security forpayments to the
supplier by the hirer.10Declaration of
purposes for which credit provided(1)For
the purposes of section 11 of the Code, the form of thedeclaration is as follows—‘I/We
declare that the credit to be provided to me/us bythecreditprovideristobeappliedwhollyorpredominantly for business or
investment purposes (orfor both purposes).’.(2)The declaration is to contain
(immediately below the abovewordsor,ifthedeclarationistobemadebyelectroniccommunication,prominentlydisplayedwhen(butnotafter)the person signs)
a warning in the following form—IMPORTANTYoushouldnotsignthisdeclarationunlessthisloaniswhollyorpredominantly for business or investment
purposes.BysigningthisdeclarationyoumayloseyourprotectionundertheConsumer Credit Code.(3)The declaration is to contain—(a)the signature of each person making
the declaration; and(b)either the date on which the
declaration is signed or thedate on which it
is received by the credit provider.Note—The Code applies only to credit
provided or intended to be provided forpersonal,
domestic or household purposes. Section 11(2) of the Codeprovides that credit is conclusively
presumed not to be provided forthose purposes if
the debtor declares, before entering into the creditcontract, that the credit is to be applied
wholly or predominantly forbusiness or investment purposes (or
for both purposes). The declarationis not effective
unless it is substantially in the form required by theregulations.
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1116s 12Consumer Credit
Regulation 1995Part 3Matters
prescribed for thepurposes of part 2 of the Code(Credit contracts)11Statement about debtor’s statutory rights
and obligations(1)Forthepurposesofsection14(1)(b)oftheCode,theinformation statement is to be a
written statement in form 2.(2)The
information statement may be in the form of a separatedocument or a part of the credit contract
document.Note—Section14(1)(b)oftheCoderequiresacreditprovidertogiveaprospective debtor an information statement
in the form required by theregulations of the debtor’s statutory
rights and statutory obligations. Thestatement must be
given before the contract is entered into or before thedebtor makes an offer to enter into the
contract, whichever first occurs.Because of
section 4(4) of this regulation, the information need notcontain any matter set out in form 2 if it
is not relevant to the creditcontract
concerned (for example, information about mortgages is notrequired for an unsecured loan).12Comparison rate(1)This
section applies if—(a)a credit provider, before entering
into a credit contract,informsthedebtorofthecomparisonratepursuanttosection 14(3) of the Code; or(b)apersonpublishes,orcausestobepublished,anadvertisementthatstatesorimpliesthatcreditisavailableandincludesintheadvertisementthecomparison rate pursuant to section 140(3)
of the Code.(1A)Subsections (1)(b), (9) and (11) have
no effect while part 8Ais in force.(2)The
comparison rate must be calculated as a nominal rate perannum,togetherwiththecompoundingfrequency,inaccordance with this section.(3)The comparison rate is given by the
following formula—i=n×r×100%
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1217s 12Consumer Credit
Regulation 1995where—nis
the number of repayments per annum to be made underthe
credit contract (annualised if the term of the contract isless
than 12 months), except that—(i)if
repayments are to be made weekly or fortnightly—nis to
be 52.18 or 26.09, respectively; and(ii)if
the contract does not provide for a constant intervalbetweenrepayments—nistobederivedfromtheinterval selected
for the purposes of the definition of jmentioned
below.ris the solution of the
following—Σt-(--l---+A-----jr---)--j=Σt-R(---l-j--+-+----r-C--)--jjj=oj=owhere—jis
the time, measured as a multiple (not necessarily integral)of
the interval between contractual repayments that will haveelapsed since the first amount of credit is
provided under thecredit contract, except that if the contract
does not provide foraconstantintervalbetweenrepaymentsanintervalofanykind is to be selected by the credit
provider as the unit of time.tis
the time, measured as a multiple of the interval betweencontractual repayments (or other interval so
selected) that willelapsebetweenthetimewhenthefirstamountofcreditisprovided and the time when the last
repayment is to be madeunder the contract.Ajis the amount of
credit to be provided under the contract attime j (the value
of j for the provision of the first amount ofcredit is taken
to be zero).Rjis the repayment
to be made at time j.Cjis
the fee or charge (if any) payable by the debtor at time jin
addition to the repayments Rj,
being a credit fee or charge(otherthanagovernmentfee,chargeorduty)thatisascertainable when the comparison rate
is disclosed (whetheror not the credit fee or charge is
payable if the credit is notprovided).
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1218s 12Consumer Credit
Regulation 1995(4)The comparison rate must be correct to
at least the nearest onehundredth of 1% per annum.(5)Intheapplicationoftheaboveformulae,reasonableapproximationsmaybemadeifitwouldbeimpracticalorunreasonablyoneroustomakeaprecisecalculation.Forexample, if repayments are to be made on a
fixed day eachmonth, it may be assumed that repayments
will be made onthat day each month even though the credit
contract providesforpaymentontheprecedingorsucceedingbusinessdaywhen the due date is not a business
day.(6)The tolerances and assumptions under
sections 158 to 160 ofthe Code apply to the calculation of
the comparison rate.(7)The comparison rate must be
accompanied by a statement oftheamountofcreditonwhichitisbasedandthetermforwhich
credit is provided.(8)In the case of a comparison rate under
section 14(3) of theCode—(a)theamountofcreditistobetheamount(orthemaximum amount) required by the
debtor; and(b)the term for which credit is provided
is to be the term (orthe maximum term) required by the
debtor; and(c)the amount of credit, in the case of a
continuing creditcontract, is not to exceed the credit limit
required by thedebtor.Ifsucharequirementisnotmadebythedebtor,thecreditprovider may
determine the matter.(9)In the case of a
comparison rate under section 140(3) of theCode, the amount
of credit and term are to be typical of thetype of credit
contract offered in the advertisement. A numberof comparison
rates may be included in the advertisement fordifferent credit
contracts so long as the amount of credit andterm applicable
to each such rate are clearly stated.(10)At
the time that the debtor is informed of the comparison rateunder
section 14(3) of the Code, the debtor must be given awarningbythecreditproviderthatisinwritinginthefollowing form—
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1319s 13Consumer Credit
Regulation 1995‘WARNING: This comparison rate applies only
to theexampleorexamplesgiven.Differentamountsandtermswillresultindifferentcomparisonrates.Costssuchasredraw
feesorearlyrepaymentfees,andcostsavingssuchasfeewaivers,arenotincludedinthecomparison rate
but may influence the cost of the loan.’.(11)Anadvertisementthatcontainsacomparisonrateundersection 140(3) of
the Code must include a warning that thecomparison rate
is accurate only for the example given.(12)A
warning under this section must be given immediately afterthe
comparison rate is given.Note—Section 14(3) of the Code provides that the
credit provider may informthedebtorofthecomparisonratebeforeenteringintothecontract.Section 140(3) of the Code provides that a
person who publishes anadvertisementabouttheavailabilityofcreditmayincludeintheadvertisement the comparison rate. If
the credit provider or person doesso,thecomparisonratemustbecalculatedasprescribedbytheregulationsandbeaccompaniedbythewarningssetoutintheregulations.13Pre-contractual statement(1)For the purposes of section 14(4) of
the Code, the followingfinancial information under section 15
of the Code, which isto be contained in the precontractual
statement, is prescribed(therelevant
financial information)—(a)section 15(B) (Amount of credit)—the amount
of creditagreedtobeprovided(ifascertainable)or(ifnotascertainable)
the maximum amount of credit agreed tobeprovided,orthecreditlimitunderthecontract,(ifany);(b)section15(C)(Annualpercentagerateorrates)—theinformationreferredtoinsection15(C),exceptparagraph (c)(iii);(c)section15(D)(Calculationofinterestcharges)—themaximum duration
of any interest free period under thecredit
contract;(d)section15(E)(Totalamountofinterestchargespayable)—the information referred to in
section 15(E);
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1320s 13Consumer Credit
Regulation 1995(e)section15(F)(Repayments)—theinformationreferredto in
section 15(F);(f)section15(G)(Creditfeesandcharges)—theinformation
referred to in section 15(G)(a) and (b), butonly in respect
of—(i)retained credit fees and charges (that
is, credit feesand charges retained by the credit provider
and notpassedontoorretainedinreimbursementofanamount paid to a third party);
and(ii)lenders mortgage insurance.(2)The relevant financial information is
to be set out separatelyfrom the remainder of the information
under section 15 of theCode that is to be set out in the
precontractual statement. Therelevant
financial information is to be set out in tabular form,in
either portrait or landscape format (thefinancial
table).(3)Additional
information may be included in the financial table,but
only in the following circumstances—(a)any
information referred to in section 15(B), (C), (D),(E),
(F) or (G) of the Code that is not relevant financialinformation may be included with the
relevant financialinformation;(b)any
other information referred to in section 15(A) or (H)to
(O) of the Code may be included after the relevantfinancialinformationandanyinformationincludedunder
paragraph (a).(4)Iftherelevantfinancialinformationrelatestomorethan1typeofcreditfacility,theinformationmaybesetoutinasingle financial
table or in separate financial tables.(5)Thefinancialtableistobesetoutatthebeginningoftheprecontractualstatement.Iftheprecontractualstatementconsists of more than one document, the
financial table neednotberepeated.Iftheprecontractualstatementisnotaseparate document, the financial table is to
be set out at thebeginning of the proposed contract document.
The financialtable may be preceded by informationnecessarytoidentifythe
loan.
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1421s 14Consumer Credit
Regulation 1995(6)If any of the relevant financial
information can change underthe credit
contract because of a unilateral change by the creditprovider, a clear statement must be made in
the financial tablethat it is subject to change and that the
change can be madewithout the debtor’s consent. A single
statement may be madein respect of 2 or more items of
information subject to change.(7)Any
expression may be used for the purposes of the relevantfinancial information if the expression is
defined elsewhere inthe precontractual statement.(8)Therelevantdateofdisclosureoftheinformationinthefinancial table may be set out in the
financial table.(9)Thissectiondoesnotpreventarepetitionoftherelevantfinancial
information in the financial table in any other forminconnectionwiththeremainderoftheinformationundersection15oftheCodethatistobesetoutintheprecontractual
statement.Note—Section14(1)(a)oftheCoderequiresacreditprovidertogiveaprospectivedebtoraprecontractualstatementsettingoutmattersrequired by
section 15 of the Code to be included in the credit contractdocument. The precontractual statement must
be given before the creditcontract is entered into or before the
debtor makes an offer to enter intothe contract,
whichever first occurs. Under section 14(4) of the Code,the
regulations may prescribe the form in which any of that
financialinformation is to be contained in the
precontractual statement.14Additional
disclosures about insurance financed bycontractFor
the purposes of section 15(N)(c) of the Code, the term ofeachcredit-relatedinsurancecontract,ifascertainable,isprescribed.Note—Section 15(N) of the Code sets out the
disclosures to be made aboutcredit-related
insurance contracts that are to be financed under the creditcontract.Section15(N)(c)enablestheregulationstoprescribeadditional
particulars about the insurance that is to be
disclosed.
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1522s 16Consumer Credit
Regulation 199515Additional disclosures about credit
contracts to besigned by debtor(1)Forthepurposesofsection15(O)oftheCode,theinformationandwarningssetoutinform3Aor3B(whichever is relevant to the particular
case) are prescribed,but only if the credit contract
document is to be signed by thedebtor.(2)The relevant form is—(a)form3Aifthedocumentsignedbythedebtorconstitutes an
offer; or(b)form3Bifthedocumentsignedbythedebtorconstitutestheacceptanceofanofferbythecreditprovider.(3)The information and warnings referred
to in subsection (1) areto comply with the following
requirements—(a)they are to be in the relevant form
(including in the formof a box);(b)theyaretobesetoutimmediatelyabove(andonthesame
page as) each place where the debtor (or at least 1of
the debtors) is to sign the contract document or, if acontractismadebyelectroniccommunication,theinformationandwarningsmustbeprominentlydisplayed when
(but not after) the debtor (or if 2 or moredebtors, each
debtor) signs.Note—Section 15 of the
Code sets out the matters to be included in the creditcontract document. Section 15(O) requires
the contract document tocontainanyadditionalinformationorwarningsrequiredbytheregulations.Section 16 of the
Code requires a contract document to conform to therequirementsoftheregulationsastoitsformandthewayitisexpressed.16Deduction of amount for interest
chargesSection 23(1) of the Code does not apply to
the deduction ofanamountforthefirstpaymentofinterestchargesunderacreditcontract,butonlyifthedeductionrelatestointerestchargesforaperiodthatislessthanthenormalperiodfor
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1723s 17Consumer Credit
Regulation 1995whichinterestchargesaretobeperiodicallydebitedtothedebtor’s
account.Note—Section 23(1) of
the Code provides, among other things, that a creditprovider must not deduct from a payment to,
or in accordance with theinstructionsof,thedebtoranamountforinterestchargesunderthecredit contract. Section 23(2) of the Code
authorisesthe making ofregulationsthatexemptfromthatprohibitionthedeductionofanamount for the first payment of
interest charges.17Calculation of unpaid daily
balances(1)This section applies to the
calculation of average unpaid dailybalanceswheninterestchargesunderacreditcontractaredeterminedundersection26(2)oftheCodeforamonth,aquarter or a half-year by applying the
relevant fraction of theannual percentage rate.(2)The actual unpaid daily balances for
each day in the month,quarter or half-year concerned are to
be added together anddividedbythetotalnumberofdaysinthewholeofthatmonth, quarter or half-year.(3)Iftheannualpercentagerateappliestopart(butnotthewhole) of the month, quarter or
half-year, the calculation ofthe average
unpaid daily balances for that part is to be madeby
adding together the actual unpaid daily balances for eachdayinthatpartanddividingthesumobtainedbythetotalnumber of days in that month, quarter or
half-year.(4)If the last day or days of the month,
quarter or half-year fall ona non-business
day or days, the average unpaid daily balancesfor the month,
quarter or half-year may be calculated withoutreferencetotheunpaiddailybalancesforthenon-businessday or days. In
that event, the unpaid daily balances for thenon-business day
or days must be included in the next month,quarter or
half-year for the purposes of calculating the averageunpaiddailybalancesforthatnextmonth,quarterorhalf-year.Note—Section 26(1) of the Code limits the
maximum amount of an interestchargethatmaybeimposedorprovidedunderacreditcontractgenerally to an amount determined by
applying the daily percentage rateto the unpaid
daily balances (as defined in section 25 of the Code).
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1824s 19Consumer Credit
Regulation 1995However, section 26(2) allows an interest
charge for a month, a quarteror half-year to
be determined by applying the annual percentage rate orrates, divided by 12 (for a month), by 4
(for a quarter) or by 2 (for ahalf-year), to
the relevant average unpaid daily balances for the period.The
regulations may provide for the calculation of unpaid daily
balancesin any such case.18Early
debit or payment of interest chargesSection 27(1) of
the Code does not apply to the first paymentof interest
charges under a credit contract, but only if it relatestointerestchargesforaperiodthatislessthanthenormalperiodforwhichinterestchargesaretobeperiodicallydebited to the
debtor’s account.Note—Section27(1)oftheCodeprovidesthatacreditprovidermustnotrequire payment of or debit an
interest charge at any time before the endof a day to which
the interest charge applies. Section 27(3) of the Codeauthorises the making of regulations that
exempt from that prohibitionthe first payment
of interest charges.19When statement of account not
requiredFor the purposes of section 31(3)(b) of the
Code, the amountoutstanding is fixed at $10.Note—Section 31 of the
Code requires the credit provider to give the debtorperiodic statements of account. Section
31(3) sets out the circumstancesinwhichastatementisnotrequiredtobegiven.Section31(3)(b)provides that a
statement is not required if no amount has been debitedor
credited to the debtor’s account during the statement period and
theamount outstanding on the debtor’s account
is zero or below a levelfixed by the regulations.
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19A25Consumer Credit Regulation 1995s
19APart 4Matters
prescribed for thepurposes of part 3 of the Code(Related mortgages andguarantees)19AMortgage arising from certain home
ownershipschemes—exemption from section 46(1) of the
Code(1)This section applies to—(a)thehomeownershipschemeoperatedbytheMtNewman Joint
Venturers, being BHP Billiton MineralsPty Ltd ACN 008
694 782, Mitsui-Itochu Iron Pty LtdACN088702761andCIMineralsAustraliaPtyLtdACN 009 256 259; and(b)thehomeownershipschemeoperatedbytheMountGoldsworthy
Mining Associates Joint Venturers, beingBHPBillitonMineralsPtyLtdACN008694782,Mistsui Iron Ore Corporation Pty Ltd ACN 050
157 456and CI Minerals Australia Pty Ltd ACN 009
256 259;that assist employees, whether alone or
jointly with 1 or moreother persons, to purchase land owned
respectively by the MtNewman Joint Venturers and the Mount
Goldsworthy MiningAssociates Joint Venturers.(2)Section46(1)oftheCodedoesnotapplytoanymortgagecreated over an interest that is acquired by
an employee underacontractforthepurchaseoflandenteredintobytheemployee,whetheraloneorjointlywith1ormoreotherpersons,underahomeownershipschemetowhichthissection applies.(3)In
this section—employeemeans—(a)if BHP Billiton Iron Ore Pty Ltd ACN
008 700 981 isthemanageroftheMtNewmanJointVentureortheMountGoldsworthyMiningAssociatesJointVenture—anemployeeofthatcorporationoranemployeeofacorporationthatisarelatedbodycorporate within the meaning of the
Corporations Act inrelation to BHP Billiton Iron Ore Pty Ltd;
or
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2026s 21Consumer Credit
Regulation 1995(b)if BHP Billiton Iron Ore Pty Ltd
ceases to manage theMtNewmanJointVentureortheMountGoldsworthyMiningAssociatesJointVenture—anemployeeoftheperson for the
time being exercising the functions of themanageroftheMtNewmanJointVentureoroftheMount Goldsworthy
Mining Associates Joint Venture.Note—Section 46 of the Code provides that a
mortgage cannot be created overemployees’
remuneration or employment benefits or benefits under asuperannuation scheme unless the regulations
permit it to do so.20Form of guarantees(1)For
the purposes of section 50 of the Code, a guarantee mustcontain a warning in form 4.(2)The warning is to comply with the
following requirements—(a)the warning is to
be in the form of a box as indicated inform 4;(b)the warning is to be set out
immediately above (and onthe same page as) the place where the
guarantor (or atleastoneoftheguarantors)istosigntheguaranteedocument;(c)if the guarantors are to sign the
guarantee document onseparate pages—the warning is to be so
set out on eachsuch page.Note—Section 50 of the Code requires a
guarantee to be in writing signed bythe guarantor.
