Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A credit provider under a continuing credit contract shall give to the debtor a statement of account in accordance with schedule 7 for each billing cycle applied under the continuing credit contract from time to time.
(2) A credit provider shall not include in a statement of account referred to in subsection (1)—
(a) if a mortgage relating to the contract has been entered into—an amount in relation to insurance against loss of the security interest of the mortgagee in any goods the subject of the mortgage because of any law in force in the ACT exceeding an amount calculated by applying the prescribed rate for title insurance in relation to goods of that class; or
(b) an amount in relation to the discharge of a liability of the debtor to the credit provider under a regulated contract that exceeds the amount of the net balance due to the credit provider calculated in accordance with section 103 immediately before the discharge of the liability; or
(c) a statement that is, or particulars that are, prescribed as a statement or particulars that may not be included in the statement of account.
(3) Nothing in this section requires the inclusion in a statement of account referred to in subsection (1) of a statement that is not, or particulars that are not, applicable to the continuing credit contract.
(4) It is sufficient compliance with schedule 7 if particulars of matters required to be included in the statement of account are included in documents attached to or accompanying the statement of account.
(5) If an amount paid by a debtor is not included in the statement of account in relation to the billing cycle during which the amount was paid, a credit provider that fails, within a reasonable time after the receipt of the amount, to enter the amount in the account of the debtor kept by the credit provider commits an offence.
Maximum penalty:
(a) for an individual—$1 000; and
(b) for a corporation—$5 000.
(6) A credit provider under a continuing credit contract that—
(a) fails to give a statement of account in accordance with this section in relation to each billing cycle applied under the contract from time to time; or
(b) gives a statement of account that does not comply with the provisions of this section; or
(c) includes in a statement of account under this section an amount of deferral charges or default charges;
commits an offence.
Maximum penalty:
(a) for an individual—$1 000; and
(b) for a corporation—$5 000.