Queensland Consolidated Acts Queensland Consolidated Acts(1) For the purposes of this Act a reference to a credit charge--
(a) in relation to a credit sale contract or a loan contract--is a reference to the amount by which the amount payable under the contract by the debtor to the credit provider or a person on the debtor's behalf (not including amounts of deferral charges, default charges or enforcement expenses) exceeds the amount financed; and
(b) in relation to a billing cycle of a continuing credit contract--is a reference to a credit charge within the meaning of section 55.
(2) For the purposes of the interpretation of accrued credit charge in relation to a credit sale contract or a loan contract, the amount of the credit charge which has accrued at a particular time shall be calculated--
(a) by adding together the amounts ascertained by applying the daily percentage rate to the unpaid daily balances (being daily balances before that time)--
(i) in the case of a credit sale contract--of the amount financed; or
(ii) in the case of a loan contract--of the amount financed other than any part of the amount agreed under the contract to be lent that has not been lent at that time; or
(b) where schedule 1 applies to the credit sale contract or loan contract--in accordance with the formula set out in that schedule; or
(c) where an applicable method is prescribed for the purposes of this subsection--in accordance with that method.
(3) In calculating the amount of a credit charge which has accrued under a credit sale contract or a loan contract, the credit provider may, if the credit provider so determines, apply a percentage rate per annum that is lower than the annual percentage rate disclosed under the contract.