Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) If a credit provider and a debtor agree to vary a credit sale contract or a loan contract by the deferral of the payment of an amount payable by the debtor under the contract, the credit provider shall not make a charge in relation to the deferral unless—
(a) the payment is deferred in accordance with—
(i) a term in the contract to the effect that such a payment may be deferred; or
(ii) the agreement of the credit provider and the debtor; and
(b) the charge in relation to the deferral does not exceed the amount determined in accordance with subsection (3); and
(c) a default charge is not made in relation to the deferral; and
(d) the deferral is made in accordance with subsection (5); and
(e) the relevant credit sale contract or loan contract is a credit sale contract or a loan contract if the whole or part of the credit charge under the contract is a predetermined credit charge.
(2) A credit provider that contravenes subsection (1) commits an offence.
Maximum penalty:
(a) for an individual—$1 000; and
(b) for a corporation—$5 000.
(3) The amount of a charge in relation to the deferral of the payment of an amount payable under a credit sale contract or a loan contract determined in accordance with this subsection is—
(a) the amount that is the sum of the amount determined by applying to the amount in regard to which payment is deferred, in relation to the number of days for which it is deferred—
(i) if a credit charge is payable under the contract—a rate not exceeding the daily percentage rate that applies to the contract; or
(ii) if a credit charge is not payable under the contract—the rate prescribed for this section;
and the amounts (if any) payable in relation to charges referred to in subsection (4) in relation to the deferral of the payment; or
(b) the amount agreed by the credit provider and the debtor as the charge;
whichever is the lesser.
(4) The charges in relation to the deferral of a payment referred to in subsections (3) (a) and (5) (b) are charges in relation to—
(a) stamp duty payable in relation to or in relation to the deferral; and
(b) fees payable to a duly qualified lawyer (other than the credit provider or an employee of the credit provider) authorised to prepare documents for the deferral.
(5) If a credit provider defers payment of an amount payable under a credit sale contract or a loan contract, the deferral is in accordance with this subsection if, not later than 14 days after the credit provider agrees to defer or, if the deferral is made under a term of the contract, the credit provider defers the payment, the credit provider gives written notice to the debtor stating—
(a) the amount of the payment deferred; and
(b) the amounts (if any) payable in relation to charges referred to in subsection (4) in relation to the deferral; and
(c) the date when the period for which the payment is deferred ends; and
(d) the amount of the charge, in dollars and cents; and
(e) if applicable, the rate applied to the amount in relation to which payment is deferred in accordance with subsection (3) (a) for the purpose of determining the amount of the charge.
(6) A credit provider that makes a charge in relation to the deferral of the payment of an amount payable by the debtor under a regulated continuing credit contract commits an offence.
Maximum penalty:
(a) for an individual—$1 000; and
(b) for a corporation—$5 000.
(7) Notwithstanding any other provision of this Act, the deferral in accordance with this section of the payment of an amount payable by a debtor under a credit sale contract or a loan contract is not a loan contract.