Section 50(3) provides that the regulations may makeprovision for or with respect to the content
of guarantees and the waythey are expressed.21Explanation about guarantor’s rights
and obligations(1)Forthepurposesofsection51(1)(b)oftheCode,theinformation document is to be a
written document in—(a)before 1 December 1998—form 5 or 5A;
or(b)from 1 December 1998—form
5A.
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2227s 22Consumer Credit
Regulation 1995(2)The information document may be in the
form of a separatedocument or a part of the guarantee
document.Note—Section51(1)(b)oftheCoderequiresacreditprovidertogiveaprospectiveguarantoranexplanationintheformrequiredbytheregulations of
the guarantor’s rights and obligations. The explanationmust
be given before the obligations under the relevant credit
contractare secured by the guarantee.Part
5Matters prescribed for thepurposes of part 4 of the Code(Changes to obligations undercredit contracts, mortgagesand
guarantees)22Information about increases in the
amount of credit(1)Forthepurposesofsection65(3)oftheCode,suchofthefollowinginformationasisascertainableisprescribedinrespectofacreditcontract(otherthanacontinuingcreditcontract)—(a)the
date of the change in the contract;(b)the
unpaid daily balance at the date of the notice;(c)theamountbywhichtheamountofcreditwillbeincreased in accordance with the
agreement;(d)thepersons,bodiesoragents(includingthecreditprovider) to whom
the amount referred to in paragraph(c) is to be paid
and the amounts payable to them;(e)the
total of the amounts referred to 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 payableafter the change in the
contract;
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22A28Consumer Credit Regulation 1995s
22A(h)currentrepaymentdetails,beingthenumberofrepayments yet to be made, the amount of
each of thoserepaymentsandthetotalamountofthoserepaymentsyet
to be paid;(i)the repayment details once the
agreement is made, beingthenumberofrepaymentsyettobemadeoncetheagreementismade,theamountofeachofthoserepayments, the total amount of those
repayments anddetailsofanychangesinthetimesorfrequencyofrepayment;(j)if
commission is to be paid by or to the credit providerfortheintroductionofcreditbusinessorbusinessfinancedbytheincreasedamountofcreditunderthecontract—information of the kind
referred to in section15(M) of the Code;(k)the
proposed increase in the term of the contract;(l)the
proposed new expiry date for the contract.Note—Section 65(1) of the Code requires a
credit provider to give notice to theother party of a
change to a credit contract, mortgage or guarantee thathas
been agreed to by the credit provider and the other party. The
noticemust be given within 30 days after the date
of the agreement. Section65(3) of the Code provides that, if
the parties propose to increase theamount of credit
by agreement, the credit provider must also give to thedebtor, before the agreement is made, a
written notice containing theinformation
required by the regulations.(2)Despite subsection (1), the matter in
subsection (1)(h) and (i)relatingtothetotalamountofrepaymentsneedonlybeincluded in the
written notice given under section 65(3) of theCodeifthecontractconcernedwould,ontheassumptionsunder sections
158 and 160 of the Code, be paid out within 7years of the date
on which credit is first provided under thecontract.22AApplication of ss 66 to 69 of the
Code(1)For the purposes of section 66(3) of
the Code, sections 66 to69 of the Code do not apply to a
credit contract under whichthe maximum amount of credit that is
or may be provided is
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2329s 23AConsumer Credit
Regulation 1995morethananamountequalto110%oftheamountoftheaverage loan size for new dwellings in
New South Wales.(2)In this section—averageloansizefornewdwellingsinNewSouthWalesmeans the average
loan size for the purchase of new dwellingsinNewSouthWalesassetoutintheTableofHousingFinanceCommitmentsinthepublicationentitledHousingFinance,Australia,aspublishedfromtimetotimebytheAustralian Bureau
of Statistics.Part 6Matters
prescribed for thepurposes of part 5 of the Code(Ending and enforcing creditcontracts, mortgages andguarantees)23Information after surrender of goodsFor
the purposes of section 78(3) of the Code, the informationrequiredtobecontainedinthenoticeistoincludetheinformation set out in form 6.Note—Section 78 of the
Code enables a debtor of goods sold by instalments ormortgagortosurrenderthegoods.Section78(3)requiresacreditprovider to give
a debtor or mortgagor a written notice containing theestimated value of the goods and any other
information required by theregulations.23AApplication of pt 5, div 3 of the
Code(1)For the purposes of section 86(2) of
the Code, part 5, division3 of the Code does not apply to a
credit contract in respect ofwhichthemaximumamountofcreditthatisormaybeprovided is more than an amount equal
to 110% of the amountoftheaverageloansizefornewdwellingsinNewSouthWales.
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2430s 24Consumer Credit
Regulation 1995(2)In this section—average loan
size for new dwellings in New South WalesmeanstheaverageloansizeforthepurchaseofnewdwellingsinNewSouthWalesassetoutintheTableofHousing Finance Commitments in the
publication entitledHousing Finance, Australia, as
published from time to timeby the Australian Bureau of
Statistics.24Consent to enter premisesForthepurposesofsection91oftheCode,consentbytheoccupier of premises to entry to the
premises is taken to begivenonlyifthefollowingprovisionshavebeencompliedwith—(a)a request to the occupier for entry to
the premises mustbe made by the credit provider or agent by
application inwriting or by calling at the premises
concerned;(b)iftherequestismadepersonally,itmayonlyberequested between the hours of 8a.m. to
8p.m. on anyday other than a Sunday or public
holiday;(c)the consent in writing must be in form
7 and signed bythe occupier;(d)the
written document of consent is not to be presented tothe
occupier for signature with, or as part of, any otherdocument (unless the other document, or the
remainderof the other document, contains only the
provisions ofsection 91 of the Code).Note—Section 91(1) of the Code provides
that a credit provider, or anagent of the
credit provider, must not enter any part of premisesusedforresidentialpurposesforthepurposeoftakingpossession of
mortgaged goods under a goods mortgage unlessthe court has
authorised entry or the occupier of the premises(after being informed in writing of the
provisions of section 91)consented in writing to the entry.
Under section 91(2) of theCode, the regulations may provide
procedures for the purposesof section 91 and set out
circumstances in which consent is or isnot taken to have
been given.
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2531s 27Consumer Credit
Regulation 199525Statement about mortgagor’s rights and
obligationsForthepurposesofsection94(1)(c)oftheCode,theinformation statement is to be a
written statement in form 8.Note—Section94(1)oftheCoderequiresacreditproviderwhohasrepossessed goods
to give the mortgagor certain information, includingan
information statement in the form required by the regulations of
themortgagor’s rights and obligations.26Information about proceeds of sale of
mortgaged goodsFor the purposes of section 96(3) of the
Code, the informationrequiredtobegiventothemortgagorincludesanitemisedaccountofeachdeductionmadefromthegrossamountrealised on the sale to arrive at the net
proceeds of sale.Note—Section 96(3) of
the Code requires a credit provider that sells mortgagedgoods
to give the mortgagor a written notice stating the gross
amountrealisedonthesale,thenetproceedsofthesaleandcertainotherinformation, including other information
required by the regulations.Part 7Matters prescribed for thepurposes of part 7 of the Code(Related sale contracts)27Rate
of interest on damagesFor the purposes of section 122(1) of
the Code, the prescribedrate of interest in respect of the
relevant credit contract is theannual percentage
rate under that contract as at—(a)the
date of the judgment; or(b)if the contract
was not still in force at that date—the dateimmediately
before the contract was terminated.
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2832s 29Consumer Credit
Regulation 1995Note—Section122(1)oftheCodeallowsinteresttobepaidondamagesawarded under the
linked credit provider provisions of the Code. Therate
of interest is to be the rate prescribed by the regulations.28Informing debtor of rightsForthepurposesofsection126(2)oftheCode,theinformationgivenbythecreditprovidertothedebtoristobe—(a)a
written statement in form 9; and(b)given
to the debtor within 21 days of the termination ofthetiedloancontractorthetiedcontinuingcreditcontract.Note—Section 126(1) of
the Code provides for the termination of a linkedmaintenance services contract if a credit
contract is terminated. Section126(2) of the
Code requires the credit provider in that case to inform thedebtor in accordance with the regulations of
the debtor’s rights undersection 126.29Rebate of considerationFor the purposes
of section 126(3) of the Code, the manner ofcalculatingtheproportionaterebateofconsiderationisbyapplying the following formula—R=C------×-----S--Twhere—Ris the amount of rebate of
consideration.Cis the amount of the charges under the
maintenance servicescontract financed under the credit
contract.Sis the number of whole months in the
unexpired portion ofthe period for which maintenance was agreed
to be provided.Tis the number of whole months for
which maintenance wasagreed to be provided.
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3033s 30Consumer Credit
Regulation 1995Note—Section 126(1) of
the Code provides that, if a debtor terminates a linkedmaintenance services contract because of the
termination of the creditcontract, the debtor is entitled to a
proportionate rebate of considerationunder the
maintenance services contract. Section 126(3) of the Codeprovides that the regulations may prescribe
the manner of calculatingthat proportionate rebate of
consideration.Part 8Matters
prescribed for thepurposes of part 8 of the Code(Related insurance contracts)30Particulars of insurance entered into
by credit provider(1)Forthepurposesofsection136(2)oftheCode,thecreditprovider is to
give the debtor particulars of the key features ofthe
credit-related insurance contract.(2)The
key features of the contract are the following—(a)the
name of the insurer;(b)the kind of insurance, the risks
insured against and theexclusions;(c)the
beneficiaries under the policy;(d)the
expiry date of the policy;(e)the premium
payable (to the extent ascertainable);(f)thefeesandchargespayable(totheextentascertainable);(g)the
person by whom, and the person with whom, a claimmay
be made in respect of the policy, and the manner ofmaking such a claim.(3)Thewrittennoticeofanyoftheparticularsreferredtoinsubsection (2)
may be given by the provision of a copy of thepolicy containing
those particulars.
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3134s 32Consumer Credit
Regulation 1995Note—Section 136(2) of
the Code provides that, if a credit provider enters intoa
credit-related insurance contract in which the debtor has a
beneficialinterest, the credit provider must ensure
that a written notice containingparticulars of
the insurance prescribed by the regulations is given to thedebtor within 14 days after the beneficial
interest is acquired by thedebtor. Credit-related insurance
consists of insurance over mortgagedproperty or
consumer credit insurance.31Proportionate
rebate of consumer credit insurancepremiumFor
the purposes of section 138(4) of the Code, the manner ofcalculatingtheproportionaterebateofpremiumisbyapplying the following formula—Y =
PS (S+1)T (T+1)where—Yis the amount of the rebate of
premium.Pistheamountofthepremiumpaid(notincludinganyamount payable in respect of a government
charge).Sis the number of whole months in the
unexpired portion ofthe period for which insurance was agreed to
be provided.Tisthenumberofwholemonthsforwhichinsurancewasagreed to be provided.32Notice of right to cancel mortgaged
property insuranceForthepurposesofsection139(2)oftheCode,theinformation given to the debtor by the
credit provider is to bea written statement in form 10.Note—Section 139 of
the Code provides that if a credit contract is terminatedbefore the end of the term of a
credit-related insurance contract overmortgaged
property financed under the credit contract, the debtor mayterminatetheinsurancecontractandrecoverfromtheinsureraproportionate rebate of premium. Section
139(2) provides that a creditprovider must
inform the debtor, in accordance with the regulations, ofthe
debtor’s rights under section 139. The information is to be given
onthe termination of the credit
contract.
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3335s 33AConsumer Credit
Regulation 199533Proportionate rebate of premium for
insurance overmortgaged propertyFor the purposes
of section 139 of the Code, the manner ofcalculating the
proportionate rebate of premium is to calculatethe sum of the
following amounts—(a)the amount of premium paid in respect
of any period ofthe insurance contract that has not yet
commenced;(b)90% of the proportion of the amount of
the premium forinsurancepaidinrespectofthecurrentperiodoftheinsurance
contract attributable to the unexpired portionof that period
consisting of whole months.Note—Section 139(3) of the Code provides
that the regulations may prescribethe manner of
calculating the proportionate rebate of premium for thepurposes of section 139.Part 8AMatters prescribed for thepurposes of part 9A of theCode
(Comparison rates)33ARelevant comparison rate where annual
percentage ratestatedForthepurposesofsection146F(2)oftheCode,thedesignated amounts and terms for which
a comparison rate isto be calculated are as follows—(a)$250 for a term of 2 weeks;(b)$1000 for a term of 6 months;(c)$2500 for a term of 2 years;(d)$10000 for a term of 3 years;(e)$30000 for a term of 5 years;(f)$150000 for a term of 25
years.
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33B36Consumer Credit Regulation 1995s
33C33BInformation about whether comparison
rate relates tosecured loanForthepurposesofsection146G(2)oftheCode,thefollowingamountsareprescribedasamountsforwhichastatement must be made as to whether a
comparison rate is fora secured loan or an unsecured
loan—(a)$10000;(b)$30000.33CWarnings about comparison rate(1)For the purposes of section 146H(1) of
the Code, the warningabouttheaccuracyofacomparisonrateinacreditadvertisement must—(a)include the short statement or long
statement; and(b)begiveninthesameformasthecomparisonrateisgivenunlessthecreditadvertisementisontelevision,the Internet or
other electronic display medium.2(2)For the purposes of section 146O(1) of
the Code, the warningabout the accuracy of a comparison
rate in a comparison rateschedule must include the long
statement.(3)Awarningmayalsocontainastatementthatthecreditprovider does not
provide credit for an amount, or a term, orboth, specified
in a credit advertisementorcomparison
rateschedule.(4)In
this section—long statementmeans the
following statement—‘WARNING:Thiscomparisonrateappliesonlytotheexample or
examples given. Different amounts and terms willresult in different comparison rates. Costs
such as redraw feesor early repayment fees, and cost savings
such as fee waivers,are not included in the comparison rate but
may influence thecost of the loan.’.short
statementmeans the following statement—2For a credit advertisement on an
electronic display medium, see the ConsumerCredit Code,
section 146I(3) for the form in which the warning must be
given.
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33D37Consumer Credit Regulation 1995s
33D‘WARNING:Thiscomparisonrateistrueonlyfortheexamplesgivenandmaynotincludeallfeesandcharges.Different terms,
fees or other loan amounts might result in adifferent
comparison rate.’.33DRelevant comparison rate
schedules(1)Forthepurposesofsection146M(2)oftheCode,thedesignatedamountsofcreditandtermsforwhichacomparison rate is required to be listed in
a comparison rateschedule are as follows—(a)$250
for a term of 2 weeks;(b)$600 for a term
of 8 weeks;(c)$1000 for a term of 6 months;(d)$1500 for a term of 1 year;(e)$2500 for a term of 2 years;(f)$5000 for a term of 2 years;(g)$10000 for a term of 3 years;(h)$15000 for a term of 4 years;(i)$20000 for a term of 4 years;(j)$25000 for a term of 5 years;(k)$30000 for a term of 5 years;(l)$50000 for a term of 7 years;(m)$70000 for a term of 25 years;(n)$100000 for a term of 25 years;(o)$130000 for a term of 25 years;(p)$150000 for a term of 25 years;(q)$200000 for a term of 25 years;(r)$225000 for a term of 25 years;(s)$250000 for a term of 25 years;(t)$275000 for a term of 30 years;(u)$300000 for a term of 30
years.
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33E38Consumer Credit Regulation 1995s
33F(2)For the purposes of section 146M(2) of
the Code, if a creditprovidergenerallyprovidescreditforanamountlistedinsubsection (1)(m) to (u) for a term of less
than 25 years forpurposes other than for a housing loan, the
term prescribed fortheamountisthetermforwhichcreditofthatamountisprovided by the credit
provider.(3)If the annual percentage rate
applicable to an amount of creditprovidedbyacreditproviderisdeterminedbyacreditprovideraccordingtotheriskprofileofthedebtor,acomparisonratescheduleinwhichtheamountisincludedmust contain 5
comparison rates for that amount.(4)The
comparison rates foran amount of credit mentioned insubsection (3) are to be calculated on the
basis of repaymentswithanannualpercentageratethatistheaverageannualpercentage rate charged by the credit
provider for the amountrounded to the nearest whole number
and the 2 whole numberrates above and below that
rate.33EInformation about whether comparison
rate relates tosecured loan(1)For
the purposes of section 146M(4) of the Code, amounts ofnot
less than $10000 and not more than $30000 are prescribedas
amounts for which a statement must be made as to whetheracomparisonrateinacomparisonratescheduleisforasecured loan or
an unsecured loan.(2)Acomparisonrateschedulemay,butisnotrequiredto,containstatementsastowhetheracomparisonrateinacomparison rate
schedule is for a secured loan or unsecuredloanforamountsotherthantheamountsforwhichsuchastatement is required to be made by
subsection (1).33FCalculation of comparison rates(1)Forthepurposesofthispart,comparisonratesaretobecalculated in
accordance with this section.(2)The
comparison rate must be calculated as a nominal rate perannum,togetherwiththecompoundingfrequency,inaccordance with this
section.
