New South Wales Consolidated Acts

CREDIT ACT 1984 - SECT 14

14 Certain contracts not credit sale contracts

(1) For the purposes of this Act, a reference to a credit sale contract does not include:

(a) a reference to a contract of sale of goods or services in respect of the payment for which credit is, or is to be, provided under a continuing credit contract, or

(b) a reference to a lay-by sale within the meaning of subsection (2).

(2) A reference in subsection (1) to a lay-by sale is a reference to a sale of goods, or an agreement to sell goods, under conditions, express or implied, which provide that:

(a) any of the goods sold or agreed to be sold will not be delivered to the purchaser until the purchase price is paid for the goods to be delivered, whether or not any charge is expressed to be payable for storage of the goods, and

(b) the purchase price or, where a deposit is paid, the balance of the purchase price:

(i) is to be payable by instalments (whether the number of instalments or the amount of all or any of the instalments is fixed by those conditions or is left at the option of the purchaser) payable over a fixed or ascertainable period, or

(ii) is to be paid at the expiration of a fixed or ascertainable period with an option, express or implied, for the purchaser to make payments in respect of the purchase price during that period.