Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) If a credit provider agrees to discharge 1 or more regulated contracts to which the credit provider and the debtor are parties in consideration of the entering into of another credit contract by the debtor (whether or not a regulated contract), the credit provider shall, before entering into the other credit contract, give to the debtor a written statement setting out, in relation to each of the regulated contracts to be discharged—
(a) the amount that would be due to the credit provider under section 105 if, immediately before the relevant date, the debtor were to discharge his or her obligations under the contract in accordance with that section; and
(b) for a regulated credit sale contract or a regulated loan contract, particulars of the calculation of that amount by setting out—
(i) the outstanding balance of the amount financed; and
(ii) the outstanding balance of the accrued credit charge; and
(iii) the outstanding balance of deferral charges (if any) charged in accordance with this part; and
(iv) the outstanding balance of default charges (if any) charged in accordance with this part; and
(v) the outstanding balance of enforcement expenses (if any);
and (if the relevant insurance and maintenance contracts are discharged) the amounts of any statutory rebates of insurance charges and maintenance charges deducted from the sum of the amounts referred to in subparagraphs (i) to (v).
(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) In subsection (1):
"relevant date" means—
(a) the date when the new credit contract is entered into; or
(b) if that contract is entered into by the acceptance by the credit provider of an offer made by the debtor—the date when the offer is made.