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33F39Consumer Credit Regulation 1995s
33F(3)The comparison rate is given by the
following formula—i=n×r×100%where—nis
the number of repayments per annum to be made underthe
credit contract (annualised if the term of the contract isless
than 12 months), except that—(i)if
repayments are to be made weekly or fortnightly—nis to
be 52.18 or 26.09, respectively; and(ii)if
the contract does not provide for a constant intervalbetweenrepayments—nistobederivedfromtheinterval selected
for the purposes of the definition of jmentioned
below.ris the solution of the
following—Σt(---l---+A-----jr---)--j=Σt-R(---l-j--+-+----r-C--)--jjj=oj=owhere—jis the time, measured as a multiple
(not necessarily integral)of the interval between contractual
repayments that will haveelapsed since the first amount of
credit is provided under thecredit contract,
except that if the contract does not provide fora
constant interval between repayments an interval of any kindis to
be selected by the credit provider as the unit of time.tis the time, measured as a multiple of
the interval betweencontractual repayments (or other interval so
selected) that willelapsebetweenthetimewhenthefirstamountofcreditisprovided and the time when the last
repayment is to be madeunder the contract.Ajis the amount of credit to be provided
under the contract attime j (the value of j for the
provision of the first amount ofcredit is taken
to be zero).
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33G40Consumer Credit Regulation 1995s
33GRjis the repayment to be made at time
j.Cjis the fee or charge (if any) payable
by the debtor at time jin addition to the repayments Rj,
being a credit fee or charge(otherthanagovernmentfee,chargeorduty)thatisascertainable when the comparison rate
is disclosed (whetheror not the credit fee or charge is
payable if the credit is notprovided).(4)The comparison rate must be correct to
at least the nearest onehundredth of 1% per annum.(5)Intheapplicationoftheaboveformulae,reasonableapproximationsmaybemadeifitwouldbeimpracticalorunreasonablyoneroustomakeaprecisecalculation.Forexample, if repayments are to be made on a
fixed day eachmonth, it may be assumed that repayments
will be made onthat day each month even though the credit
contract providesforpaymentontheprecedingorsucceedingbusinessdaywhen the due date is not a business
day.(6)The tolerances and assumptions under
sections 158 to 160 ofthe Code apply to the calculation of
the comparison rate.(7)The comparison rate must be
accompanied by a statement oftheamountofcreditonwhichitisbasedandthetermforwhich
credit is provided.33GExemption of certain premises(1)A credit provider is exempt from
section 146K(1) of the Codein relation to premises of the credit
provider if the use of thepremises relating to the provision of
credit is limited to 1 ormore of the following—(a)the display or provision of credit
advertisements that donot,orinformationthatdoesnot,containanannualpercentage
rate;(b)thedistribution,orcollection,orboth,ofcreditapplications.(2)A
credit provider is exempt from section 146K(5) of the Codein
relation to applications for credit sent or given by the
creditprovider from or at premises referred to in
subsection (1).
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33H41Consumer Credit Regulation 1995s
3433HExemptions in relation to comparison
rate schedules(1)A finance broker is exempt from
section 146L of the Code inrelation to any consumer credit
product if the finance brokerdoes not deal
with that product.(2)A supplier of goods or services is
exempt from section 146Lof the Code in relation to any
consumer credit product of alinked credit
provider of the supplier that is not available forthe
purposes of providing credit relating to the supply of thegoods
or services.33HAMatters that may be included in
comparison rateschedulesA comparison rate
schedule may include a statement as to thefrequency of
repayments used to calculate a comparison ratecontained in the
schedule.33IExpiry of partThis part expires
on the expiry of part 9A of the Code.Part 9Matters prescribed for thepurposes of part 10 of the Code(Consumer leases)34Declaration about purpose of leases(1)For the purposes of section 150 of the
Code, the form of thedeclaration is as follows—‘I/We
declare that the goods to be hired by me/us fromthe
lessor are to be hired wholly or predominantly forbusiness purposes.’.(2)The
declaration is to contain (immediately below the abovewordsor,ifaconsumerleaseismadebyelectronic
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3542s 35Consumer Credit
Regulation 1995communication,prominentlydisplayedwhen(butnotafter)the person signs)
a warning in the following form—IMPORTANTYou
shouldnotsign this declaration unless the goods
are hired wholly orpredominantly for business purposes.BysigningthisdeclarationyoumayloseyourprotectionundertheConsumer Credit Code.(3)The declaration is to contain—(a)the signature of each person making
the declaration; and(b)either the date on which the
declaration is signed or thedate on which it
is received by the lessor.Note—The
Code applies to consumer leases only if the goods are hired
forpersonal, domestic or household purposes.
Section 150(2) of the Codeprovidesthatgoodshiredunderaconsumerleaseareconclusivelypresumed not to
be hired for those purposes if the lessee declares, beforehiring the goods, that the goods are hired
wholly or predominantly forbusinesspurposes.Thedeclarationisnoteffectiveunlessitissubstantially in
the form required by the regulations.35Explanation about rights and obligations of
consumerlessees(1)For
the purposes of section 153 of the Code, the informationstatement is to be a written statement in
form 11.(2)The information statement may be in
the form of a separatedocument or a part of the consumer
lease document.Note—Section 153 of
the Code requires a lessor under a consumer lease to givea
lessee a statement in the form required by the regulations
explainingthe lessee’s rights and obligations. The
explanation must be given within14 days after
entering into the lease.
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3643s 36Consumer Credit
Regulation 1995Part 10Matters
prescribed for thepurposes of part 11 of the Code(Miscellaneous)36Tolerances relating to disclosures(1)For the purposes of section 158(1)(a)
of the Code—(a)information about a percentage rate
that contains morethan 4 decimal places is within permissible
tolerances ifit is rounded-off to not less than 4 decimal
places (solong as it is correct to the nearest fourth
decimal place);and(b)informationaboutanyamountpayablethatincludesafraction of a cent is within permissible
tolerances if it isrounded-off to the nearest whole
cent.(2)For the purposes of section 158(1)(a)
of the Code, informationabout any amount payable that depends
for its accuracy on aninterest charge that is correct only
because of a permissibletolerance under subsection (1) (and is
not inaccurate for anyother reason) is also within
permissible tolerances.(3)Forthepurposesofthissectionandsection37ofthisregulation—(a)apercentageratemayberoundeduptothenearesthighest fourth
decimal place only if the part of the ratebeing rounded up
exceeds 0.00005; and(b)a fraction of a cent may be rounded up
to the nearesthighest whole cent only if the fraction
being rounded upexceeds 0.5 cents.Note—Section158oftheCodeprovidesthatinformationdisclosedinaprecontractual
statement or contract document etc. under the Code istaken
to be correctly disclosed if it is within tolerances allowed by
theregulations and the disclosure is made as at
a date stated in it.(4)For the purposes of section 158(1)(a)
of the Code, informationdisclosed about any—(a)interest charges or repayments
payable; or
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3744s 37Consumer Credit
Regulation 1995(b)creditfeesorchargesthataregovernmentfeesorgovernment charges;is
within permissible tolerances if it overstates the amount oramounts payable.(5)However, any such overstatement does not
affect the amountspayable under the credit contract and
accordingly is not withinpermissible tolerances for the
purposes of section 159 of theCode(unlessitiswithinpermissibletolerancesbecauseofsection 37 of this regulation).37Tolerances relating to amounts payable
etc.(1)For the purposes of section 159 of the
Code—(a)if the daily or other percentage rate
to be used for thecalculation of an amount of interest
contains more than4decimalplaces,theamountofinterestiswithinpermissible
tolerances if the rate used for the calculationis rounded-off to
not less than 4 decimal places (so longas it is correct
to the nearest fourth decimal place); and(b)an
amount charged, payable or calculated that includes afraction of a cent is within permissible
tolerances if it isrounded-off to the nearest whole cent;
and(c)ifthecreditproviderisauthorisedbyalawofthisjurisdictiontocharge(orobtainreimbursementinrespect of) an amount of duty in the nature
of receipts orfinancialinstitutionsdutythatisnotwithinapermissibletoleranceunderparagraph(a)or(b),thatamount is within permissible
tolerances.(2)Forthepurposesofsection159oftheCode,anyamountwhich depends for
its accuracy on an interest charge that iscorrectonlybecauseofapermissibletoleranceundersubsection (1)
(and is not inaccurate for any other reason) isalso within
permissible tolerances.Note—Section 159 of the Code provides that all
amounts charged, payable orcalculatedunderorinconnectionwithacreditcontract,mortgage,guarantee or consumer lease comply with the
Code if they are withintolerances allowed by the
regulations.
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3845s 38AConsumer Credit
Regulation 199538Additional assumptions relating to
disclosures(1)Disclosures for the purposes of the
Code relating to interestcharges,repaymentsandfeesandchargesmay,ifanyrepayment is to
be made or interest charge or fee or charge istobepaidordebitedonaparticularday,bemadeontheassumptionthattherepaymentwillbemadeortheinterestchargeorfeeorchargepaidordebitedonthatdayeventhough it is not a business day and the
contract provides thatthe repayment is to be made or the
interest charge or fee orcharge paid or debited on the next
preceding or succeedingbusiness day.(2)DisclosuresforthepurposesoftheCoderelatingtorepaymentsandinterestchargesmayalsobemadeontheassumption that the amount of credit will be
provided on thedate—(a)nominatedforthatpurposeinthepre-contractualstatement given
under section 14 of the Code; or(b)ifnodateissonominated—ontherelevantdateofdisclosure set out in the financial
statement as referredto in section 13(8) of this
regulation; or(c)if no date is so set out—the date on
which the statementis given to the debtor.(3)Subsection (2) does not apply to—(a)a continuing credit contract;
or(b)acreditcontractunderwhichcreditisprovidedprogressively and
the dates on which the credit is to beprovided are not
ascertainable.38AContracts linked to loan account
offset arrangements(1)Disclosures for the purposes of the
Code relating to a creditcontract linked to a loan account
offset arrangement may bemade on the assumption that the
contract is not linked to thearrangement.(2)Iftheamountofinterestchargesunderacreditcontractisaffectedbyaloanaccountoffsetarrangementduringastatement period—
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3946s 39Consumer Credit
Regulation 1995(a)the statement of account is to
disclose the net interestchargedebitedunderthecreditcontractduringthestatement period; and(b)anysuchstatementofaccountmustalsoshowtheamountbywhichthenetinterestdiffersfromtheinterest charge
that would otherwise have been payableunder the credit
contract if the interest charge had notbeen affected by
the loan account offset arrangement.39Requirements for print or type(1)Forthepurposesofsection162(1)(b)oftheCode,printortype
must be not less than 10 point.Note—Section 162(1)(b) of the Code provides
that a credit contract, guaranteeor notice given
by a credit provider under the Code, to the extent that itis
printed or typed, must conform with the provisions of the
regulationsas to print or type.(2)For
the purposes of section 162(1A)(b) of the Code, if a creditcontract, mortgage or guarantee or a notice
given by a creditproviderundertheCodeistransmittedbyelectroniccommunication—(a)the
electronic communication must not incorporate anyimage,message,advertisementorotherfeaturethatdistracts, or is reasonably likely to
distract, the recipientorotherwisereducesorinterferes,orisreasonablylikely to reduce
or interfere, with the recipient’s abilityto understand the
credit contract, mortgage or guaranteeor notice;
and(b)ifanimage,message,advertisementorotherfeatureaccompaniesorisassociatedwiththeelectroniccommunication, it
must be readily distinguishable fromthe credit
contract, mortgage or guarantee or notice; and(c)the
recipient must be readily able to scroll through thewhole
of the credit contract, mortgage or guarantee ornotice; and(d)thefulladdress(notbeingapostofficebox)andtelephone number at which the credit
provider may be
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39A47Consumer Credit Regulation 1995s
39Acontactedmustbeincludedinthecreditcontract,mortgage or guarantee or notice.39AExemptions in relation to electronic
communicationsForthepurposesofsection164A(3)oftheCode,thefollowing transactions, documents or
information, or classesof transactions, documents or
information, must not be made,given or provided
by electronic communication—(a)a
guarantee to which the Code applies under section 9 ofthe
Code;(b)a copy of a guarantee given under
section 52(1)(a) of theCode;(c)a
copy of a credit contract given under section 52(1)(b)of
the Code;(d)acopyofacontractdocumentgivenundersection54(2)(a) of the Code;(e)a
notice setting out particulars of the change in the termsof
the credit contract under section 56(1)(a) of the Code;(f)a default notice under section 80(1)
of the Code;(g)a default notice under section 80(2)
of the Code;(h)information concerning the provisions
of section 91 oftheCodeprovidedtotheoccupierofpremisesundersection 91(1)(b) of the Code;(i)arequestforentrytopremisesundersection24(a)ofthis regulation;(j)a
consent to enter premises under section 24(c) of thisregulation;(k)a
notice under section 94(1) of the Code;(l)a
demand made on the supplier under section 120(5)(a)of
the Code;(m)a demand made on the supplier under
section 120(6)(a)of the Code;(n)a
notice of intention to repossess under section 156(1) ofthe
Code;
s
4048s 40Consumer Credit
Regulation 1995(o)a transaction on which duty is only
charged under thelaws of this jurisdiction if the transaction
is effected orevidenced by an instrument or document in
hard copyform;(p)an
instrument on which duty is only charged under thelaws
of this jurisdiction if the instrument is in hard copyform.40Address for notices(1)Forthepurposesofsection171(4)or(6)oftheCode,anomination is to be in the following
form—(a)thenominationistocontainthewords‘I/Wenominate............[fullnameofpersonnominated]toreceivenoticesandotherdocumentsundertheConsumer Credit Code on behalf of me/all of
us’;(b)the nomination is to contain a
prominent statement thateach debtor/mortgagor/guarantor is
entitled to receive acopy of any notice or other document
under the Codeand that by signing the form they are giving
up the rightto be provided with information direct from
the creditprovider;(c)the
nomination is to contain a prominent statement thatanypersonwhohassignedtheformcanadvisethecredit provider at any time in writing
that they wish tocancel their nomination.(2)For
the purposes of section 171(5) of the Code, a consent is tobe in
the following form—(a)theconsentistocontainthewords‘Weconsenttonotices and other documents under the
Consumer CreditCode to us being sent jointly to us
at............[address forservice]’;(b)the
consent is to contain a prominent statement that eachdebtor/mortgagor/guarantor is entitled to
receive a copyof any notice or other document under the
Code and thatby signing the form they are giving up the
right to beprovidedwithinformationseparatelyfromthecreditprovider;
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40A49Consumer Credit Regulation 1995s
41(c)the consent is to contain a prominent
statement that anypersonwhohassignedtheformcanadvisethecreditprovider at any
time in writing that they wish to canceltheir
consent.Part 11Savings and
transitionalprovisionsNote—TheprovisionsofthispartareauthorisedbytheConsumerCredit(Queensland)Act1994,section11.Othersavingsandtransitionalprovisionsapplicableinparticularjurisdictionsarecontainedinthelegislation of participating States
and Territories that adopt the Code.Division 1General40ATransitional provisionsThispartismadepursuanttosection11oftheConsumerCredit(Queensland)Act1994andhaseffectdespiteanyprovision of the Code.41DefinitionsIn this
part—pre-Code continuing credit contractmeans
a pre-Code creditcontract that is a continuing credit
contract.pre-Code credit contractmeans a contract
for the provision ofcredit of a kind to which the Code
applies—(a)made before the commencement of the
Code; or(b)made after the commencement of the
Code if the offerby the credit provider or debtor to enter
into the contractwas made before the commencement of the
Code.
s
4250s 43Consumer Credit
Regulation 1995the commencement of the Codemeans—(a)thedayappointedundertheConsumerCredit(Queensland)Act1994,section2forthecommencement of the Code; or(b)if different days are so appointed for
the commencementofdifferentprovisionsoftheCode—thedaysoappointedforthecommencementoftherelevantprovision of the
Code.Division 2Savings and
transitional provisionsgenerally42Application of Code—pre-Code contracts other
thancontinuing credit contracts(1)The Code does not apply to the
provision of credit under apre-Code contract (other than a
continuing credit contract) orto the contract
and related matters.(2)To avoid doubt, this section has
effect even though credit isprovided after
the commencement of the Code.(3)This
section is subject to section 52 of this regulation.43Application of Code—pre-Code
continuing creditcontracts(1)The
Code applies to the provision of credit under a pre-Codecontinuingcreditcontract(andtothecontractandrelatedmatters) on and
from the deferred commencement date for thecontract.(2)The deferred commencement date for
such a contract is—(a)thedateofthecommencementofthefirstcompletestatementperiod(referredtoinsection32(A)oftheCode) after the
commencement of the Code; or(b)the
date that is 3 months after the commencement of theCode
or, if the contract is made after the commencementof
the Code, 3 months after the contract is made;whichever date
first occurs.
