Consumer Credit (Queensland) Special Provisions Regulation 2008

Queensland Consumer Credit (Queensland) Act 1994 Consumer Credit (Queensland) Special Provisions Regulation 2008 Reprinted as in force on 31 July 2008 Reprint No. 1 This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy NOT FURTHER AMENDED LAST REPRINT BEFORE REPEAL See 2010 Act No. 16 s 11

Information about this reprint This regulation is reprinted as at 31 July 2008. This page is specific to this reprint. A table of reprints is included in the endnotes. Also see endnotes for information about when provisions commenced Dates shown on reprints Reprints dated at last amendment All reprints produced on or after 1 July 2002, authorised (that is, hard copy) and unauthorised (that is, electronic), are dated as at the last date of amendment. Previously reprints were dated as at the date of publication. If an authorised reprint is dated earlier than an unauthorised version published before 1 July 2002, it means the legislation was not further amended and the reprint date is the commencement of the last amendment. If the date of an authorised reprint is the same as the date shown for an unauthorised version previously published, it merely means that the unauthorised version was published before the authorised version. Also, any revised edition of the previously published unauthorised version will have the same date as that version. Replacement reprint date If the date of an authorised reprint is the same as the date shown on another authorised reprint it means that one is the replacement of the other.

Queensland Consumer Credit (Queensland) Special Provisions Regulation 2008 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Maximum annual percentage rate—Act, s 14 . . . . . . . . . . . . . . . 3 4 Calculating annual percentage rate of credit contracts . . . . . . . . 4 5 Application of ss 3 and 4 to particular contracts entered into before commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Endnotes 1 2 3 4 5 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date to which amendments incorporated. . . . . . . . . . . . . . . . . . . . . . Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 9 9 9

Consumer Credit (Queensland) Special Provisions Regulation 2008 [s 1] Consumer Credit (Queensland) Special Provisions Regulation 2008 [reprinted as in force on 31 July 2008] 1 Short title This regulation may be cited as the Consumer Credit (Queensland) Special Provisions Regulation 2008 . 2 Commencement This regulation commences on 31 July 2008. 3 Maximum annual percentage rate—Act, s 14 (1) The maximum annual percentage rate for a credit contract to which the Code applies is 48%. (2) For this section, the annual percentage rate of the credit contract is to be calculated in accordance with section 4. (3) For calculating the annual percentage rate of the credit contract under section 4, not only interest charges but all credit fees and charges (other than a government fee, charge or duty) under the credit contract are to be included. (4) Despite subsection (3), any credit fees or charges arising from the establishment or maintenance of a temporary credit facility are not required to be included for calculating the annual percentage rate if— (a) the credit provider is an authorised deposit-taking institution; and (b) the debtor has or had an existing credit contract or debit account with the authorised deposit-taking institution at the time the temporary credit facility is or was established; and Reprint 1 effective 31 July 2008 Page 3

Consumer Credit (Queensland) Special Provisions Regulation 2008 [s 4] (c) the temporary credit facility is related to the existing credit contract or debit account. (5) In this section— temporary credit facility includes, but is not limited to, an overdraft facility and a short term extension of the total amount of credit available under an existing credit contract. Note — This section is made under section 14 of the Act. The effect of a contravention of this section is set out in section 14 of the Act. The maximum annual percentage rate is not part of the uniform provisions of the Code in Australia. 4 Calculating annual percentage rate of credit contracts (1) The annual percentage rate of a credit contract must be calculated as a nominal rate per annum, together with the compounding frequency, in accordance with this section. (2) The annual percentage rate is given by the following formula— i = n × r × 100% where— i is the annual percentage rate. n is the number of repayments per annum to be made under the credit contract (annualised if the term of the contract is less than 12 months), except that— (a) if repayments are to be made weekly or fortnightly—n is to be 52.18 or 26.09, respectively; and (b) if the contract does not provide for a constant interval between repayments—n is to be derived from the interval selected for the purposes of the definition of j mentioned below. Page 4 Reprint 1 effective 31 July 2008

