Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A regulation may prescribe a maximum annual percentage rate for a credit contract to which the code applies.
(2) A regulation may require interest charges, and all credit fees and charges, under a credit contract to be included in working out the maximum annual percentage rate under the contract.
(3) The code, part 2, division 2 applies in relation to a prescribed maximum annual percentage rate as if the rate had been prescribed by the code.
Note The effect of s (3) is that a contract is void to the extent that it imposes a monetary liability prohibited under s (1) and that any amount paid under the contract may be recovered. In addition, the credit provider commits an offence for entering into the contract.
(4) This section does not affect the exercise of any powers under the code, part 4, division 3 in relation to a contract that is not void because of this section.
Note The code, pt 4, div 3 allows (among other things) the reopening of unjust transactions.
(5) This section applies to a credit contract whether the credit contract was established before, or is established after, the commencement of this section.