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4451s 44Consumer Credit
Regulation 1995(3)However—(a)if
the debtor’s debt under the contract has been writtenoff—the deferred commencement date is the
date that is30 days after any amount is credited or
debited to thedebtor’s account; or(b)ifthedebtorisindefaultunderthecontractandthecreditproviderhasbegunenforcementproceedings—thedeferredcommencementdateisthedate that is 30
days after the default is remedied or theenforcement
proceedings are withdrawn (whichever firstoccurs);
or(c)ifthedebtorisindefaultunderthecontractformorethan 90 days and has been notified by
the credit providerthatnofurthercreditwillbeprovidedunderthecontract—the deferred commencement
date is the datethat is 30 days after the credit provider
agrees to providefurther credit under the contract.(4)The credit provider may, by written
notice to the debtor underapre-Codecontinuingcreditcontract,fixasthedeferredcommencement date for the contract a date
that is earlier thanthedateotherwisefixedbysubsection(2)and(3),andthenotice has effect accordingly.(5)EventhoughtheCodecommencestoapplytoapre-Codecontinuingcreditcontractonthedeferredcommencementdateforthecontract,theCodedoesnotapplytoanythingdone or omitted
to be done in respect of the contract beforethat deferred
commencement date.44Application of Code—mortgages and
guarantees(1)The Code applies to a mortgage or
guarantee made before thecommencementoftheCodetotheextentthatitsecuresobligationsunderacreditcontract,orrelatedguarantee,towhichtheCodeappliesortotheextentthatitguaranteesobligations under a credit contract to which
the Code applies.(2)However—(a)part
3 of the Code (except sections 54(2) and 56) doesnot
apply to such a mortgage or guarantee; and
s
4552s 47Consumer Credit
Regulation 1995(b)part5,division2oftheCodedoesnotapplytoanyenforcement
action under such a mortgage or guaranteethatwascommencedbeforetheCodecommencestoapplytothecreditcontractorrelatedguaranteeconcerned.(3)The
remainder of the Code applies only to anything done oromitted to be done in respect of such a
mortgage or guaranteeafter the Code commences to apply to
the credit contract orrelated guarantee concerned.45Application of Code—goods leases with
option topurchaseSection 10 of the
Code does not apply to a contract for the hireof goods—(a)made before the commencement of the
Code; or(b)made after the commencement of the
Code if the offerby the hirer or other party to enter into
the contract wasmade before the commencement of the
Code.46Application of Code—purpose for which
credit isprovidedIn the
application of section 6(1)(b) of the Code to a pre-Codecontinuing credit contract (relating to the
purposes for whichcreditisprovidedorintendedtobeprovided),therelevantdate for
determining that purpose is the date when the Codecommences instead of the date when the
contract is enteredinto.47Presumptions relating to application of Code
to pre-Codecontinuing credit contracts(1)The provisions of section 11(2) to (4)
of the Code apply to adeclaration relating to a pre-Code
continuing credit contract.(2)For that
purpose—(a)thedeclarationistobemadeinrespectoftheapplicationofcreditthatistobeprovidedafterthedeclaration is made; and
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4853s 48Consumer Credit
Regulation 1995(b)appropriatechangesmaybemadetotheformofdeclaration prescribed under section
11(4) of the Code.(3)A declaration relating to a pre-Code
continuing credit contractmay, despite anything to the contrary
in those provisions, bemade after the contract was entered
into and either before orafterthecommencementoftheCode.However,ifthedeclaration is
made after the Code commences to apply to thecredit contract,
the declaration does not apply to or in respectof credit
provided before the declaration is made.48Disclosures to debtors under pre-Code
continuing creditcontracts(1)Thecreditproviderunderapre-Codecontinuingcreditcontract
must—(a)not later than 3 months after the
commencement of theCode (and either before or after that
commencement); or(b)if the contract is made after that
commencement—notlater than 3 months after the contract is
made;give the debtor the statements required by
section 14 of theCode (Pre-contractual disclosure) to be
given in the case of acredit contract to which that section
applies.Maximum penalty—50 penalty units.(2)Such a statement need not contain any
information or warningthat is only relevant to action to be
taken before or at the timeof entering the contract nor any
information or warning thathas ceased to be relevant. In
particular, such a statement neednot be given
about any amount that became due for paymentbefore the
statement is given.(3)However,forthepurposesonlyofastatementoftheinformation
referred to in section 15(L)(b) of the Code, therelevant period of 3 months in subsection
(1) is increased to15 months.(4)The
requirements of this section may be complied with by theissueofanewcontractdocumentinwhichtherequiredstatements under
this section are included.(5)The information
required by this section need not be set out inthe form and
manner required by section 13 of this regulation.
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4954s 50Consumer Credit
Regulation 1995(6)Part 6 of the Code does not apply to a
requirement imposed bythis section.49Special transitional provision with respect
topre-determined credit chargeSections 26 and 27 of the Code do not
prohibit the impositionofcreditchargesunderacreditcontract(otherthanacontinuing credit contract) that are
determined at the date thecontract is entered into if—(a)the contract is entered into within 12
months after thecommencement of the Code; and(b)thecontractprovidesthatattheendofthecontractarefund is to be made to the debtor of
the amount (if any)by which the amount of interest charges that
has beenpaid exceeds the amount of interest charges
that wouldhave been payable if the contract complied
with sections26 and 27 of the Code.50Special transitional provision with respect
to earlypayment of interest(1)This
section applies only to a credit contract—(a)that
is part of a securitised program; and(b)thatisenteredintowithin12monthsafterthecommencement of the Code.(2)Section27oftheCodedoesnotprohibitarequirementforpayment of or the debit of an interest
charge before the end ofthe day to which the interest charge
applies if—(a)it is permitted under the credit
contract; and(b)that payment is not demanded or
debited more than 21daysinadvanceoftheendofthedaytowhichtheinterest charge applies.(3)In
this section—securitised programmeans a
program—
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5155s 53Consumer Credit
Regulation 1995(a)involvingthefunding,orproposedfunding,ofcreditthat has been or
is to be provided by a credit provider bythe issue of
instruments or entitlements to investors; and(b)under
which payments to investors in respect of thoseinstrumentsorentitlementsareprincipallyderived,directlyorindirectly,fromrepaymentsinrespectofcredit so provided.51First
statement of opening balance for pre-Codecontinuing credit
contractsSection 33 of the Code does not apply to the
first statement ofaccount given under the Code for a pre-Code
continuing creditcontract.52Variation of existing pre-Code
non-continuing creditcontracts to increase creditSection65(3)oftheCodeappliestoapre-Codecreditcontractthatisnotacontinuingcreditcontract,despitesection 42 of this regulation.53Variation of existing contracts
imposing monetaryliabilities prohibited by Code(1)Ifapre-CodecontinuingcreditcontracttowhichtheCodeapplies imposes a monetary liability
prohibited by the Code,the credit provider may, by notice to
the debtor, unilaterallychange the contract so that it does
not impose such a liability.(2)Anysuchchangemustnotincreasetheobligationsofthedebtor under the contract.(3)Any such change may be made to take
effect from the day onwhich the Code first applies to the
contract, even though thenotice of the change is not given to
the debtor until after thatday.(4)Part6oftheCodedoesnotapplytotheimpositionofamonetaryliabilityprohibitedbytheCodeinapre-Codecontinuing credit
contract, being a liability imposed before theCode begins to
apply to the contract.
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5456s 55Consumer Credit
Regulation 199554Application of Code—hardship and
unjust transactionswith respect to pre-Code continuing credit
contracts(1)Sections 66 to 69 of the Code
(relating to changes on groundsof hardship)
apply to applications in respect of any pre-Codecontinuingcreditcontracteventhoughthecauseofthehardship arose before the commencement
of the Code.(2)Sections 70 and 72 of the Code
(relating to re-opening unjusttransactions and
unconscionable charges) do not apply, exceptas provided by
subsection (3), in respect of—(a)a
pre-Code continuing credit contract; or(b)a
mortgage or guarantee relating to such a contract thatismadebeforetheCodecommencestoapplytothecontract.(3)If
the provisions of a pre-Code continuing credit contract, orsuchamortgageorguarantee,arevariedafterthatcommencement,sections70and72oftheCodeapplyinrespect of the contract, mortgage or
guarantee, but—(a)theoperationofthecontract,mortgageorguaranteebefore that
commencement may not be affected; and(b)the
court may have regard to anything that is unjust orunconscionable only if it is attributable to
the variation.55Previous default notice(1)A default notice referred to in
section 80 of the Code includes,in the case of
enforcement proceedings for a default under apre-Code credit
contract to which the Code applies, a defaultnotice for that
default duly given before the commencementof the Code under
the law then in force.(2)Accordingly—(a)afurtherdefaultnoticeneednotbegivenundertheCode
in respect of that default; and(b)the
default notice is taken to be a default notice undersection80oftheCodeforthepurposesofsection85and
the other provisions of the Code.
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5657s 58Consumer Credit
Regulation 199556Application of Code—related sale
contractsPart 7 of the Code does not apply to
anything done or omittedtobedoneinrespectofasalecontractthatisrelatedtoapre-Code continuing credit contract if
it was done or omittedbefore the Code begins to apply to
that credit contract.57Application of
Code—consumer leasesThe Code does not apply to a consumer
lease—(a)entered into before the commencement
of the Code; or(b)entered into after the commencement of
the Code if theoffer by the lessor or lessee to enter into
the lease wasmade before the commencement of the
Code.Division 3Special
transitional provisions58Credit fees and
charges(1)Paragraph (b) of the definition
ofcredit fees and chargesinschedule1totheCodedoesnotapplytoafeeorchargereferred to in
subsection (5).(2)For the purposes of the Code, credit
fees and charges do notinclude any fees or charges that are
payable to or by a creditproviderinconnectionwithacreditcontractinconnectionwith which both
credit and debit facilities are available if thefees
or charges would be payable even if credit facilities werenot
available.(3)Despite subsection (2), an annual fee
or charge in connectionwithacontinuingcreditcontractunderwhichcreditisordinarily obtained only by the use of
a card is a credit fee orcharge for the purposes of the
Code.(4)For the purposes of the Code,
enforcement expenses are notcredit fees and
charges.(5)This section applies to a fee or
charge payable in connectionwith—(a)apre-CodecreditcontracttowhichtheCodeapplies;and
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5958s 60Consumer Credit
Regulation 1995(b)anyothercreditcontractenteredintonotlaterthan2years after the commencement of the
Code.59Matters to be included in contract
document(1)Theamountofcreditrequiredundersection15(B)oftheCodetobeincludedinthecontractdocumentdoesnotinclude—(a)any interest charge under the
contract; or(b)any fee or charge that—(i)is to be or may be debited to the
debtor’s accountafter credit is first provided under the
contract; and(ii)is not payable in connection with the
making of thecontract or the making of a mortgage or
guaranteerelated to the contract.(2)The
requirement under section 15(F)(a)(ii) of the Code that acontract document contain the total amount
of the repaymentsapplies to a credit contract only if the
contract would, on theassumptions in sections 158 and 160 of
the Code, be paid outwithin7yearsofthedateonwhichcreditisfirstprovidedunder
the contract.(3)Theprescribedinformationtobecontainedinthepre-contractualstatementrelatingtosection15(B)and(F)(a)(ii)oftheCodeistheinformationunderthoserequirements as
changed by this section.(4)This section
applies to credit contracts entered into not laterthan
2 years after the commencement of the Code.60Copies of contracts and mortgages for
debtors(1)Section 18(2) of the Code does not
apply if, when the creditprovider gives the debtor a copy of
the contract document tosign and return to the credit
provider, the credit provider givesthedebtoracopyofthecontractdocumentsignedbythecredit provider to keep.(2)Section39oftheCodedoesnotapplyif,whenthecreditprovider gives
the debtor a copy of the mortgage document to
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6159s 63Consumer Credit
Regulation 1995sign and return to the credit provider, the
credit provider givesthe debtor a copy of the mortgage
document to keep.(3)This section applies to credit
contracts and mortgages enteredintonotlaterthan2yearsafterthecommencementoftheCode.61End
of day for purposes of credit contracts(1)Section25(2)oftheCodeextendstospecifying,foranypurpose or purposes under a credit
contract, when a day ends.Different times may be specified for
different purposes.(2)This section applies—(a)to pre-Code credit contracts to which
section 25(2) ofthe Code applies; and(b)to
any other credit contracts entered into not later than 2years
after the commencement of the Code.62Early
debit of interest charges(1)Section27oftheCodedoesnotapplytothedebitofaninterest charge under a credit
contract before the end of theperiod to which
the charge applies if—(a)the charge is
debited on the last day of the period; and(b)the
amount debited is not treated by the credit provideras
part of the unpaid daily balance for that day for thepurposeofcalculatinginterestchargesunderthecontract.(2)This
section applies to debits made not later than 2 years afterthe
commencement of the Code.63Dating and
adjustment of debits and credits in accounts(1)Exceptasprovidedbythissection,forthepurposesoftheCode (including section 27) and the
credit contract, a debit oracreditmadebyacreditprovidertoadebtor’saccountistaken
to have been made, and has effect, on the date assignedto
the debit or credit, not on the date on which it is
processed.
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6460s 64Consumer Credit
Regulation 1995(2)Exceptasprovidedbythissection,acreditprovidermaysubsequentlyadjustdebitsorcreditstoadebtor’saccount,and
the account balances, so as to accurately reflect the legalobligations of the debtor and the credit
provider.(3)However, subsections (1) and (2) do
not permit a debit or acredit to be assigned a date other
than the date on which it isprocessed, or the
subsequent adjustment of a debit or credit oraccount balance,
if—(a)the assignment or adjustment is not
consistent with thecredit contract; or(b)the
adjustment results in an interest charge that is morethanthemaximumamountpermittedbytheCode,ascalculated on the basis of debits or
credits to a debtor’saccount consistent with the credit
contract; or(c)the assignment or adjustment results
in a contraventionof section 24 of the Code; or(d)the assignment of the date on which an
interest charge istaken to be debited results in a debit being
taken to bedonebeforeatimepermittedundertheCodeorthisregulation.(4)For
the purposes of section 32(K) of the Code, a statement ofaccount must set out any adjustments made
under this sectionduring the statement period.(5)This section applies to adjustments
of, and debits and creditsto,debtors’accountsmadenotlaterthan2yearsafterthecommencement of the Code.(6)This section does not affect the
operation of section 18 of thisregulation.(7)An
adjustment by a credit provider under subsection (2) doesnot
affect any liability of a credit provider under part 6 of
theCode.64Statements of account for multiple facility
contracts(1)Sections31and32oftheCodeapplysothataseparatestatement of
account may be, but is not required to be, givenin
respect of any or all credit facilities provided under a
creditcontract.
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6561s 67Consumer Credit
Regulation 1995(2)This section applies—(a)to pre-Code credit contracts to which
sections 31 and 32of the Code apply; and(b)to
any other credit contracts entered into not later than 2years
after the commencement of the Code.65Requirements for statements of amounts
owing(1)A credit provider is not required
under section 34(1)(c) or (d)of the Code to
provide information in a statement under thatsection about
amounts which are not then currently overdue orpayable.(2)This section applies—(a)to pre-Code credit contracts to which
section 34 of theCode applies; and(b)to
any other credit contracts entered into not later than 2years
after the commencement of the Code.66Particulars of interest rate changes(1)A credit provider is only required
under section 59(2) of theCode to give the debtor particulars of
the new rate or rates or,if a rate is determined by referring
to a reference rate, the newreference
rate.(2)Subsection (1) applies only if the
credit provider—(a)makes it clear to the debtor that the
rate has changed; or(b)issues to the debtor a new set of
terms and conditionsrelating to the credit contract.(3)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.67Particulars of repayment
changes(1)A credit provider is only required
under section 60(1)(a) and(2) of the Code to give the debtor
particulars of the matter aschanged.
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6862s 69Consumer Credit
Regulation 1995(2)Subsection (1) applies only if the
credit provider—(a)makes it clear to the debtor that the
matter has changed;or(b)issues to the
debtor a new set of terms and conditionsrelating to the
credit contract.(3)A credit provider must give the
written notice required undersection 60(1) of
the Code not later than 20 days before thechange takes
effect.(4)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.68Particulars of credit fees and charges
changes(1)A credit provider is only required
under section 61(1)(a), (2)and (3) of the Code to give the debtor
particulars of the matteras changed.(2)Subsection (1) applies only if the credit
provider—(a)makes it clear to the debtor that the
matter has changed;or(b)issues to the
debtor a new set of terms and conditionsrelating to the
credit contract.(3)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.69Particulars of unilateral changes by
credit provider(1)A credit provider is only required
under section 63(1)(a) and(2) of the Code to give the other
party particulars of the matteras
changed.(2)Subsection (1) applies only if the
credit provider—(a)makes it clear to the debtor that the
matter has changed;or(b)issues to the
debtor a new set of terms and conditionsrelating to the
credit contract.(3)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.
