Queensland Consolidated Acts

CREDIT ACT 1987

TABLE OF PROVISIONS

           Long Title

           Contents

           Part 1--Preliminary

   1.      Short title
   2.      Commencement
   5.      Application of Act and transitional provisions
   5A.     Further transitional and other special provisions
   6.      Act binds Crown
   7.      Interpretation
   8.      Jurisdiction of courts
   9.      Credit contracts deemed to be regulated contracts
   10.     Application of Act to assignors and assignees
   11.     Contracts of employment excluded
   12.     Annual percentage rate
   13.     Credit charge
   14.     Tied loan contracts and tied continuing credit contracts
   15.     Contracts for hiring of goods deemed credit sale contracts
   16.     Certain contracts not credit sale contracts
   17.     Loan contract does not include amounts of credit under credit sale contracts or continuing credit contracts
   18.     Business of providing credit
   19.     Recognised States
   20.     Exceptions from application of Act
   21.     Variation of application of Act
   21A.    Act not to apply to new credit contracts
   21B.    Act to continue to apply in certain cases

           Part 2--Contracts of sale

   22.     Contracts of sale to which part applies
   23.     Contract of sale conditional on grant of credit
   24.     Supplier not to require buyer to obtain credit from specified person
   25.     Discharge of mortgage relating to discharged regulated contracts
   26.     Liability of supplier and linked credit provider
   27.     Discharge of tied loan contract and mortgage upon rescission or discharge of contract of sale
   28.     Discharge of mortgage relating to tied continuing credit contract on discharge or rescission of contract of sale
   29.     Provisions of ss 27 and 28 are in addition to other rights etc.
   30.     Disputes
   31.     Supplier to inform linked credit provider of rescission or discharge of contract of sale

           Part 3--Regulated contracts

           Division 1--Credit sale contracts and loan contracts

   32.     Application of part
   33.     Contracts to be in writing
   34.     Form and copies of contract
   35.     Copy of accepted offer to be given
   36.     Debtor to be given prescribed statement of rights under Act
   37.     Disclosure in credit sale contracts
   38.     Disclosure in loan contracts
   39.     Add on contracts
   40.     Statement of annual percentage rate
   41.     Acceptable rate of interest
   42.     Inclusion of more than 1 rate of interest
   43.     Variation ineffective without notice
   44.     Civil penalty
   45.     Contracts to be in accordance with division
   46.     Minimum credit charge
   47.     Statement for debtor or guarantor on request
   48.     Copy of document for debtor or guarantor

           Division 2--Continuing credit contracts

   49.     Interpretation
   50.     Application of part
   51.     Billing cycle
   52.     Payment of supplier by credit provider on behalf of debtor
   53.     Chargeable amount
   54.     Amount payable under continuing credit contract
   55.     Credit charge
   56.     Annual percentage rate
   57.     Application of annual percentage rate to billing cycle of less than 1 month
   58.     Credit charge in respect of non-business days
   59.     Debtor to be given prescribed statement
   60.     Notice of terms of continuing credit contract
   61.     Variation of continuing credit contract ineffective without notice
   62.     Statement of account
   63.     Correction of billing errors
   64.     Statement of account to be given before proceedings instituted
   65.     Statement of account not to include opening balance in chargeable amount in certain circumstances
   66.     Statement of account need not be given in certain circumstances
   67.     Credit provider to pay amounts owing to debtor upon request
   68.     Civil penalty
   69.     Credit provider to give copy of notice upon request

           Division 3--Operation of regulated contracts

   70.     Disclosure on discharge of contracts and making of new contract
   71.     Variation of credit sale contracts and loan contracts
   72.     Variation of interest rates of credit sale contracts and loan contracts
   73.     Deferral charge payable under credit sale contract or loan contract
   74.     Default charges
   75.     Variation of credit contracts generally

           Division 4--General

   76.     Unauthorised fees
   77.     Enforcement expenses
   78.     Right to revoke offer is paramount
   79.     Sufficient statement of annual percentage rate
   80.     Sufficient statement of estimated credit charge
   81.     Liability where discrepancy between credit charge and annual percentage rate
   82.     Assignment of rights by credit provider
   83.     Loans to be in money or equivalent
   84.     Application of payments
   85.     Appropriation of payments where more than 1 credit contract
   86.     Credit provider may apply to court for reduction of loss for contravention of Act
   86A.    Stay of civil penalty pending court's decision
   87.     General order varying civil penalty
   87A.    General order varying civil penalty for minor errors
   87B.    Court may direct payment to the Fund
   88.     Effect of reduction of liability
   89.     Relief for minor errors

           Part 4--Regulated mortgages

           Division 1--General

   90.     Application of part
   91.     Obligations under mortgage not to exceed obligations under regulated contract
   92.     Mortgage of goods to be in writing
   93.     Debtor entitled to copy of mortgage
   94.     Enforcement expense
   95.     Provision for entry of premises void in certain circumstances
   96.     Order of court required before entry for repossession
   97.     Mortgagor may be required to state where goods are
   98.     Court may determine time and place for return of goods
   99.     Blanket securities over property or assets prohibited
   100.    Restriction on mortgage of after-acquired property
   101.    Mortgages and continuing credit contracts
   102.    Fraudulent sale or disposal of property

