Australian Capital Territory Consolidated Acts

CREDIT ACT 1985 - SECT 53

    (1)     A provision in a continuing credit contract that requires the debtor to pay to the credit provider an amount other than an amount that is—

        (a)     the cash price of goods and services supplied by the credit provider or by another supplier in relation to payment for which credit is provided under the contract; or

        (b)     an amount of cash supplied by the credit provider or by another supplier for the supply of which credit is provided under the contract; or

        (c)     a credit charge; or

        (d)     an amount of enforcement expenses; or

        (e)     an amount of stamp duty payable in relation to or in relation to the contract payable by the debtor to the credit provider; or

        (f)     an amount payable under the contract by the debtor to the credit provider that is a prescribed charge for this section; or

        (g)     the amount of any other consideration given to the debtor under the contract, being consideration of a kind prescribed for this section;

is void.

    (2)     A credit provider that enters into a continuing credit contract that includes a provision that is void because of subsection (1) commits an offence.

Maximum penalty:

        (a)     for an individual—$2 000; and

        (b)     for a corporation—$10 000.