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7063s 71Consumer Credit
Regulation 199570Agreed changes to contracts, mortgages
and guarantees(1)A credit provider is only required
under section 65(1)(a) ofthe Code to give the other party
particulars of the matter aschanged.(2)Subsection (1) applies only if the
credit provider—(a)makes it clear to the debtor that the
matter has changed;or(b)issues to the
debtor a new set of terms and conditionsrelating to the
credit contract.(3)The information required to be given
under section 22(c) ofthis regulation, and section 65(3) of
the Code, in relation totheamountbywhichtheamountofcreditisincreasedbyagreement, does not include—(a)any interest charge under the
contract; or(b)any fee or charge that—(i)is to be or may be debited to the
debtor’s accountafter credit is first provided under the
agreement toincrease the amount of credit; and(ii)is not payable in connection with the
making of theagreementorthemakingofthemortgageorguarantee related to the agreement.(4)Therequirementsundersection22(h)and(i)ofthisregulation, and section 65(3) of the
Code, to include the totalamount of repayments yet to be made in
information providedapply only if the credit contract would, on
the assumptions insections 158 and 160 of the Code, be paid
out within 7 yearsof the date of the notice.(5)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.71Particulars of changes on grounds of
hardship(1)Acreditproviderisonlyrequiredundersection67oftheCode to give the
debtor, and any guarantor, particulars of thematter as
changed.
s
7264s 74Consumer Credit
Regulation 1995(2)Subsection (1) applies only if the
credit provider—(a)makes it clear to the debtor that the
matter has changed;or(b)issues to the
debtor a new set of terms and conditionsrelating to the
credit contract.(3)This section applies to a change that
occurs not later than 2years after the commencement of the
Code.72Key requirements(1)Section 100 of the Code applies so that any
requirements ofsection 15, 21, 32 or 33 of the Code that
are modified by thisregulation are taken to be requirements of
the Code (whereapplicable) for the purposes of section 100
of the Code.(2)Section 100(1)(e) and (i) and (2)(d)
and (f) of the Code applyso that the key requirements referred
to in those provisions donot apply to credit fees and charges
that are government feesor government charges.(3)This section applies—(a)to pre-Code credit contracts to which
section 100 of theCode applies; and(b)to
any other credit contracts entered into not later than 2years
after the commencement of the Code.73Termination of insurance contractsSection 125 of the Code does not apply to a
sale contract if thecontract is a contract of consumer credit
insurance cancelledundersection64AoftheInsuranceContractsAct1984(Cwlth) not later
than 2 years after the commencement of theCode.74Application of Code to related
insurance contracts(1)TheCodedoesnotapplytoacontractforinsuranceovermortgagedpropertyinconnectionwithacreditcontractunless the property is mortgaged to secure
obligations underthe credit contract.
s
7565s 75Consumer Credit
Regulation 1995(2)TheCodedoesnotapplytoacontractforconsumercreditinsuranceinconnectionwithacreditcontractunlessthecontract for consumer credit insurance
insures the obligationsof the debtor under the credit
contract.(3)This section applies to contracts of
insurance entered into notlater than 2 years after the
commencement of the Code.75Contribution to
civil penalties by participants inprograms(1)A credit provider who is ordered to
pay a civil penalty underpart 6 of the Code may recover—(a)the amount of the civil penalty;
and(b)anyothermoneyorderedtobepaidbythecreditprovider,orlegalcostsorothercostsorexpensespayable or
incurred by the credit provider, related to theorder;fromthenominatedcreditproviderforthepurposesofthecredit contract
concerned.(2)A credit provider who agrees to pay an
amount of money to adebtor or other person in settlement of an
application for anorderunderpart6mayrecovertheamount,andanylegalcostsorothercostsorexpensespayableorincurredbythecredit provider related to the
application, from the nominatedcreditproviderforthepurposesofthecreditcontractconcerned.(3)A
person is a nominated credit provider for the purposes of acreditcontractifthepersonandthecreditproviderhaveagreed in writing, before the commencement
of section 169Aof the Code (as inserted by the amending
Act), that the personisthenominatedcreditproviderforthepurposesofthissectionandthepersonisinvolvedinthecreditprogramofwhich the credit contract is
part.(4)The liability of a nominated credit
provider under this sectionissubjecttothetermsoftheagreementunderwhichthenominated credit provider agrees to be
the nominated creditprovider.
s
7666s 76Consumer Credit
Regulation 1995(5)For the avoidance of doubt, a credit
provider under a creditprogramwhoholdstherightsunderacreditcontract,mortgage or guarantee on trust for another
may recover anyamountpayablebythecreditproviderasreferredtoinsubsection (1) or (2) from the assets
of the trust, subject to theterms of the
trust.(6)Thissectionappliesonlytocreditcontacts,enteredintobefore the commencement of section 169A of
the Code (asinsertedbytheamendingAct),thatarepartofacreditprogram,includingapublicmortgagetrustprogram,asecuritised program or a bare trustee
program—(a)involvingthefunding,orproposedfunding,ofcreditthat has been or
is to be provided, or the purchase of aperson’srightsunderacreditcontract,mortgageorguarantee, by the issue of instruments or
entitlements toinvestorsandunderwhichpaymentstoinvestorsinrespectofthoseinstrumentsorentitlementsareprincipally derived, directly or indirectly
from paymentsin respect of the credit provided; or(b)involvingtheprovisionofcreditbyacreditproviderwho
holds the rights under a credit contract, mortgage orguaranteeontrustforanotherandunderwhichpayments to the beneficiary under the
trustee programareprincipallyderived,directlyorindirectlyfrompayments in respect of the credit
provided.(7)In this section—amendingActmeanstheConsumerCredit(Queensland)Amendment Act
1998.76Recovery by
nominated credit providerA nominated credit provider who is
required to pay an amountof money to a credit provider as a
consequence of section 75may recover that money from another
person involved in thecredit program if—(a)thenominatedcreditproviderandthepersonhaveagreed in writing that the person is a
person liable to paythe amount under this section;
and
s
7767s 81Consumer Credit
Regulation 1995(b)the amount is payable under the terms
of the agreementunder which the person agrees to be so
liable.77Effect of ss 75–76Sections 75 and
76 do not derogate from any other rights andremedies that
exist apart from those sections.Division 4Transitional provisions arising fromamending Act78DefinitionIn this
division—amendingActmeanstheConsumerCredit(Queensland)Amendment Act
1998.79Inclusion of
additional information in financial tableInformation
relating to the period over which repayments areto be
made may continue to be, but need not be, included inthe
information required to be provided in the precontractualstatement, as set out in section 13 of this
regulation, despitethe amendment of section 15F of the Code by
the amendingAct.80Changes to key
requirementsNothing done by the amending Act affects any
liability of aperson under part 6, division 1 in respect
of a contravention ofa key requirement that occurred before
the amendment by thatAct of the provision containing the
key requirement.81Limitation of guarantor’s
liabilitySection 55 of the Code, as in force before
its amendment bythe amending Act, continues to apply to a
guarantee signedbefore the commencement of the amendment but
ceases to soapply if the guarantor’s liabilities are
increased in accordancewith section 56 of the
Code.
s
8268s 82Consumer Credit
Regulation 199582Nominations to receive noticesA
nomination given under section 171(3) of the Code, and inforce
immediately before the repeal of that provision, is takentohavebeengivenundersection171(4)oftheCode,asinserted by the amending Act. Any such
nomination may bewithdrawn by the person who gave
it.
69Consumer Credit Regulation 1995ScheduleFormssection 4Form 1Prescribed terms andconditions of
mortgagesection 10(3)(f) of the Codesection 9 of the regulation1In this mortgage—goodsmeans
the goods hired under the hire contract.hirecontractmeansthecontractforthehireofgoodsasaconsequenceofwhichthemortgagorandthesupplieraredeemed by section 10(3)(f) of the Code to
have entered intothis mortgage.mortgagormeansthepersontowhomthegoodsarehiredunder the hire
contract.suppliermeansthepersonfromwhomthegoodsarehiredunder the hire
contract.the Codemeans the
Consumer Credit Code.2The mortgagor
gives and the supplier takes a mortgage of thegoods.3Themortgagor’srightorobligationtopurchasethegoods,which is
contained in the hire contract, is extinguished.4Subjecttoitem5,thesuppliermaytakepossessionofthegoods, or may take possession of, and
sell, the goods if—(a)thesupplierwasinducedbyfraudonthepartofthemortgagor to enter into the hire
contract; or
70Consumer Credit Regulation 1995Schedule (continued)Form 1
(continued)(b)the mortgagor, contrary to a term of
the hire contract,has attempted to assign or dispose of the
goods; or(c)the mortgagor, contrary to a term of
the hire contract,has—(i)failed to keep
the goods in good order and repair;or(ii)failed to keep the goods insured or
registered; or(d)the mortgagor has made default in the
payment of anyinstalmentorothermonetarysumdueunderthehirecontract;
or(e)the mortgagor has made default in any
other obligationunder the hire contract which is likely to
affect directlythe value of the supplier’s security;
or(f)the mortgagor has returned the goods
to the supplier, orhasgivennoticeinwritingtothesupplier,thatthemortgagorcannotcontinuetoobservetheobligationsimposed by the
hire contract.5Nothing in item 4 affects the
operation of any statute or anyprinciple of law
or equity applicable to the rights and duties ofthe
mortgagor or supplier in relation to each other.
71Consumer Credit Regulation 1995Form
2Schedule (continued)Information
statementsection 14(1)(b) of the Codesection 11 of the regulationThings you should know about your proposed
creditcontractThisstatementtellsyouaboutsomeoftherightsandobligations of yourself and your
credit provider. It does notstate the terms
and conditions of your contract.Ifyouhaveanyconcernsaboutyourcontract,contactyourcreditproviderand,ifyoustillhaveconcerns,yourGovernment Consumer Agency, or get legal
advice.The contract1How
can I get details of my proposed credit contract?Your
credit provider must give you a precontractual statementcontainingcertaininformationaboutyourcontract.Theprecontractual statement, and this document,
must be given toyou before—•your
contract is entered into; or•you
make an offer to enter into the contract;whichever happens
first.2How can I get a copy of the final
contract?If the contract document is to be signed by
you and returned toyour credit provider, you must be given a
copy to keep.Also,thecreditprovidermustgiveyouacopyofthefinalcontract within
14 days after it is made. This rule does not,
72Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)however, apply, if the credit provider has
previously given youa copy of the contract document to
keep.If you want another copy of your contract
write to your creditprovider and ask for one. Your credit
provider may charge youa fee. Your credit provider has to
give you a copy—•within14daysofyourwrittenrequestiftheoriginalcontract came into existence 1 year or less
before yourrequest; or•otherwise within 30 days of your written
request.3Can I terminate the contract?Yes.
You can terminate the contract by writing to the creditprovider so long as—•you
have not obtained any credit under the contract; or•a card or other means of obtaining
credit given to you byyour credit provider has not been used
to acquire goodsor services for which credit is to be
provided under thecontract.However,youwillstillhavetopayanyfeesorchargesincurred before
you terminated the contract.4Can I
pay my credit contract out early?Yes. Pay your
credit provider the amount required to pay outyour credit
contract on the day you wish to end your contract.5How can I find out the pay out
figure?You can write to your credit provider at any
time and ask for astatement of the pay out figure as at any
date you specify. Youcan also ask for details of how the
amount is made up.Yourcreditprovidermustgiveyouthestatementwithin7days after you give your request to
the credit provider. Youmay be charged a fee for the
statement.
73Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)6Will I pay less interest if I pay out
my contract early?Yes. The interest you can be charged depends
on the actualtime money is owing. However, you may have
to pay an earlyterminationcharge(ifyourcontractpermitsyourcreditprovider to
charge one) and other fees.7Can my contract
be changed by my credit provider?Yes, but only if
your contract says so.8Will I be told in
advance if my credit provider is goingto make a change
in the contract?That depends on the type of change. For
example—•yougetatleastsamedaynoticeforachangetoanannualpercentagerate.Thatnoticemaybeawrittennotice to you or a notice published in a
newspaper.•you get 20 days advance written notice
for—•a change in the way in which interest
is calculated;or•a change in
credit fees and charges; or•any other changes
by your credit provider;except where the change reduces what
you have to pay or thechange happens automatically under the
contract.9Is there anything I can do if I think
that my contract isunjust?Yes. You should
first talk to your credit provider. Discuss thematter and see if
you can come to some arrangement. If that isnotsuccessfulyoucouldapplytothecourt.ContacttheGovernment Consumer Agency or get legal
advice on how togo about this.
74Consumer Credit Regulation 1995InsuranceSchedule
(continued)Form 2 (continued)10Do I
have to take out insurance?Your credit provider can insist you
take out or pay the cost oftypesofinsurancespecificallyallowedbylaw.Thesearecompulsorythirdpartypersonalinjuryinsurance,mortgageindemnityinsuranceorinsuranceoverpropertycoveredbyany mortgage. Otherwise, you can
decide if you want to takeout insurance or not.11Will I get details of my insurance
cover?Yes, if you have taken out insurance over
mortgaged propertyor consumer credit insurance and the premium
is financed byyour credit provider. In that case the
insurer must give you acopyofthepolicywithin14daysaftertheinsurerhasaccepted the insurance proposal.Also,
if you acquire an interest in any such insurance policywhichistakenoutbyyourcreditproviderthen,within14days
of that happening, your credit provider must ensure youhave
a written notice of the particulars of that insurance.You
can always ask the insurer for details of your insurancecontract. If you ask in writing your insurer
must give you astatement containing all the provisions of
the contract.12If the insurer does not accept my
proposal, will I betold?Yes, if the
insurance was to be financed by the credit contract.The
insurer will inform you if the proposal is rejected.13In that case, what happens to the
premiums?Your credit provider must give you a refund
or credit unlessthe insurance is to be arranged with another
insurer.
75Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)14What happens if my credit contract
ends before anyinsurance contract over mortgaged
property?Youcanendtheinsurancecontractandgetaproportionaterebate of any
premium from the insurer.Mortgages15If my
contract says I have to give a mortgage, whatdoes this
mean?A mortgage means that you give your credit
provider certainrights over any property you mortgage. If
you default underyour contract, you can lose that property
and you might stillowe money to the credit provider.16Should I get a copy of my
mortgage?Yes. It can be part of your credit contract
or, if it is a separatedocument, you will be given a copy of
the mortgage within 14days after your mortgage is entered
into.However, you need not be given a copy if the
credit providerhas previously given you a copy of the
mortgage document tokeep.17Is
there anything that I am not allowed to do with theproperty I have mortgaged?Thelawsaysyoucannotassignordisposeofthepropertyunlessyouhaveyourcreditprovider’s,orthecourt’s,permission. You
must also look after the property. Read themortgage document
as well. It will usually have other termsandconditionsaboutwhatyoucanorcannotdowiththeproperty.
76Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)18WhatcanIdoifIfindthatIcannotaffordmyrepayments and there is a mortgage
over property?See the answers to questions 22 and
23.Otherwise you may—•if
the mortgaged property is goods—give the propertybacktoyourcreditprovider,togetherwithalettersaying you want
the credit provider to sell the propertyfor you;•sell the property, but only if your
credit provider givespermission first;OR•give the property to someone who may
then take overtherepayments,butonlyifyourcreditprovidergivespermission
first.Ifyourcreditproviderwon’tgivepermissioncontactyourGovernment Consumer Agency for
help.If you have a guarantor, talk to the
guarantor who may be ableto help you.Youshouldunderstandthatyoumayowemoneytoyourcredit provider even after mortgaged
property is sold.19Canmycreditprovidertakeorsellthemortgagedproperty?Yes,
if you have not carried out all of your obligations underyour
contract.20Ifmycreditproviderwritesaskingmewherethemortgaged goods are, do I have to say where
theyare?Yes.Youhave7daysafterreceivingyourcreditprovider’srequesttotellyourcreditprovider.Ifyoudonothavethegoods you must
give your credit provider all the informationyou have so they
can be traced.
77Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)21When can my credit provider or its
agent come into aresidence to take possession of mortgaged
goods?Yourcreditprovidercanonlydosoifithasthecourt’sapproval or the written consent of the
occupier which is givenafter the occupier is informed in
writing of the relevant sectionin the Consumer
Credit Code.General22What
do I do if I cannot make a repayment?Get in touch with
your credit provider immediately. Discussthe matter and
see if you can come to some arrangement. Youcanaskyourcreditprovidertochangeyourcontractinanumber of ways, for example—•to extend the term of the contract and
either reduce themount of each payment accordingly or defer
paymentsfor a specified period; or•to simply defer payments for a
specified period.23What if my credit provider and I
cannot agree on asuitable arrangement?If you have been
unemployed, sick or there is another goodreason why you
are having problems with your contract, thenyourcontractmaybeabletobechangedtomeetyoursituation.Youmaybeabletoapplytothecourt.ContactyourGovernment Consumer Agency or get legal
advice on how togo about this.Thereareotherpeople,suchasfinancialcounsellors,whomay
be able to help.
78Consumer Credit Regulation 1995Schedule (continued)Form 2
(continued)24Can my credit provider take action
against me?Yes, if you are in default under your
contract. But the law saysthatyoucannotbeundulyharassedorthreatenedforrepayments.Ifyouthinkyouarebeingundulyharassedorthreatened,contactyourGovernmentConsumerAgencyorthe
Trade Practices Commission, or get legal advice.25Do I have any other rights and
obligations?Yes. The law will give you other rights and
obligations. Youshould alsoREAD YOUR
CONTRACTcarefully.IFYOUHAVEANYDOUBTS,ORWANTMOREINFORMATION,CONTACTYOURGOVERNMENTCONSUMERAGENCYORGETLEGALADVICE.PLEASEKEEPTHISINFORMATIONSTATEMENT.YOU MAY WANT
SOME INFORMATION FROM IT ATA LATER
DATE.
Form
3A79Consumer Credit Regulation 1995Schedule (continued)section 15(O) of
the Codesection 15(2)(a) of the regulationIMPORTANTBEFORE YOU
SIGN*READ THIS CONTRACTDOCUMENT so that
you knowexactly what contract you areentering into and what you willhave
to do under the contract.*You should also
read theinformation statement: “THINGSYOU
SHOULD KNOW ABOUTYOUR PROPOSED CREDITCONTRACT”.THINGS YOU MUST KNOW*You
can withdraw this offer at anytime before the
credit provideraccepts it. When the credit providerdoes
accept it, you are bound by it.However, you may
end the contractbefore you obtain credit, or a cardor
other means is used to obtaingoods or services
for which creditis to be provided under the contract,by
telling the credit provider inwriting, but you
will still be liablefor any fees or charges alreadyincurred.*Youdo nothave to take
outconsumer credit insurance unlessyou
want to. If this contractdocument says so, you must takeout
insurance*Fill in or cross out any blankspaces.*If
you take out insurance, the creditprovider cannot
insist on anyparticular insurance company.*Get a copy of this contractdocument.*If
this contract document says so,the credit
provider can vary theannual percentage rate (the
interestrate), the repayments and the feesand
charges and can add new feesand charges
without your consent.*Do not
signthis contract document*If
this contract document says so,if there is
anything you do notthe credit provider can charge a feeunderstand.if you pay out
your contract early.
Form
3B80Consumer Credit Regulation 1995Schedule (continued)section 15(O) of
the Codesection 15(2)(b) of the regulationIMPORTANTBEFORE YOU
SIGN*READ THIS CONTRACTDOCUMENT so that
you knowexactly what contract you areentering into and what you willhave
to do under the contract.*You should also
read theinformation statement: “THINGSYOU
SHOULD KNOW ABOUTYOUR PROPOSED CREDITCONTRACT”.THINGS YOU MUST KNOW*Once
you sign this contractdocument, you will be bound by
it.However, you may end the contractbefore you obtain credit, or a cardor
other means is used to obtaingoods or services
for which creditis to be provided under the contract,by
telling the credit provider inwriting, but you
will still be liablefor any fees or charges alreadyincurred.*Youdo nothave to take
outconsumer credit insurance unlessyou
want to. If this contractdocument says so, you must takeout
insurance over any mortgagedproperty.*Fill in or cross out any blankspaces.*If
you take out insurance, the creditprovider cannot
insist on anyparticular insurance company.*Get a copy of this contractdocument.*If
this contract document says so,the credit
provider can vary theannual percentage rate (the
interestrate), the repayments and the feesand
charges and can add new feesand charges
without your consent.*Do not sign this
contract document*If this contract document says
so,if there is anything you do notthe
credit provider can charge a feeunderstand.if you pay out
your contract early.