Consumer Credit (Queensland) Special Provisions Regulation 2008 [s 4] r is the solution of the following— Σ t ( --- 1 ---- A + ---- j - r --- ) -- j = Σ t ( - R -- 1 -- j -- + - + ---- r - C -- ) -- jj j = o j = o where— j is the time, measured as a multiple (not necessarily integral) of the interval between contractual repayments that will have elapsed since the first amount of credit is provided under the credit contract, except that if the contract does not provide for a constant interval between repayments an interval of any kind is to be selected by the credit provider as the unit of time. t is the time, measured as a multiple of the interval between contractual repayments (or other interval so selected) that will elapse between the time when the first amount of credit is provided and the time when the last repayment is to be made under the contract. A j is the amount of credit to be provided under the contract at time j (the value of j for the provision of the first amount of credit is taken to be zero). R j is the repayment to be made at time j. C j is the fee or charge (if any) payable by the debtor at time j (j is taken to be zero for any fee or charge payable by the debtor at time j before the time of the first amount of credit provided) in addition to the repayments R j , being a credit fee or charge (other than a government fee, charge or duty) that is ascertainable when the annual percentage rate is calculated. (3) The annual percentage rate must be correct to at least the nearest one hundredth of 1% per annum. (4) In the application of the above formulae, reasonable approximations may be made if it would be impractical or unreasonably onerous to make a precise calculation. (5) The tolerances and assumptions under sections 158 to 160 of the Code apply to the calculation of the annual percentage rate. Reprint 1 effective 31 July 2008 Page 5

Consumer Credit (Queensland) Special Provisions Regulation 2008 [s 5] (6) If the credit contract is a continuing credit contract within the meaning of the Code, the following assumptions also apply to the calculation of the annual percentage rate— (a) that the debtor has drawn down the maximum amount of credit that the credit provider has agreed to provide under the contract; (b) that the debtor will pay the minimum repayments stated in the contract; (c) if credit is provided in relation to payment by the credit provider to a third person in relation to goods or services or cash supplied by that third person to the debtor from time to time—that the debtor will not be supplied with any further goods or services or cash; (d) if credit is provided in relation to cash supplied by the credit provider to the debtor from time to time—that the debtor will not be supplied with any further cash. (7) For calculating the annual percentage rate— (a) the amount of credit is the amount (or the maximum amount) required by the debtor; and (b) the term for which credit is provided is the term (or the maximum term) required by the debtor. 5 Application of ss 3 and 4 to particular contracts entered into before commencement Sections 3 and 4 of this regulation apply to a credit contract entered into before the commencement of this regulation if, after the commencement— (a) the interest charges or credit fees or charges (other than a government fee, charge or duty) under the credit contract are increased, or a new fee or charge (other than a government fee, charge or duty) is imposed, whether or not the increase is made, or a new fee or charge is imposed, under the contract; or Page 6 Reprint 1 effective 31 July 2008

Consumer Credit (Queensland) Special Provisions Regulation 2008 [s 5] (b) the period of the credit contract is extended, whether or not under the contract, other than under section 66 of the Code. Reprint 1 effective 31 July 2008 Page 7

Consumer Credit (Queensland) Special Provisions Regulation 2008 Endnotes Endnotes 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 2 Date to which amendments incorporated This is the reprint date mentioned in the Reprints Act 1992, section 5(c). However, no amendments have commenced operation on or before that day. Future amendments of the Consumer Credit (Queensland) Special Provisions Regulation 2008 may be made in accordance with this reprint under the Reprints Act 1992, section 49. Page 8 Reprint 1 effective 31 July 2008

Consumer Credit (Queensland) Special Provisions Regulation 2008 Endnotes 3 Key Key to abbreviations in list of legislation and annotations Key AIA amd amdt ch def div exp gaz hdg ins lap notfd num o in c om orig p para prec pres prev Explanation = 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 = previous Key (prev) proc prov pt pubd R[X] RA reloc renum rep (retro) rv s sch sdiv SIA SIR SL sub unnum Explanation = 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 4 Table of reprints Reprints are issued for both future and past effective dates. For the most up-to-date table of reprints, see the reprint with the latest effective date. If a reprint number includes a letter of the alphabet, the reprint was released in unauthorised, electronic form only. Reprint No. 1 Amendments included none Effective 31 July 2008 Notes 5 List of legislation Consumer Credit (Queensland) Special Provisions Regulation 2008 SL No. 222 made by the Governor in Council on 10 July 2008 notfd gaz 11 July 2008 pp 1583–4 ss 1–2 commenced on date of notification remaining provisions commenced 31 July 2008 (see s 2) exp 1 September 2018 (see SIA s 54) Note—The expiry date may have changed since this reprint was published. See the latest reprint of the SIR for any change. Reprint 1 effective 31 July 2008 Page 9

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