New South Wales Consolidated Acts

CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 10B

10B Disclosure of cost of credit as annual percentage rate

(2) For the purposes of the application of section 15 (C) of the Consumer Credit (New South Wales) Code , and for the avoidance of doubt, the credit contract document must state an annual percentage rate calculated on the basis of charges under the contract that are in the nature of interest charges (whether or not they are expressed to be interest charges).

(3) For the purposes of section 15 (E) of the Consumer Credit (New South Wales) Code , the total amount of interest charges includes any amount that is in the nature of an interest charge (whether or not it is expressed to be an interest charge).

(4) For the purposes of section 14 of the Consumer Credit (New South Wales) Code , the pre-contractual statement must also set out the matters referred to in subsections (2) and (3).

(5) The requirements of this section are in addition to any other requirements of section 14 or 15 of the Consumer Credit (New South Wales) Code .

(6) The provisions of this section are repealed on a day or days to be appointed by proclamation.