CREDIT ACT 1984

New South Wales Consolidated Acts

- As at 13 November 2007
- Act 94 of 1984

TABLE OF PROVISIONS

Long Title

PART 1 - PRELIMINARY

1. Name of Act
2. Commencement
3. Application of Act and transitional provisions
4. Act binds Crown
5. Definitions
6. Jurisdiction of courts and Tribunal
7. Credit contracts deemed to be regulated contracts
8. Assignors, assignees etc of rights and obligations
9. Contracts of employment excluded
10. Annual percentage rate
11. Credit charge
12. Tied contracts
13. Contracts for hiring goods
14. Certain contracts not credit sale contracts
15. Loan contracts not to include certain credit
16. Business of providing credit
17. Recognised States
18. Exceptions from application of Act
19. Variation of application of Act
19A. Act not to apply to new credit contracts
19B. Act to continue to apply in certain cases

PART 2 - CONTRACTS OF SALE

20. Application of Part
21. Contract of sale conditional on grant of credit
22. Supplier not to require buyer to obtain credit from specified person
23. Consequence of discharge of certain contracts
24. Linked credit provider
25. Consequential discharge of tied loan contract and mortgage
26. Discharge of tied continuing credit contract on discharge or rescission of contract of sale
27. Operation of sections 25 and 26
28. Disputes
29. Notice of rescission etc to linked credit provider

PART 3 - REGULATED CONTRACTS

Division 1 - Credit sale contracts and loan contracts

30. Application of Part
31. Contracts to be in writing
32. Form of offer
33. Copy of accepted offer to be given
34. Debtor to be given prescribed statement
35. Disclosure in credit sale contracts
36. Disclosure in loan contracts
37. “Add-on” contracts
38. Statement of annual percentage rate
39. Acceptable rate of interest
40. Inclusion of more than one rate of interest in contract
41. Variation ineffective without notice
42. Civil penalty
43. Offence
44. Minimum credit charge
45. Statement for debtor or guarantor on request
46. Copy of document for debtor or guarantor
47. Tribunal may determine reasonable fees etc

Division 2 - Continuing credit contracts

48. Definitions
49. Application of Part
50. Billing cycle
51. Payment on behalf of debtor
52. Chargeable amount
53. Amount payable under continuing credit contract
54. Credit charge
55. Annual percentage rate
56. Billing cycle less than one month
57. Non-business days
58. Debtor to be given prescribed statement
59. Notice of terms of continuing credit contract
60. Variation of continuing credit contract ineffective without notice
61. Statement of account
62. Correction of billing errors
63. Statement of account to be given before proceedings instituted
64. Statement of account not to include opening balance in certain circumstances
65. Statement of account not needed in certain circumstances
66. Credit provider to pay amounts owing to debtor upon request
67. Civil penalty
68. Copy of notice to be given on request

Division 3 - Operation of regulated contracts

69. Re-financing of credit contracts by the same parties
70. Variation of credit sale contracts and loan contracts
71. Deferral charge
72. Default charges
73. Variations generally
74. Variation of commitments on account of hardship

Division 4 - General

75. Unauthorised fees
76. Enforcement expense
77. Right to revoke offer is paramount
78. Sufficient statement of annual percentage rate
79. Sufficient statement of estimated credit charge
80. Discrepancy between credit charge and annual percentage rate
81. Assignment of rights by credit provider
82. Loan to be in money or equivalent
83. Application of payments
84. Appropriation of payments between contracts
85. Tribunal may reduce credit provider’s loss
85A. Stay of civil penalty pending Tribunal’s decision
86. General order varying civil penalty
86A. General order varying civil penalty for minor errors
86B. Payments to the financial counselling trust fund
87. Effect of civil penalty in relation to future liability
88. Relief for minor errors

PART 4 - REGULATED MORTGAGES

Division 1 - General

89. Application of Part
90. Obligations under mortgage not to exceed obligations under contract
91. Mortgage of goods to be in writing
92. Debtor entitled to copy of mortgage
93. Enforcement expense
94. Provision for entry of premises void in certain circumstances
95. Order of court required before entry for repossession
96. Disclosure of location of goods
97. Time and place for delivery of goods
98. Blanket securities over property or assets prohibited
99. Restriction on mortgage of future property
100. Mortgages and continuing credit contracts
101. Fraudulent sale or disposal of property

Division 2 - Assignment etc of property

102. Assignment by mortgagor

PART 5 - TERMINATION AND ENFORCEMENT OF REGULATED CONTRACTS AND REGULATED MORTGAGES

103. Calculation of net balance due
104. Statement of net balance due
105. Early termination of contract
106. Mortgagor may compel sale of goods
107. Notice required before rights exercised
108. Proceedings prohibited where breach remedied
109. Limit on amount recoverable
110. Restriction on exercise of powers
111. Court may order delivery of goods
112. Taking possession of goods by mortgagee
113. Right of mortgagor to redeem goods
114. Mortgagee to account for proceeds of sale
115. Moratorium-farmers etc
116. Postponement of exercise of rights

PART 6 - REGULATED CONTRACTS AND REGULATED MORTGAGES-GENERAL

117. Penalty for false representations etc
118. Court may approve removal of mortgaged goods
119. Prohibition of assignment of wages etc
120. Bills of exchange as security
121. Advertisements offering credit
122. Credit hawking
123. Terminology in contracts etc
124. Contracting by agents
125. Contract or mortgage not illegal etc by reason of offence
126. Notices to be given to all parties

PART 7 - CONTRACTS OF INSURANCE

127. Insurance-regulated contracts
128. Insurance-regulated mortgages
129. Unauthorised insurance need not be maintained
130. Content of contracts of insurance
131. Premiums to be paid to insurer
132. Action after rejection of insurance proposal
133. No-claim bonus
134. Saving as to unenforceability
135. Limitation on exclusion clauses

PART 8 - CONTRACTS OF GUARANTEE

136. Guarantee to be in writing
137. Extent of liability of guarantor
138. Proceedings against guarantor
139. Variation of commitments (guarantee relating to a regulated contract)
140. Guarantee of obligations of minor
141. Guarantor to receive copy of contract
142. Guarantor to be given prescribed statement
143. Discharge of guarantee
144. Revocation of offer to guarantee

PART 9 - RE-OPENING OF CONTRACTS

145. Interpretation
146. Tribunal may re-open certain transactions
147. Matters to be considered by Tribunal
148. Joinder of parties
149. Limitation on re-opening of transaction

PART 10 - GENERAL

150. Assignment of interest under will etc
151. Legibility of documents
152. Restriction on form of document
153. Approval of form of document
154. Offence
155. Separation of documents
156. Signature of documents
157. “Contracting-out” of Act prohibited
158. General penalty
159. Limitation
159A. Persons who may take proceedings
159B. Proceedings for offence
160. Offence by corporation
161. Certain rights etc saved
162. Computation of period
163. Extensions of time
164. Service of documents
165. Service by post
166. Recoupment of certain stamp duty
166A. Evidence
167. Regulations

PART 11 - MISCELLANEOUS

168. Notices by mortgagee
169. Linked credit provider-sale of land
170. Contract void if annual percentage rate exceeds maximum rate
171. Act No 16, 1980 not affected
172. (Repealed)
173. Transitional and other special provisions
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