Australian Capital Territory Consolidated Acts

CREDIT ACT 1985 - SECT 64

    (1)     A credit provider shall not give to a debtor a statement of account relating to a billing cycle of a continuing credit contract that includes in the chargeable amount an amount owed by the debtor under the contract immediately before the first day of the billing cycle unless—

        (a)     the credit provider has given to the debtor a statement of account in relation to the billing cycle immediately before the firstmentioned billing cycle; and

        (b)     the credit provider gave that statement to the debtor not later than—

              (i)     if the firstmentioned billing cycle is 14 days or more—8 days before the end of that billing cycle; or

              (ii)     if the firstmentioned billing cycle is less than 14 days—4 days before the end of that billing cycle.

    (2)     A credit provider that fails to comply with subsection (1) commits an offence.

Maximum penalty:

        (a)     for an individual—$1 000; and

        (b)     for a corporation—$5 000.

    (3)     If a credit provider gives to debtors statements of account that are posted by bulk postage, and proceedings are brought against the credit provider for an offence against subsection (1) in relation to a continuing credit contract, proceedings for a like offence against subsection (1) may not be instituted against the credit provider in relation to another continuing credit contract in relation to which a statement of account was posted by the same bulk postage.