Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 53

(1) Subject to this section, a reference in this division to the chargeable amount in respect of a billing cycle of a continuing credit contract is a reference to the sum of such of the amounts included in the statement of account referred to in section 62 for that billing cycle as, under the contract, the credit provider determines constitutes the chargeable amount, being an amount not exceeding--

(a) the amount that is the amount owed under the contract by the debtor immediately before the commencement of the billing cycle less amounts included in the statement of account in respect of payments by the debtor during the billing cycle; or

(b) the amount that is the sum of the balances owed under the contract by the debtor, at the end of each day of the billing cycle, divided by the number of days in the billing cycle;

whichever is the greater.

(2) A credit provider shall not determine as an amount constituting the chargeable amount for a billing cycle of a continuing credit contract an amount that exceeds the greater of the amounts referred to in subsection (1)(a) and (b).

(3) Where an amount determined as an amount constituting the chargeable amount for a billing cycle exceeds the greater of the amounts referred to in subsection (1)(a) and (b), the chargeable amount for that billing cycle shall be deemed, for the purposes of this division, to be the smaller of the amounts referred to in subsection (1)(a) and (b).