Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 46

(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--the amount prescribed for the time being for the purposes of this paragraph or, if no amount is prescribed, $5; or

(b) where the amount financed under the contract is more than $75--the amount prescribed for the time being for the purposes of this paragraph or, if no amount is prescribed, $7.50;

is void.

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

Maximum penalty--40 penalty units.