Form
481Consumer Credit Regulation 1995Schedule (continued)section 50 of
the Codesection 20 of the regulationIMPORTANTBEFORE YOU
SIGN*READ THIS GUARANTEEDOCUMENT AND THE CREDITCONTRACT
DOCUMENT.*You should also read theinformation statement: “THINGSYOU
SHOULD KNOW ABOUTGUARANTEES.”*You
should obtain independentlegal advice.*You
should also consider obtainingindependent
financial advice.*You should make your owninquiries about the creditworthiness, financial position andhonesty of the debtor.THINGS YOU MUST
KNOW*Understand that, by signing
thisguarantee, you may becomepersonally responsible instead of,or as
well as, the debtor to pay theamounts which the
debtor owes andthe reasonable expenses of thecredit provider in enforcing theguarantee.*If
the debtor does not pay you mustpay. This could
mean you loseeverything you own including yourhome.*You
may be able to withdraw fromthis guarantee or
limit your liability.Ask your legal adviser about
thisbefore you sign this guarantee.*You are not bound by a change
tothe credit contract, or by a newcredit contract, that increases yourliabilities under the guaranteeunless you have agreed in writingand
have been given writtenparticulars of the change or a
copyof the new credit contractdocument.
82Consumer Credit Regulation 1995Form
5Schedule (continued)Information
statementsection 51(1)(b) of the Codesection 21 of the regulationThings you should know about
guaranteesThisinformationtellsyouaboutsomeoftherightsandobligationsofyourselfandthecreditprovider.Itdoesnotstate
the terms and conditions of your guarantee.Guarantees1What is a guarantee?A
promise by you that the person who is getting credit under acreditcontract(thedebtor)willkeeptoallthetermsandconditions. If that person does not do so,
you promise to paythe credit provider all the money owing on
the contract (andany reasonable enforcement expenses) as soon
as the money isasked for, up to the limit, if any, stated
in the guarantee. If youdonotpay,thenthecreditprovidercantakeenforcementaction against
you which may result in the forced sale of anyproperty owned by
you such as your house.2HowdoIknowhowmuchthedebtorisborrowingand how the
credit charges are worked out?Thesedetailsareonthecopyofthecreditcontractorproposed credit contract that you should be
given before yousign the guarantee.3What
documents should I be given?Before you sign
the guarantee you should get—
83Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)•the document you are reading now;
and•a copy of the credit contract or
proposed credit contract.Your guarantee is not enforceable
unless you get a copy ofthe credit contract or proposed credit
contract before yousign.Within 14 days
after you sign the guarantee and give it to thecredit provider,
the credit provider must give you a copy of—•the
signed guarantee (if you do not already have a copyof
the guarantee); and•the credit contract or proposed credit
contract (if you donot already have a copy of the
contract).4Can I get a statement of the amount
that the debtorowes?Yes.Youcanaskthecreditprovideratanytimeforastatementoftheamountthedebtorcurrentlyowesoranyamountscreditedordebitedduringaperiodyouspecifyoranyamountswhichareoverdueandwhentheybecameoverdue or any amount payable and the date
it became due.Thecreditprovidermustgiveyoutherequestedinformation—•within 14 days if all the information
requested related toa period 1 year or less before your request
is given; or•otherwise within 30 days.This
statement must be given to you in writing if you ask for itin
writing but otherwise may be given orally.You may be
charged a fee for the statement.You are not
entitled to more than 1 written statement every 3months.
84Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)5How can I find out the payout
figure?You can write to the credit provider at any
time and ask for astatement of the amount required to pay out
the credit contractas at any date you specify. You can also ask
for details of theitems that make up the amount.The
credit provider must give you the statement within 7 daysafter
you give your request to the credit provider. You may becharged a fee for the statement.6What other information can I
get?You can write to the credit provider and ask
for a copy of—•the guarantee; or•any
credit-related insurance contract (such as insuranceon
mortgaged property) the credit provider has; or•anoticepreviouslygiventoyou,thedebtororthemortgagor under
the Consumer Credit Code.The credit provider must give you the
requested copy—•within14daysofyourwrittenrequestifthecontractcame
into existence 1 year or less before the request wasgiven
to the credit provider; or•otherwise within
30 days.The credit provider may charge you a
fee.Your request can be made any time up to 2
years after the endof the credit contract.7Can I
withdraw from my guarantee?Yes, by written notice to the credit
provider, if—•youdosobeforethedebtorgetsanycreditunderthecredit contract; or
85Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)•atanytimeifthefinalcreditcontractismateriallydifferent from
the proposed credit contract given to youbefore you signed
the guarantee.8Can I limit my guarantee?Yes,ifitrelatestoacontinuingcreditcontract(suchasacredit card
contract or an overdraft). In that case you can givethe
credit provider a notice limiting the guarantee so that itonly
applies to—•credit previously given to the debtor;
and•any other amount you agree to
guarantee.9Canmyguaranteealsoapplytoanyfuturecontracts?No,unlessthecreditproviderhasgivenyouacopyoftheproposed new credit contract and you
have given your writtenacceptance.10If my
guarantee says I have to give a mortgage, whatdoes this
mean?A mortgage means that you give the credit
provider certainrights over any property you mortgage. If
you default underyour guarantee, you can lose that property
and you might stillowe money to the credit provider.11Should I get a copy of my
mortgage?Yes.Itcanbepartofyourguaranteeor,ifitisaseparatedocument, you
will be given a copy of the mortgage within 14days after your
mortgage is entered into.
86Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)12Is there anything that I am not
allowed to do with theproperty I have mortgaged?Thelawsaysyoucannotassignordisposeofthepropertyunlessyouhavethecreditprovider’s,orthecourt’s,permission. You
must also look after the property. Read themortgage document
as well. It will usually have other termsandconditionsaboutwhatyoucanorcannotdowiththeproperty.13What can I do if I find that I cannot
afford to pay outthe credit contract and there is a mortgage
over myproperty?See the answer to
question 22.Otherwise you may—•if
the mortgaged property is goods—give the propertybacktoyourcreditprovider,togetherwithalettersaying you want
the credit provider to sell the propertyfor you;•selltheproperty,butonlyifthecreditprovidergivespermission
first;OR•givethepropertytosomeonewhomaythenpayallamountsowingundertheguaranteeorgiveasimilarguarantee,butonlyifthecreditprovidergivespermission
first.Ifthecreditproviderwon’tgivepermissioncontactyourGovernment Consumer Agency for
help.You should understand that you may owe money
to the creditprovider even after mortgaged property is
sold.14Canthecreditprovidertakeorsellthemortgagedproperty?Yes,
if you have not carried out all of your obligations underyour
guarantee.
87Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)15Ifthecreditproviderwritesaskingmewherethemortgaged goods are, do I have to say where
theyare?Yes.Youhave7daysafterreceivingthecreditprovider’srequest to tell the credit provider. If you
do not have the goodsyou must give the credit provider all
the information you haveso they can be traced.16When can the credit provider or its
agent come into aresidence to take possession of mortgaged
goods?Thecreditprovidercanonlydosoifithasthecourt’sapproval or the written consent of the
occupier which is givenafter the occupier is informed in
writing of the relevant sectionin the Consumer
Credit Code.17If the debtor defaults, do I get any
warning that thecreditproviderwantstotakeactionagainstthedebtor?Inmostcasesbothyouandthedebtorgetatleast30daysfrom the date of a notice in writing
to do something about thematter. The notice must advise—•why the credit provider wants to take
action; and•whatcanbedonetostopit(ifthedefaultcanberemedied); and•that
if the same sort of default is committed within 30days
of the date of the notice and is not remedied withinthat
period, the credit provider can take action withoutfurther notice.You should
immediately discuss any warning notice with thedebtor and
consider getting independent legal advice and/orfinancial advice.However, there
will be no warning notice if—
88Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)•there is a good reason to think the
debtor committed afraudtopersuadethecreditprovidertoenterintothecontract; or•the
credit provider has been unable to locate the debtorafter
making reasonable efforts to do so; or•the
court says so; or•there is a good reason to think that
the debtor has, orwill, remove or dispose of mortgaged goods
without thecreditprovider’sconsent,orthaturgentactionisnecessary to protect mortgaged
property.18Whencanthecreditproviderenforceajudgmentagainst
me?When—•the
credit provider has judgment against the debtor andif
the judgment amount has still not been met 30 daysafter
the credit provider has asked the debtor in writingto
pay it; or•thecourtsayssobecauserecoveryfromthedebtorisunlikely; or•the
credit provider has been unable to locate the debtorafter
making reasonable efforts to do so; or•the
debtor is insolvent.19If the debtor cannot be found and the
credit providerintends to take legal action against me do I
get anywarning?You may not. See
the answer to question 17.
89Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)20Canthecreditprovidertakeactionagainstmewithout first taking action against
the debtor?Yes,butthecreditproviderwillnotbeabletoenforceanyjudgement against you except in the
circumstances describedin the answer to question 18.21How much do I have to pay the credit
provider if thedebtor defaults?Youhavetopaywhatthedebtorowesthecreditprovider,subject to any
limit provided in the guarantee, plus the creditprovider’sreasonableexpensesinmakingyouhonouryourcontract of guarantee.General22WhatcanIdoifIamaskedtopayoutthecreditcontract and I
cannot pay it all at once?Talk to the credit provider and see if
some arrangement can bemade about paying.Ifyoucannotcometoasuitablearrangement,contacttheGovernment Consumer Agency. There are
other people, suchas financial counsellors, who may be able to
help.23If I pay out money for a debtor, is
there any way I canget it back?Youcansuethedebtor,butremember,ifthedebtorcannotpaythecreditprovider,heorsheprobablycannotpayyouback for a while, if at all.24What happens if I go guarantor for
someone who isunder 18 when he or she signs a credit
contract?Youareresponsibleforthefulldebtifthecontractofguarantee has a clear and obvious
warning. The warning has
90Consumer Credit Regulation 1995Schedule (continued)Form 5
(continued)to tell you that the courts might not let
you sue the debtor ifyou have to pay out the credit
contract for him or her.25Do I have any
other rights and obligations?Yes. The law does
give you other rights and obligations. Youshould
alsoREAD YOUR GUARANTEEcarefully.IF
YOU HAVE ANY DOUBTS, OR YOU WANT MOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE.PLEASEKEEPTHISINFORMATIONSTATEMENT,YOU MAY WANT
SOME INFORMATION FROM IT ATA LATER
DATE.
91Consumer Credit Regulation 1995Form
5ASchedule (continued)Information
statementsection 51(1)(b) of the Codesection 21 of the regulationThings you should know about
guaranteesThisinformationtellsyouaboutsomeoftherightsandobligationsofyourselfandthecreditprovider.Itdoesnotstate
the terms and conditions of your guarantee.Guarantees1What is a guarantee?A
promise by you that the person who is getting credit under acreditcontract(thedebtor)willkeeptoallthetermsandconditions. If that person does not do so,
you promise to paythe credit provider all the money owing on
the contract (andany reasonable enforcement expenses) as soon
as the money isasked for, up to the limit, if any, stated
in the guarantee. If youdonotpay,thenthecreditprovidercantakeenforcementaction against
you which may result in the forced sale of anyproperty owned by
you such as your house.2HowdoIknowhowmuchthedebtorisborrowingand how the
credit charges are worked out?Thesedetailsareonthecopyofthecreditcontractorproposed credit contract that you should be
given before yousign the guarantee.3What
documents should I be given?Before you sign
the guarantee you should get—
92Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)•the document you are reading now;
and•a copy of the credit contract or
proposed credit contract.Your guarantee is not enforceable
unless you get a copy ofthe credit contract or proposed credit
contract before yousign.Within 14 days
after you sign the guarantee and give it to thecredit provider,
the credit provider must give you a copy of—•the
signed guarantee; and•the credit
contract or proposed credit contract (if you donot already have
a copy of the contract).4Can I get a
statement of the amount that the debtorowes?Yes.Youcanaskthecreditprovideratanytimeforastatementoftheamountthedebtorcurrentlyowesoranyamountscreditedordebitedduringaperiodyouspecifyoranyamountswhichareoverdueandwhentheybecameoverdue or any amount payable and the date
it became due.Thecreditprovidermustgiveyoutherequestedinformation—•within 14 days if all the information
requested related toa period 1 year or less before your request
is given; or•otherwise within 30 days.This
statement must be given to you in writing if you ask for itin
writing but otherwise may be given orally.You may be
charged a fee for the statement.You are not
entitled to more than 1 written statement every 3months.5How
can I find out the payout figure?You can write to
the credit provider at any time and ask for astatement of the
amount required to pay out the credit contract
93Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)as at any date you specify. You can also ask
for details of theitems that make up the amount.The
credit provider must give you the statement within 7 daysafter
you give your request to the credit provider. You may becharged a fee for the statement.6What other information can I
get?You can write to the credit provider and ask
for a copy of—•the guarantee; or•any
credit-related insurance contract (such as insuranceon
mortgaged property) the credit provider has; or•anoticepreviouslygiventoyou,thedebtororthemortgagor under
the Consumer Credit Code.The credit provider must give you the
requested copy—•within14daysofyourwrittenrequestifthecontractcame
into existence 1 year or less before the request wasgiven
to the credit provider; or•otherwise within
30 days.The credit provider may charge you a
fee.Your request can be made any time up to 2
years after the endof the credit contract.7Can I
withdraw from my guarantee?You can withdraw from your guarantee
at any time by writtennoticetothecreditproviderifthefinalcreditcontractismaterially different from the proposed
credit contract given toyou before you signed the
guarantee.If, when the credit contract was entered
into, the debtor wasordinarilyresidentinaplaceotherthanWesternAustralia,you
can also withdraw from your guarantee by written noticeto
the credit provider before the debtor gets any credit underthe
credit contract.
94Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)If, when the credit contract was entered
into, the debtor wasordinarilyresidentinWesternAustralia,youcanalsowithdraw from your guarantee by written
notice to the creditproviderbeforethedebtorgetsanycreditunderthecreditcontractprovided that either—•the debtor also terminates or has
terminated the creditcontract under section 19 (the section
of the ConsumerCredit Code which enables the debtor to
terminate thecreditcontractbeforeanycredithasbeenobtainedorattempted to be obtained under the
contract);or•the debtor has
not entered into a contract with anotherperson in
reliance on the availability of the credit subjectto
the guarantee.8Can I limit my guarantee?Yes,ifitrelatestoacontinuingcreditcontract(suchasacredit card
contract or an overdraft). In that case you can givethe
credit provider a notice limiting the guarantee so that itonly
applies to—•credit previously given to the debtor;
and•any other amount you agree to
guarantee.9Canmyguaranteealsoapplytoanyfuturecontracts?No,unlessthecreditproviderhasgivenyouacopyoftheproposed new credit contract and you
have given your writtenacceptance.10If my
guarantee says I have to give a mortgage, whatdoes this
mean?A mortgage means that you give the credit
provider certainrights over any property you mortgage. If
you default under
95Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)your guarantee, you can lose that property
and you might stillowe money to the credit provider.11Should I get a copy of my
mortgage?Yes.Itcanbepartofyourguaranteeor,ifitisaseparatedocument, you
will be given a copy of the mortgage within 14days after your
mortgage is entered into.12Is there anything
that I am not allowed to do with theproperty I have
mortgaged?Thelawsaysyoucannotassignordisposeofthepropertyunlessyouhavethecreditprovider’s,orthecourt’s,permission. You
must also look after the property. Read themortgage document
as well. It will usually have other termsandconditionsaboutwhatyoucanorcannotdowiththeproperty.13What can I do if I find that I cannot
afford to pay outthe credit contract and there is a mortgage
over myproperty?See the answer to
question 22.Otherwise you may—•if
the mortgaged property is goods—give the propertybacktoyourcreditprovider,togetherwithalettersaying you want
the credit provider to sell the propertyfor you;•selltheproperty,butonlyifthecreditprovidergivespermission
first;OR•givethepropertytosomeonewhomaythenpayallamountsowingundertheguaranteeorgiveasimilarguarantee,butonlyifthecreditprovidergivespermission
first.
96Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)Ifthecreditproviderwon’tgivepermissioncontactyourGovernment Consumer Agency for
help.You should understand that you may owe money
to the creditprovider even after mortgaged property is
sold.14Canthecreditprovidertakeorsellthemortgagedproperty?Yes,
if you have not carried out all of your obligations underyour
guarantee.15Ifthecreditproviderwritesaskingmewherethemortgaged goods are, do I have to say where
theyare?Yes.Youhave7daysafterreceivingthecreditprovider’srequest to tell the credit provider. If you
do not have the goodsyou must give the credit provider all
the information you haveso they can be traced.16When can the credit provider or its
agent come into aresidence to take possession of mortgaged
goods?Thecreditprovidercanonlydosoifithasthecourt’sapproval or the written consent of the
occupier which is givenafter the occupier is informed in
writing of the relevant sectionin the Consumer
Credit Code.17If the debtor defaults, do I get any
warning that thecreditproviderwantstotakeactionagainstthedebtor?Inmostcasesbothyouandthedebtorgetatleast30daysfrom the date of a notice in writing
to do something about thematter. The notice must advise—•why the credit provider wants to take
action; and•whatcanbedonetostopit(ifthedefaultcanberemedied); and
97Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)•that if the same sort of default is
committed within 30days of the date of the notice and is not
remedied withinthat period, the credit provider can take
action withoutfurther notice.You should
immediately discuss any warning notice with thedebtor and
consider getting independent legal advice and/orfinancial advice.However, there
will be no warning notice if—•there
is a good reason to think the debtor committed afraudtopersuadethecreditprovidertoenterintothecontract; or•the
credit provider has been unable to locate the debtorafter
making reasonable efforts to do so; or•the
court says so; or•there is a good reason to think that
the debtor has, orwill, remove or dispose of mortgaged goods
without thecreditprovider’sconsent,orthaturgentactionisnecessary to protect mortgaged
property.18Whencanthecreditproviderenforceajudgmentagainst
me?When—•the
credit provider has judgment against the debtor andif
the judgment amount has still not been met 30 daysafter
the credit provider has asked the debtor in writingto
pay it; or•thecourtsayssobecauserecoveryfromthedebtorisunlikely; or•the
credit provider has been unable to locate the debtorafter
making reasonable efforts to do so; or•the
debtor is insolvent.
98Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)19If the debtor cannot be found and the
credit providerintends to take legal action against me do I
get anywarning?You may not. See
the answer to question 17.20Canthecreditprovidertakeactionagainstmewithout first taking action against
the debtor?Yes,butthecreditproviderwillnotbeabletoenforceanyjudgement against you except in the
circumstances describedin the answer to question 18.21How much do I have to pay the credit
provider if thedebtor defaults?Youhavetopaywhatthedebtorowesthecreditprovider,subject to any
limit provided in the guarantee, plus the creditprovider’sreasonableexpensesinmakingyouhonouryourcontract of guarantee.General22WhatcanIdoifIamaskedtopayoutthecreditcontract and I
cannot pay it all at once?Talk to the credit provider and see if
some arrangement can bemade about paying.Ifyoucannotcometoasuitablearrangement,contacttheGovernment Consumer Agency. There are
other people, suchas financial counsellors, who may be able to
help.23If I pay out money for a debtor, is
there any way I canget it back?Youcansuethedebtor,butremember,ifthedebtorcannotpaythecreditprovider,heorsheprobablycannotpayyouback for a while, if at
all.
99Consumer Credit Regulation 1995Schedule (continued)Form 5A
(continued)24What happens if I go guarantor for
someone who isunder 18 when he or she signs a credit
contract?Youareresponsibleforthefulldebtifthecontractofguarantee has a clear and obvious
warning. The warning hasto tell you that the courts might not
let you sue the debtor ifyou have to pay out the credit
contract for him or her.25Do I have any
other rights and obligations?Yes. The law does
give you other rights and obligations. Youshould
alsoREAD YOUR GUARANTEEcarefully.IF
YOU HAVE ANY DOUBTS, OR YOU WANT MOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE.PLEASEKEEPTHISINFORMATIONSTATEMENT,YOU MAY WANT
SOME INFORMATION FROM IT ATA LATER
DATE.
Form
6TO:100Consumer Credit
Regulation 1995Schedule (continued)Information after
surrender ofmortgaged goodssection 78(3) of
the Codesection 23 of the regulation...............Date.........................................(name
of mortgagor).........................................(address of mortgagor)..................................................................................FROM:.........................................(name
of credit provider).........................................(address of credit provider)................DateCONTACT PERSON:. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.(name, telephone number and
address)
101Consumer Credit Regulation 1995Schedule (continued)Form 6
(continued)Youhavereturnedmortgagedgoodstothecreditprovider/askedthecreditprovidertosellthemortgagedgoods.*This
information tells you some of your rights and obligationsand
some of the options open to you.Details you
should knowDescription of the goods:. . .
. . . . . . . . . . . . . . . . . . . . . . . . . .Date
you returned the goods to the credit provider/asked thecredit provider to sell the goods*:. . .
. . . . . . . . . . . . . . . . . . .The cost of
enforcing the mortgage up to the date you returnedthe
goods to the credit provider/asked the credit provider tosell
the goods* is $ . . . . . . . . . . . . . .The cost of the
goods being in the credit provider’s possessionis $. . . . . . .
. . . . . . . . . .per . . . . . . . . . . . . . . . . .
**The credit provider’s estimate of the value
of the goods is $ . .How to get the goods returned or not
soldYOUCANGETTHEGOODSBACKORSTOPTHEMBEING
SOLD BY THE CREDIT PROVIDER IF YOU ASKTHECREDITPROVIDERANDIFTHEREPAYMENTSANDOTHEROBLIGATIONSUNDERTHECREDITCONTRACT HAVE
BEEN MET. YOUR REQUEST MUSTBEMADEINWRITINGWITHIN21DAYSOFTHISNOTICE BEING GIVEN TO
YOU.
102Consumer Credit Regulation 1995Schedule (continued)Form 6
(continued)If you do nothing, you may lose the
goods.Sale of goodsThe law says that
the credit provider must get the best pricereasonably
obtainable for the goods.Ifyouwantto,youcanintroduceabuyertothecreditprovider. This
has to be done in writing within 21 days afterthe date of this
notice and the buyer must be willing to pay thecreditprovider’sestimateofthevalueofthegoodsoranygreater amount
for which the credit provider has obtained awritten offer to
buy the goods.The credit provider must offer to sell the
goods to the buyeryou have introduced.Yourletterintroducingthebuyerhastoreachthecreditprovider before
the goods are sold. If you post the letter, it isbest
to send it by certified or registered mail. Then you cancheckthatitwasdelivered.Ifyoutakeittothecreditprovider’soffice,youshouldgetanemployeeofthecreditprovider to sign
and date something to say that your letter hasbeen received.
Make sure you keep anything that was signedby that
employee.Once the 21 day period has expired, the
credit provider mustsellthegoodsassoonasreasonablypracticableunlessyouand the credit provider agree on some
other time for sale.As mentioned above, the goods must be sold
for the best pricereasonably obtainable.Finalising the
contractAs soon as the goods are sold, the total
amount payable underthecreditcontractbecomesdue.Thecreditprovidermustcredit you with the proceeds of the
sale less—
103Consumer Credit Regulation 1995Schedule (continued)Form 6
(continued)•the amount owing under your mortgage
(which cannotbe more than the amount owing under the
contract); and•any amount owing under a prior
mortgage of the goods;and•any
amount owing under a subsequent mortgage of thegoods which the
credit provider knows about; and•thecreditprovider’sreasonableexpensesofenforcingthe mortgage;
and•the expenses reasonably incurred by
the credit providerinconnectionwiththepossessionandsaleofthemortgaged goods.After the goods
are sold the credit provider must give you anotice setting
out certain information including—•what
the sale price was; and•the net proceeds
of the sale; and•the amount credited to you; and•amountrequiredtopayoutthecreditcontractortheamount due under
the guarantee.GeneralYou should
discuss this matter with the credit provider as soonaspossible.Youshouldknowthatevenafterthegoodsaresold,
you will still have to pay the credit provider any amountstilloutstanding.Youmaybeabletoworkoutsomealternativearrangementaboutyourcontractifyouarethedebtor. For example, you could ask the
credit provider—•to extend the term of the contract and
either reduce theamount of each payment accordingly or defer
paymentsfor a specified period; or•to simply defer payments for a
specified period.
104Consumer Credit Regulation 1995Schedule (continued)Form 6
(continued)The name and telephone number of the person
to contact is onthe front of this document.If
you cannot come to a suitable arrangement with the creditprovider,contacttheGovernmentConsumerAgencyimmediately.Ifyouarethedebtorandhavebeenunemployed,
sickor there is anothergood
reasonwhy youarehavingproblemsmakingpaymentsunderyourcontract,then your
contract may be able to be varied under the law tomeet
your situation.Thereareotherpeople,suchasfinancialcounsellors,whomay
be able to help.IF YOU HAVE ANY DOUBTS OR YOU WANT
MOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE..................................................(signature of credit provider or person
signing on behalf ofcredit provider).................................................(name
of person signing).................................................(position of person signing)*Delete if inapplicable.**Indicate the daily, monthly or other
rate at which enforcementexpenses may accrue.
Form
7TO:105Consumer Credit
Regulation 1995Schedule (continued)Consent to enter
premisessection 91(2) of the Codesection 24 of the regulation...............Date.........................................(name
of credit provider)FROM:.........................................(name
of occupier)*.........................................(address of occupier’s premises)..................................................................................(“the
premises”)I consent to the credit provider entering
the premises for thepurposeoftakingpossessionofthemortgagedgoodsdescribed
below.The mortgaged goods are:**....................................................................................................
106Consumer Credit Regulation 1995Schedule (continued)Form 7
(continued)IMPORTANTYOUHAVETHERIGHTTOREFUSECONSENT.IFYOUDOTHECREDITPROVIDERMAYGOTOCOURTFORPERMISSIONTOENTERTHEPREMISES...................................................(signature of occupier giving consent)
*..................................................(Name, address and signature of credit
provider’srepresentative by whom the consent was
obtained.)*The name/signature of occupier.**Insert brief details of the mortgaged
goods.
Form
8107Consumer Credit Regulation 1995Schedule (continued)Notice after
taking possessionof mortgaged goodssection 94(1)(c)
of the Codesection 25 of the regulation................DateTO:. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . .(name of
mortgagor).........................................(address of mortgagor).........................................FROM:.........................................(name
of credit provider).........................................(address of credit provider).........................................(name, telephone number and address)This
information tells you some of your rights and obligationsand
some of the options open to you.
108Consumer Credit Regulation 1995Schedule (continued)Form 8
(continued)Details you should knowDescription of
the goods: . . . . . . . . . . . . . . . . . . . . . . . . . . .
.Date the goods were taken: . . . . . . . . .
. . . . . . . . . . . . . . . . . .The goods were
taken because:. . . . . . . . . . . . . . . . . . . . . . .
...................................................The
cost of enforcing the mortgage up to the date the goodswere
taken is $. . . . . . . . . . .Thecostofthegoodsremaininginthecreditprovider’spossession is $.
. . . . . . . . . .per. . . . . . . . . . . . *The credit
provider’s estimate of the value of the goods is$. .
. . . . . . . . . *How to get the goods backIFYOUWANTTHEGOODSBACKYOUMUSTDOONEOFTHETHINGS
LISTED BELOW AS SOON AS POSSIBLE. IF YOU DO NOTACT WITHIN 21 DAYS
AFTER THE DATE OF THIS NOTICE, THECREDIT PROVIDER
MAY SELL THE GOODS. IT IS ALSO POSSIBLETHATTHEGOODSMIGHTBESOLDEARLIERIFTHECREDITPROVIDER GETS A COURT ORDER.
109Consumer Credit Regulation 1995EitherSchedule
(continued)Form 8 (continued)You can get the
goods back if you pay $ . . . . . . . . . and thereisnorepetitionofthedefaultthatcausedthegoodstobetaken. This amount of $ . . . . . . .
. . . . . . is calculated asfollows—Arrears. . . . . . . . .
. . . . $ . . . . . . . . . . . . .Enforcement
expenses. $ . . . . . . . . . . . . .TOTAL. . . . . . . . .
. . . . $ . . . . . . . . . . . . .ORYou
can pay out the credit contract. If you do this you can getthe
goods back and you do not have any further obligations.To
give you an idea of what the amount required to pay out thecredit contract may be, 2 figures are given
below. The first isthe amount required to pay out the contract
at the date of thisnotice. The second is the amount required
calculated 21 daysfromthatdate.Anydifferenceistheresultoffurtherpayments or
charges that fall due between the 2 dates.1Amount required to pay outthe
credit contract on//$2Amount required to pay outthe
credit contract on//$
110Consumer Credit Regulation 1995Schedule (continued)Form 8
(continued)If you do nothing, you will lose the
goods.Sale of goodsThe law says that
the credit provider must get the best pricereasonably
obtainable for the goods.Ifyouwantto,youcanintroduceabuyertothecreditprovider. This
has to be done in writing within 21 days afterthedateofthenoticeyoureceiveandthebuyermustbewilling to pay the credit provider’s
estimate of the value of thegoods or any
greater amount for which the credit provider hasobtained a written offer to buy the
goods.The credit provider must offer to sell the
goods to the buyeryou have introduced.Yourletterintroducingthebuyerhastoreachthecreditprovider before
the goods are sold. If you post the letter, it isbesttosenditbycertifiedorregisteredmailthenyoucancheckthatitwasdelivered.Ifyoutakeittothecreditprovider’s
office, you should get an employee to sign and datesomething to say that your letter has been
received. Make sureyou keep anything that was signed by the
employee.Once the 21 day period has expired, the
credit provider mustsell the goods as soon as reasonably
practicable unless—•you and the credit provider agree on
some other time forsale; or•legalproceedingshavebeentakenwhichpreventthesale.As mentioned
above, the goods must be sold for the best pricereasonably obtainable.
111Consumer Credit Regulation 1995Schedule (continued)Form 8
(continued)Finalising the contractAs soon as the
goods are sold, the total amount payable underthe contract
becomes due. However, the credit provider willhavetodeductfromwhatyouoweanyamountthecreditprovider gets for
the goods less—•the amount owing under your mortgage
(which cannotbe more than the amount owing under the
contract); and•any amount owing under a prior
mortgage of the goods;and•any
amount owing under a subsequent mortgage of thegoods which the
credit provider knows about; and•thecreditprovider’sreasonableexpensesofenforcingthe
mortgage.After the goods are sold, the credit
provider must give you anotice setting out certain information
including—•what the sale price was; and•the net proceeds of the sale after the
amounts referred toabove have been deducted; and•the amount due under the credit
contract or the amountof any surplus due to you; and•details of any further recovery action
that might be takenagainstyouunderthecreditcontractifyouarethedebtor.GeneralYou
should discuss this matter with the credit provider as soonas
possible. You should know that after the goods have beensold,
you will still have to pay the credit provider any amountstilloutstanding.Youmaybeabletoworkoutsomealternative arrangement about the
contract and mortgage. For
112Consumer Credit Regulation 1995Schedule (continued)Form 8
(continued)example,ifyourarethedebtor,youcouldaskthecreditprovider—•to extend the term of the contract and
either reduce theamount of each payment accordingly or defer
paymentsfor a specified period; or•to simply defer payments for a
specified period.Thename,telephonenumberandaddressofthepersontocontact is on the front of this form.If
you cannot come to a suitable arrangement with the creditprovider,contacttheGovernmentConsumerAgencyimmediately.Ifyouarethedebtorandhavebeenunemployed,
sickor there is anothergood
reasonwhy youarehavingproblemswithyourcontract,thenyourcontractmay
be able to be varied under the law to meet your situation.Thereareotherpeople,suchasfinancialcounsellors,whomay
be able to help.IF YOU HAVE ANY DOUBTS, OR YOU WANT
MOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE..................................................(signature of credit provider or person
signing on behalf ofcredit provider).................................................(name
of person signing).................................................(position of person signing)*Indicate the daily, monthly or other
rate at which enforcementexpenses accrue.
Form
9TO:FROM:113Consumer Credit Regulation 1995Schedule (continued)Notice of right
to terminatemaintenance services contractsection 126(2) of the Codesection 28 of the regulation...............Date.........................................(name
of debtor).........................................(address of debtor)...........................................................................................................................(name
of credit provider).........................................(address of credit provider)..................................................................................
114Consumer Credit Regulation 1995Schedule (continued)Form 9
(continued)Thelawsaysthatyoumustbetold,nowthatyourcreditcontract has terminated, that you can
also—•terminate your maintenance services
contract with. . . . . . . . . . . . . . . dated. . .
. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
.. . . * (supplier);
and•recover from the supplier a
proportionate rebate of theamount you have paid under the
maintenance servicescontract.You must tell the
supplier in writing if you want to terminatethe maintenance
services contract.Theproportionaterebatemustbecalculatedinaccordancewith the
law.IFYOUHAVEANYDOUBTS,ORWANTMOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE..................................................(signature of credit provider or person
signing on behalf ofcredit provider).................................................(name
of person signing).................................................(position of person signing)*Insertnameandaddressofsupplierunderthemaintenanceservices
contract.
Form
10TO:115Consumer Credit
Regulation 1995Schedule (continued)Notice of right
to cancelmortgaged property insurancesection 139(2) of the Codesection 32 of the regulation...............Date.........................................(name
of debtor).........................................(address of debtor).........................................FROM:.........................................(name
of credit provider).........................................(address of credit provider)..................................................................................Thelawsaysthatyoumustbetold,nowthatyourcreditcontract has terminated, that you can
also—•terminateyourinsurancecontractovermortgagedproperty financed
under the credit contract; and
116Consumer Credit Regulation 1995Schedule (continued)Form 10
(continued)•recoverfromtheinsureraproportionaterebateofpremium paid under the insurance
contract.Your insurer will not terminate the
insurance contract unlessyou ask the insurer in writing to do
so. If you terminate theinsurance,youwillnotbecoveredintheeventoflossordamage to the
property.According to our records your insurer
is. . . . . . . . . . . . . . . .The
mortgaged property is—........................................................................................................................The
proportionate rebate of insurance must be calculated inaccordance with the law.IFYOUHAVEANYDOUBTS,ORWANTMOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMER AGENCY
OR GET LEGAL ADVICE...................................................(signature of credit provider or person
signing on behalf ofcredit provider)..................................................(name
of person signing)..................................................(position of person signing)
117Consumer Credit Regulation 1995Form
11Schedule (continued)Information
statementsection 153 of the Codesection 35 of
the regulationThings you should know about your consumer
leaseThisstatementtellsyouaboutsomeoftherightsandobligations of yourself and your
lessor. It does not state theterms and
conditions of your lease.The lease1How
can I get details of my lease?Your lessor must
give you a copy of your consumer lease withthis statement.
Both documents must be given to you within14 days after the
lessor enters into the consumer lease, unlessyou already have
a copy of the consumer lease.If you want
another copy of your lease write to your lessorand ask for one.
