Australian Capital Territory Consolidated Acts

CREDIT ACT 1985 - SECT 77

    (1)     A provision in an agreement to the effect that a person does not have a right to revoke an offer to enter into a regulated contract—

        (a)     before the offer is accepted; or

        (b)     if, at the time of the acceptance, the person could not reasonably be expected to know that the offer had been accepted—before notice is given of the acceptance;

or that such a right is restricted or modified, is void.

    (2)     A credit provider that enters into an agreement including 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.