Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A provision in a regulated contract to the effect that if the debtor makes default under the contract and the credit provider exercises a right in relation to the contract arising from the default, the debtor is, if the credit provider so determines, liable to pay to the credit provider an amount incurred or expended in the exercise of that right is void unless the provision limits the amount so payable to the reasonable amount reasonably incurred or expended by the credit provider in the exercise of that right.
(2) A credit provider that enters into a contract containing 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.
(3) If there is a dispute between the debtor and the credit provider in relation to the liability of the debtor to pay a reasonable amount reasonably incurred or expended by the credit provider in the exercise of a right in relation to a regulated contract arising from the default of the debtor, the ACAT may, on the application of the debtor or credit provider, determine the amount of that liability.