New South Wales Consolidated Acts

CREDIT ACT 1984 - SECT 169

169 Linked credit provider-sale of land

For the purposes of Part 2:

(a) the definition of "linked credit provider" in section 5 (1) applies in relation to a vendor of land in the same way as it applies in relation to a supplier of goods or services,

(b) a credit provider and a vendor of land have a trade or tie agreement if they have an agreement or arrangement, whether formal or informal, for the provision of credit to purchasers of land from that vendor,

(c) section 12 applies to a loan contract entered into by a credit provider with a purchaser of land from a vendor in the same way as it applies to a loan contract entered into by a credit provider with a buyer of goods or services from a supplier,

(d) sections 24 to 29 apply to a vendor of land and the provision of credit in respect of the payment by a purchaser under a contract for the purchase of land from that vendor in the same way as they apply to a supplier of goods or services and the provision of credit in respect of the payment by a buyer for goods or services supplied by that supplier,

(e) a reference to a tied loan contract includes a reference to a loan contract under which the amount financed is not in excess of $20,000 and is applied in making a payment under a contract for the purchase of land unless the credit provider did not know, and could not reasonably have known, that the amount financed was to be so applied, and

(f) a reference to a tied continuing credit contract includes a reference to such a contract under which an amount that:

(i) does not exceed $20,000, and

(ii) is in respect of a payment under a contract for the purchase of land,

is entered in an account of the debtor kept by the credit provider unless the credit provider did not know, and could not reasonably have known, that the amount was in respect of such a payment.