Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 42

(1) Subject to sections 41 and 72, a credit sale contract or a loan contract shall be deemed to be not in accordance with this division if it includes--

(a) a statement of, or a reference to, more than 1 annual percentage rate for the purposes of the contract; or

(b) a statement of, or a reference to, any other rate to the effect that the credit charge under the contract is or is to be determined by the application of that rate to the whole or any part of the amount financed.

(2) Where, in a credit sale contract or a loan contract, there is a statement of, or a reference to, more than 1 annual percentage rate for the purposes of the contract or a statement of, or reference to, any other rate referred to in subsection (1), the annual percentage rate for the purposes of the contract shall be the lowest rate so stated or referred to.