CREDIT ACT 1985

Australian Capital Territory Consolidated Acts

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CREDIT ACT 1985

TABLE OF PROVISIONS

Long Title

PART 1--PRELIMINARY

1. Name of Act
2. Dictionary
2A. Notes
3. Application of Act and transitional provisions
4. Act binds Crown
6. Jurisdiction of courts and ACAT
7. Removing proceedings from ACAT to Magistrates Court
8. Assignors, assignees etc of rights and obligations
9. Contracts of employment excluded
10. Annual percentage rate
11. Credit charge
12. Tied contracts
13. Contracts for hiring of goods
14. Certain contracts not credit sale contracts
15. Loan contracts not to include certain credit
16. Business of providing credit
17. Recognised States
18. Exceptions from application of Act
19. Variation of application of Act
19B. Act not to apply to new credit contracts
19C. Act to continue to apply in certain cases

PART 2--CONTRACTS OF SALE

20. Application of pt 2
21. Contract of sale conditional on grant of credit
22. Supplier not to require buyer to obtain credit from specified person
23. Consequence of discharge of certain contracts
24. Linked credit provider
25. Consequential discharge of tied loan contract and mortgage
26. Discharge of tied continuing credit contract on discharge or rescission of contract of
27. Operation of s 25 and s 26
28. Disputes
29. Notice of rescission etc to linked credit provider

PART 3--REGULATED CONTRACTS

Division 3.1--Credit sale contracts and loan contracts

30. Application of pt 3
31. Contracts to be in writing
32. Form of offer
33. Copy of accepted offer to be given
34. Debtor to be given prescribed statement
35. Disclosure in credit sale contracts
36. Disclosure in loan contracts
37. ‘Add-on' contracts
38. Statement of annual percentage rate
39. Acceptable rate of interest
40. Inclusion of more than 1 rate of interest in contract
41. Variation ineffective without notice
42. Civil penalty
43. Offence
44. Minimum credit charge
45. Statement for debtor or guarantor on request
46. Copy of document for debtor or guarantor
47. ACAT may determine reasonable fees etc

Division 3.2--Continuing credit contracts

48. Interpretation for div 3.2
49. Application of pt 3 to continuing credit contracts
50. Billing cycle
51. Payment on behalf of debtor
52. Chargeable amount
53. Amount payable under continuing credit contract
54. Credit charge
55. Annual percentage rate
56. Billing cycle less than 1 month
57. Non-business days
58. Debtor to be given prescribed statement
59. Notice of terms of continuing credit contract
60. Variation of continuing credit contract ineffective without notice
61. Statement of account
62. Correction of billing errors
63. Statement of account to be given before proceedings instituted
64. Statement of account not to include opening balance in certain
65. Statement of account not needed in certain circumstances
66. Credit provider to pay amounts owing to debtor on request
67. Civil penalty
68. Copy of notice to be given on request

Division 3.3--Operation of regulated contracts

69. Refinancing of credit contracts by the same parties
70. Variation of credit sale contracts and loan contracts
71. Deferral charge
72. Default charges
73. Variations generally
74. Variation of commitments on account of hardship

Division 3.4--General

75. Unauthorised fees
76. Enforcement expense
77. Right to revoke offer is paramount
78. Sufficient statement of annual percentage rate
79. Sufficient statement of estimated credit charge
80. Discrepancy between credit charge and annual percentage rate
81. Assignment of rights by credit provider
82. Loan to be in money or equivalent
83. Application of payments
84. Appropriation of payments between contracts
85. ACAT may reduce credit provider's loss
85AA. Payment to financial counselling trust fund
85A. Stay of civil penalty pending ACAT's decision
86. General order varying civil penalty
87. Effect of civil penalty in relation to future liability
88. Relief for minor errors

PART 4--REGULATED MORTGAGES

Division 4.1--General

89. Application of pt 4
90. Obligations under mortgage not to exceed obligations under contracts
91. Mortgage of goods to be in writing
92. Debtor entitled to copy of mortgage
93. Enforcement expense
94. Provision for entry on premises void in certain circumstances
95. Order of ACAT required before entry for repossession
96. Disclosure of location of goods
97. Time and place for delivery of goods
98. Blanket securities over property or assets prohibited
99. Restriction on mortgage of future property
100. Mortgages and continuing credit contracts
101. Fraudulent sale or disposal of property

Division 4.2--Assignment etc of property

102. Assignment by mortgagor

PART 5--TERMINATION AND ENFORCEMENT OF REGULATED CONTRACTS AND REGULATED MORTGAGES

103. Calculation of net balance due
104. Statement of net balance due
105. Early termination of contract
106. Mortgagor may compel sale of goods
107. Notice required before rights exercised
108. Proceedings prohibited if breach remedied
109. Limit on amount recoverable
110. Restriction on exercise of powers
111. Court may order delivery of goods
112. Taking possession of goods by mortgagee
113. Right of mortgagor to redeem goods
114. Mortgagee to account for proceeds of sale
115. Moratorium—farmers etc
116. Postponement of exercise of rights

PART 6--REGULATED CONTRACTS AND REGULATED MORTGAGES--GENERAL

117. Penalty for false representations etc
118. ACAT may approve removal of mortgaged goods
119. Prohibition of assignment of wages etc
120. Bills of exchange as security
121. Advertisements offering credit
122. Credit hawking
124. Contracting by agents
125. Contract or mortgage not illegal etc because of offence
126. Notices to be given to all parties

PART 7--CONTRACTS OF INSURANCE

127. Insurance—regulated contracts
128. Insurance—regulated mortgages
129. Unauthorised insurance need not be maintained
130. Content of contracts of insurance
131. Premiums to be paid to insurer
132. Action after rejection of insurance proposal
133. No-claim bonus
134. Saving about unenforceability
135. Limitation on exclusion clauses

PART 8--CONTRACTS OF GUARANTEE

136. Guarantee to be in writing
137. Extent of liability of guarantor
138. Proceedings against guarantor
139. Variation of commitments—guarantee relating to regulated
140. Guarantee of obligations of child
141. Guarantor to receive copy of contract
142. Guarantor to be given prescribed statement
143. Discharge of guarantee
144. Revocation of offer to guarantee

PART 9--REOPENING OF CONTRACTS

145. Interpretation for pt 9
146. ACAT may reopen certain transactions
147. Matters to be considered by ACAT
148. Joinder of parties
149. Limitation on reopening of transaction

PART 10--HOME FINANCE CONTRACTS

150. Definitions for pt 10
151. Variation of commitments—home finance contract
152. Variation of commitments—guarantee relating to home finance
153. Notice by credit provider
154. Proof of offence

PART 15A--TRANSITIONAL

241A. Exemptions from civil penalty
241B. Operation of amendments relating to description of consumer credit
241C. Operation of amendments of s 85 and s 86
241D. Operation of s 85A

PART 16--MISCELLANEOUS

242. Notices by mortgagees
243. Linked credit provider—sale of land
245. Legibility of documents
246. Restriction on form of document
247. Approval of form of document by ACAT
248. Offence in relation to document
249. Separation of documents
250. Signature of documents
254. Contracting out of Act prohibited
255. Determination of fees
256. Approved forms
257. Regulation-making power
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
SCHEDULE 5
SCHEDULE 6
SCHEDULE 7
DICTIONARY
ENDNOTES

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