           Division 2--Assignment etc. of property

   103.    Assignment by mortgagor

           Part 5--Termination and enforcement of regulated contracts and regulated mortgages

   104.    Calculation of net balance and outstanding balance of amount financed
   105.    Statement of net balance due
   106.    Early termination of regulated contract
   107.    Mortgagor may compel sale of goods
   108.    Restrictions on exercise of rights by credit provider or mortgagee
   109.    Proceedings prohibited where debtor remedies breach etc.
   110.    Limit on amount recoverable
   111.    Restriction on exercise of powers
   112.    Court may order delivery of goods
   113.    Taking possession of goods by mortgagee
   114.    Mortgagor's right to redeem
   115.    Mortgagee to account for proceeds of sale
   116.    Power to give relief against repossession of certain goods from farmers
   117.    Postponement of exercise of rights
           Part 6 Regulated contracts and regulated mortgages--general
   118.    Penalty for false representations etc.
   119.    Court may approve removal of mortgaged goods
   120.    Prohibition on assignment of wages etc.
   121.    Restrictions on taking bills of exchange as security
   122.    Advertisements offering credit
   123.    Prohibition of credit hawking
   124.    Terminology in contracts etc.
   125.    Contracting by agents
   126.    Contract or mortgage not illegal etc. because of offence
   127.    Notices to be given to all parties

           Part 7--Contracts of insurance

   128.    Insurance in respect of regulated contracts
   129.    Insurance in respect of regulated mortgages
   130.    Unauthorised insurance need not be maintained
   131.    Action after rejection of insurance proposal
   132.    No-claim bonus

           Part 8--Contracts of guarantee

   133.    Contracts of guarantee unenforceable unless in writing
   134.    Extent of liability of guarantor
   135.    Recovery against guarantor
   136.    Guarantee of obligations of minor
   137.    Guarantor to receive copy of contract of guarantee
   138.    Guarantor to be given prescribed statements
   139.    Discharge of guarantee by notice
   140.    Right to revoke offer of guarantee

           Part 9--Control of credit providers' practices

           Division 3--Reopening of regulated contracts and regulated mortgages

   148.    Interpretation
   149.    Court may reopen certain transactions
   150.    Matters to be considered by court
   151.    Joinder of parties
   152.    Limitation on reopening of transaction
   153.    Jurisdiction of court

           Part 10--General

   154.    Notices by mortgagee
   155.    Governor in Council may fix maximum annual percentage rates
   156.    Legibility of documents
   157.    Restriction on form of document
   158.    Approval of form of document
   159.    Documents and forms to comply with Act
   160.    Statements etc. not required to be in separate documents
   161.    Signature of documents
   162.    Contracting out of Act prohibited
   163.    General penalty
   167.    Disposal of penalties and fees etc.
   168.    Certain rights etc. saved
   169.    Giving of notices etc.
   170.    Limitation of liability of registrar
   171.    Regulations

           Part 12--Amendments

   179.    Amendment of Hire-purchase Act 1959
           SCHEDULE 1 -- ACCRUED CREDIT CHARGE
           SCHEDULE 2 -- STATEMENT OF AMOUNT FINANCED IN RELATION TO CREDIT SALE CONTRACT
           SCHEDULE 3 -- -- -- STATEMENT OF CREDIT CHARGE IN RELATION TO CREDIT SALE CONTRACT OF GOODS OR SERVICES
           SCHEDULE 4 -- STATEMENT OF AMOUNT FINANCED IN RELATION TO LOAN CONTRACT
           SCHEDULE 5 -- STATEMENT OF CREDIT CHARGE IN RELATION TO LOAN CONTRACT
           SCHEDULE 6 -- ANNUAL PERCENTAGE RATE
           SCHEDULE 7 -- STATEMENT OF ACCOUNT IN RELATION TO CONTINUING CREDIT CONTRACT
           SCHEDULE 8 -- FURTHER TRANSITIONAL AND OTHER SPECIAL PROVISIONS

           Part 1--Provisions because of the enactment of the Credit Act 1987
           1. Certain past nondisclosures about insurance commission not to incur civil penalty

   2.      Operation of amendments relating to description of consumer credit insurance
   3.      Operation of amendments to ss 86 and 87 of this Act
   4.      Operation of ss 86A and 87A of this Act

           Part 2--Provisions because of the enactment of the Credit Amendment Act 1994

   5.      Application of amendments to existing proceedings
           SCHEDULE 9 -- EXCEPTIONS FROM APPLICATION OF ACT
           1. Certain credit by bank or pastoral finance company
           2. Housing loan contract
           3. Pawnbrokers
           4. Monthly account charges
   5.      Low value transactions
   6.      Insurance premium financing
   7.      Overseas visitors cash advances
   8.      Staff loans
   9.      Educational services
   10.     Beneficiaries under trusts
   11.     Petrol and taxi cards
   12.     Farming property transactions
           Endnotes