New South Wales Consolidated Acts

CREDIT ACT 1984 - SECT 44

44 Minimum credit charge

(1) A provision in a credit sale contract or a loan contract to the effect that the minimum credit charge exceeds:

(a) where the amount financed under the contract is not more than $75-$5 or, where some other amount is prescribed for the purposes of this paragraph, that other amount, or

(b) where the amount financed under the contract is more than $75-$7.50 or, where some other amount is prescribed for the purposes of this paragraph, that other amount,

is void.

(2) A credit provider shall not enter into a credit sale contract or a loan contract that includes a provision that by reason of subsection (1) is void.

Penalty: 20 penalty units.