Your lessor may charge you a fee. Your lessorhas to give you a
copy—•within14daysofyourwrittenrequestifthecontractcame
into existence 1 year or less before your request;or•otherwise within
30 days.2What should my lease tell me?You
should read your lease carefully.Your lease should
tell you about your obligations, and includeinformation on
matters such as—•details of the goods which have been
hired; and
118Consumer Credit Regulation 1995Schedule (continued)Form 11
(continued)•anyamountyouhavetopaybeforethegoodsaredelivered; and•stamp
duty and other government charges you have topay; and•charges you have to pay which are not
included in therental payments; and•the
amount of each rental payment; and•thedateonwhichthefirstrentalpaymentisdueandeitherthedatesoftheotherrentalpaymentsortheinterval between them; and•the number of rental payments;
and•the total amount of rent; and•when you can end your lease;
and•what your obligations are (if any)
when your lease ends.This information only has to be
included in your lease if it ispossible to give
it at the relevant times.Ifyourleasedoesnottellyouallthesedetails,contacttheGovernmentConsumerAgency,orgetlegaladviceasyoumay have rights
against your lessor.3Can I end my lease early?Yes.
Simply return the goods to your lessor. The goods maybereturnedinordinarybusinesshoursoratanyothertimeyou and the lessor agree on or the
court decides.4What will I have to pay if I end my
lease early?The amount the lease says you have to
pay.Ifyouhavemaderentalpaymentsinadvancethenitispossible that
your lessor might owe you money if you returnthe goods
early.
119Consumer Credit Regulation 1995Schedule (continued)Form 11
(continued)5Can my lease be changed by my
lessor?Yes, but only if your lease says so.6Is there anything I can do if I think
that my lease isunjust?Yes.Youcanapplytothecourt.ContacttheGovernmentConsumer Agency
or get legal advice on how to go about this.The goods7If my lessor writes asking me where
the goods are,do I have to say where they are?Yes.
You have 7 days after receiving your lessor’s request totell
your lessor. If you do not have the goods you must giveyour
lessor all the information you have so they can be traced.8Whencanmylessororitsagentcomeintoaresidence to take
possession of the goods?Your lessor can only do so if it has
the court’s approval or thewrittenconsentoftheoccupierwhichisgivenaftertheoccupier is informed in writing of the
relevant section in theConsumer Credit Code.General9What
do I do if I cannot make a rental payment?Get in touch with
your lessor immediately. Discuss the matterand see if you
can come to some arrangement. For example,you could ask
your lessor—
120Consumer Credit Regulation 1995Schedule (continued)Form 11
(continued)•toextendthetermoftheleaseandeitherreducetheamountofeachrentalpaymentaccordinglyordeferrental payments
for a specified period; or•to simply defer
rental payments for a specified period.10What
if my lessor and I cannot agree on a suitablearrangement?Youcanapplytothecourt.ContacttheGovernmentConsumer Agency
or get legal advice on how to go about this.If you have
beenunemployed, sickor there
isanother goodreasonwhyyouarehavingproblemswithyourlease,thenyour lease may be able to be changed
to meet your situation.Thereareotherpeople,suchasfinancialcounsellors,whomay
be able to help.11Can my lessor take action against
me?Yes, if you are in default under your lease.
But the law saysthatyoucannotbeundulyharassedorthreatenedforrentalpayments.Ifyouthinkyouarebeingundulyharassedorthreatened, contact the Government
Consumer Agency or theTrade Practices Commission, or get
legal advice.12Do I have any other rights and
obligations?Yes. The law will give you other rights and
obligations. Youshould alsoREAD YOUR
LEASEcarefully.IFYOUHAVEANYDOUBTS,ORWANTMOREINFORMATION,CONTACTTHEGOVERNMENTCONSUMERAGENCYORGETLEGALADVICE.PLEASEKEEPTHISINFORMATIONSTATEMENT.YOU MAY WANT
SOME INFORMATION FROM IT ATA LATER
DATE.
121Consumer Credit Regulation 1995Endnotes1Index to endnotesPage2Date to which amendments incorporated
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.1213Key . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .1214Table of reprints
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .1225List
of legislation . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .1226List of annotations . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .1242Date to which amendments
incorporatedThis is the reprint date mentioned in the
Reprints Act 1992, section 5(c). Accordingly, thisreprint includes all amendments that
commenced operation on or before 30 November2007. Future
amendments of the Consumer Credit Regulation 1995 may be made
inaccordance with this reprint under the
Reprints Act 1992, section 49.3KeyKey to abbreviations in list of
legislation and annotationsKeyAIAamdamdtchdefdivexpgazhdginslapnotfdnumo in comorigpparaprecpresprevExplanation=Acts
Interpretation Act 1954=amended=amendment=chapter=definition=division=expires/expired=gazette=heading=inserted=lapsed=notified=numbered=order
in council=omitted=original=page=paragraph=preceding=present=previousKey(prev)procprovptpubdR[X]RArelocrenumrep(retro)rvsschsdivSIASIRSLsubunnumExplanation=previously=proclamation=provision=part=published=Reprint No. [X]=Reprints Act 1992=relocated=renumbered=repealed=retrospectively=revised edition=section=schedule=subdivision=Statutory Instruments Act 1992=Statutory Instruments Regulation
2002=subordinate legislation=substituted=unnumbered
122Consumer Credit Regulation 19954Table of reprintsReprints are
issued for both future and past effective dates. For the most
up-to-date tableof reprints, see the reprint with the latest
effective date.Ifareprintnumberincludesaletterofthealphabet,thereprintwasreleasedinunauthorised, electronic form only.ReprintNo.11A1B1C1D22A2B2C2DAmendments to1996 SL No.
2911996 SL No. 3491997 SL No.
3441998 SL No. 1251998 SL No.
2911999 SL No. 431999 SL No.
2012000 SL No. 2062000 SL No.
2062001 SL No. 251Effective1
November 199629 November 199624 October
199729 May 19981 November
19981 May 19991 October
19994 August 200028 October
200010 December 2001Reprint
date1 November 199621 January
199714 November 19971 June
19988 January 19997 May 199911
February 200011 August 20004 January
200114 December 2001ReprintNo.2E2F2G2H2I2J2KAmendments
included2003 SL No. 612003 SL No.
352004 SL No. 2372004 SL No.
3122005 SL No. 772005 SL No.
258—33A rv3B—2006 SL No.
1962007 SL No. 302Effective4
April 20031 July 20035 November
200417 December 200429 April
200521 October 20051 July
200621 October 20059 October
200630 November 2007NotesR2J
withdrawn, see R3R2K withdrawn—pt 8Aomitted
prematurely5List of legislationConsumer Credit Regulation 1995 SL No.
410made by the Governor in Council on 21
December 1995notfd gaz 22 December 1995 pp 1672–6ss
1–2 commenced on date of notificationremaining
provisions commenced 1 November 1996 (see s 2 and 1996 SL No.
152)exp 31 August 2011 (see SIA s 56(1) and SIR
s 5 sch 3)Note—The expiry date may have changed since
this reprint was published. See thelatest reprint of
the SIR for any change.amending legislation—Consumer Credit Amendment Regulation (No. 1)
1996 SL No. 128notfd gaz 14 June 1996 pp 987–9commenced on date of
notification
123Consumer Credit Regulation 1995Consumer Credit Amendment Regulation (No. 2)
1996 SL No. 290notfd gaz 25 October 1996 pp 764–7commenced on date of notificationConsumer Credit Amendment Regulation (No. 3)
1996 SL No. 291notfd gaz 25 October 1996 pp 764–7ss
1–2 commenced on date of notificationremaining
provisions commenced 1 November 1996 (see s 2)Consumer Credit
Amendment Regulation (No. 4) 1996 SL No. 349notfd gaz 29
November 1996 pp 1261–3commenced on date of
notificationConsumer Credit Amendment Regulation (No. 1)
1997 SL No. 344notfd gaz 24 October 1997 pp 786–8commenced on date of notificationConsumer Credit Amendment Regulation (No. 1)
1998 SL No. 125notfd gaz 15 May 1998 pp 311–16ss
1–2 commenced on date of notificationremaining
provisions commenced 29 May 1998 (see s 2)Consumer Credit
(Queensland) Amendment Regulation (No. 2) 1998 SL No. 291notfd
gaz 30 October 1998 pp 815–16ss 1–2 commenced
on date of notificationss 3, 4, 6, 7, 8, 9, 12(1), 14
commenced 1 November 1998 (see s 2(1))ss 5, 11
commenced 28 October 2000 (see s 2(2), 1999 SL No. 238)s 10
commenced 28 October 2000 (see s 2(3), 1999 SL No. 238)ss
12(2), 15, 16 commenced 28 October 2000 (see s 2(4), 1999 SL No.
238)s 13 commenced 28 October 2000 (see s 2(5),
1999 SL No. 238)s 17 commenced 28 October 2000 (see s 2(6),
1999 SL No. 238)s 18 commenced 28 October 2000 (see s 2(7),
1999 SL No. 238)s 19 commenced 28 October 2000 (see s 2(8),
1999 SL No. 238)s 20 commenced 28 October 2000 (see s 2(9),
1999 SL No. 238)remaining provisions commenced on date of
notificationConsumer Credit Amendment Regulation (No. 1)
1999 SL No. 43notfd gaz 26 March 1999 pp 1450–3s 5
commenced 1 May 1999 (see s 2)remaining
provisions commenced on date of notificationConsumer Credit
Amendment Regulation (No. 2) 1999 SL No. 201notfd gaz 27
August 1999 pp 2224–7ss 1–2 commenced on date of
notificationremaining provisions commenced 1 October
1999 (see s 2)Consumer Credit Amendment Regulation (No. 1)
2000 SL No. 206notfd gaz 4 August 2000 pp 1224–5commenced on date of notificationConsumer Credit Amendment Regulation (No. 1)
2001 SL No. 251notfd gaz 7 December 2001 pp 1270–1ss
1–2 commenced on date of notificationremaining
provisions commenced 10 December 2001 (see s 2)
124Consumer Credit Regulation 1995Consumer Credit Amendment Regulation (No. 1)
2003 SL No. 35notfd gaz 7 March 2003 pp 845–6ss
1–2 commenced on date of notificationremaining
provisions commenced 1 July 2003 (see s 2)Consumer Credit
Amendment Regulation (No. 2) 2003 SL No. 61notfd gaz 4 April
2003 pp 1198–9commenced on date of notificationConsumer Credit Amendment Regulation (No. 1)
2004 SL No. 237notfd gaz 5 November 2004 pp 813–5commenced on date of notificationConsumer Credit Amendment Regulation (No. 2)
2004 SL No. 312notfd gaz 17 December 2004 pp 1277–85commenced on date of notificationConsumer Credit (Firefighter’s Benefit Fund)
Amendment Regulation (No. 1) 2005SL No. 77notfd
gaz 29 April 2005 pp 1392–5commenced on date of
notificationConsumer Credit (Charge Card) Amendment
Regulation (No. 1) 2005 SL No. 258notfd gaz 21
October 2005 pp 690–1commenced on date of
notificationConsumer Credit Amendment Regulation (No. 1)
2006 SL No. 196notfd gaz 4 August 2006 pp 1614–15ss
1–2 commenced on date of notificationremaining
provisions commenced 9 October 2006 on the day Consumer Credit
andTrade Measurement Amendment Act 2006 No. 19
s 8 commenced (see s 2 and2006 SL No. 248)Note—An
explanatory note was prepared.Consumer Credit
(Bill Facilities) Amendment Regulation (No. 1) 2007 SL No.
302notfd gaz 30 November 2007 pp 1824–6commenced on date of notificationNote—A national regulatory impact statement
and explanatory note were prepared.6List
of annotationsDefinitionss 3sub
2007 SL No. 302 s 3Continued application of pt 11 of the Code
and interpretations 5Ains 2005 SL No. 77 s 3Application of Code to provision of credit
under bill facilitiess 5Bins 2007 SL No.
302 s 4Additional exempt credits 6amd
2001 SL No. 251 s 4
125Consumer Credit Regulation 1995GIO
Finance Limited’s No Interest Loan Scheme—exemption from
Codes 6Ains 1996 SL No. 349 s 3Rental
Purchase Plan—exemption from certain provisions of Codes
6Bins 1999 SL No. 43 s 4Partnership
loans—exemption from certain provisions of Codes 6Cins
1999 SL No. 43 s 5amd 2005 SL No. 77 s 4Student
loans—exemption from certain provisions of Codes 6Dins
1999 SL No. 201 s 4Loans for conservation of heritage
items—exemption from Codes 6Eins 2000 SL No.
206 s 3Authorised deposit-taking
institutions—exemption from Codes 6Fins
2001 SL No. 251 s 5amd 2007 SL No. 302 s 5Estate
administrators—exemption from certain provisions of Codes
6Gins 2003 SL No. 61 s 3Credit under Aged
Care Act 1997 (Cwlth)—exemption from certain provisions ofCodes 6Hins 2003 SL No.
61 s 3Firefighter’s Benefit Fund of WA
Incorporateds 6Iins 2005 SL No. 77 s 5Charge
card contracts—exemption of certain contracts from Codes
6Jins 2005 SL No. 258 s 3Declaration of
purposes for which credit provideds 10amd
2006 SL No. 196 s 4Comparison rates 12amd
2003 SL No. 35 s 4Pre-contractual statements 13amd
2006 SL No. 196 s 5Additional disclosures about credit contracts
to be signed by debtors 15amd 2006 SL No.
196 s 6Mortgage arising from certain home ownership
schemes—exemption from section46(1) of the
Codes 19Ains 2003 SL No. 61 s 4Explanation about guarantor’s rights and
obligationss 21amd 1998 SL No. 125 s 4Information about increases in the amount of
credits 22amd 1998 SL No. 291 s 4Application of ss 66 to 69 of the Codes
22Ains 2004 SL No. 237 s 3
126Consumer Credit Regulation 1995Application of pt 5, div 3 of the Codes
23Ains 2004 SL No. 237 s 4Proportionate
rebate of consumer credit insurance premiums 31sub
1996 SL No. 128 s 3amd 1996 SL No. 290 s 3PART 8A—MATTERS
PRESCRIBED FOR THE PURPOSES OF PART 9A OFTHE CODE
(COMPARISON RATES)pt hdgins 2003 SL No.
35 s 5exp 30 June 2009 (see s 33I)Relevant comparison rate where annual
percentage rate stateds 33Ains 2003 SL No.
35 s 5exp 30 June 2009 (see s 33I)Information about whether comparison rate
relates to secured loans 33Bins 2003 SL No.
35 s 5exp 30 June 2009 (see s 33I)Warnings about comparison rates
33Cins 2003 SL No. 35 s 5sub 2004 SL No.
312 s 3exp 30 June 2009 (see s 33I)Relevant comparison rate scheduless
33Dins 2003 SL No. 35 s 5amd 2004 SL No.
312 s 4exp 30 June 2009 (see s 33I)Information about whether comparison rate
relates to secured loans 33Eins 2003 SL No.
35 s 5amd 2004 SL No. 312 s 5exp 30 June 2009
(see s 33I)Calculation of comparison ratess
33Fins 2003 SL No. 35 s 5exp 30 June 2009
(see s 33I)Exemption of certain premisess
33Gins 2003 SL No. 35 s 5amd 2004 SL No.
312 s 6exp 30 June 2009 (see s 33I)Exemptions in relation to comparison rate
scheduless 33Hins 2003 SL No. 35 s 5exp
30 June 2009 (see s 33I)Matters that may be included in
comparison rate scheduless 33HAins 2004 SL No.
312 s 7exp 30 June 2009 (see s 33I)Expiry
of parts 33Iins 2003 SL No. 35 s 5exp
30 June 2009 (see s 33I)
127Consumer Credit Regulation 1995Declaration about purpose of leasess
34amd 2006 SL No. 196 s 7Tolerances
relating to disclosuress 36amd 1996 SL No.
128 s 4Additional assumptions relating to
disclosuress 38sub 1996 SL No. 128 s 5Contracts linked to loan account offset
arrangementss 38Ains 1996 SL No. 128 s 5Requirements for print or types
39amd 2006 SL No. 196 s 8Exemptions in
relation to electronic communicationss 39Ains
2006 SL No. 196 s 9Address for noticess 40sub
1998 SL No. 291 s 5PART 11—SAVINGS AND TRANSITIONAL
PROVISIONSDivision 1—Generaldiv hdgins
1996 SL No. 128 s 6Transitional provisionss 40Ains
1996 SL No. 128 s 6Definitionss 41def“pre-Code credit contract”amd
1996 SL No. 128 s 7Division 2—Savings and transitional
provisions generallydiv hdgins 1996 SL No.
128 s 8Division 3—Special transitional
provisionsdiv hdgins 1996 SL No.
128 s 9Credit fees and chargess 58ins
1996 SL No. 128 s 9amd 1997 SL No. 344 s 3Matters to be
included in contract documents 59ins
1996 SL No. 128 s 9amd 1997 SL No. 344 s 3Copies of
contracts and mortgages for debtorss 60ins
1996 SL No. 128 s 9amd 1997 SL No. 344 s 3End of day for
purposes of credit contractss 61ins
1996 SL No. 128 s 9amd 1997 SL No. 344 s 3Early debit of
interest chargess 62ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3
128Consumer Credit Regulation 1995Dating
and adjustment of debits and credits in accountss
63ins 1996 SL No. 128 s 9amd 1997 SL No.
344 s 3Statements of account for multiple facility
contractss 64ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Requirements for statements of amounts
owings 65ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Particulars of interest rate changess
66ins 1996 SL No. 128 s 9amd 1997 SL No.
344 s 3Particulars of repayment changess
67ins 1996 SL No. 128 s 9amd 1997 SL No.
344 s 3Particulars of credit fees and charges
changess 68ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Particulars of unilateral changes by credit
providers 69ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Agreed changes to contracts, mortgages and
guaranteess 70ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Particulars of changes on grounds of
hardships 71ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Key requirementss 72ins
1996 SL No. 128 s 9amd 1997 SL No. 344 s 3Termination of
insurance contractss 73ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Application of Code to related insurance
contractss 74ins 1996 SL No. 128 s 9amd
1997 SL No. 344 s 3Contribution to civil penalties by
participants in programss 75ins 1996 SL No.
291 s 4amd 1997 SL No. 344 s 3; 1998 SL No. 291 s
6Recovery by nominated credit providers
76ins 1996 SL No. 291 s 4
