Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 61

(1) Where, in accordance with a provision in a continuing credit contract, the credit provider exercises a right under the contract to vary the operation of the contract (other than a right exercised at the request of the debtor), the variation does not have effect--

(a) in the case of a variation that increases the credit charge under the contract, or increases the amount of, or abridges the time for payment of, the amount standing to the debit of the account--until a period that is not shorter than 2 billing cycles has elapsed after notice of the variation has been given to the debtor in writing; or

(b) in the case of any other variation--until a period of--

(i) at least 7 clear days; or

(ii) where the contract provides for a period of notice of the variation, that period;

whichever is the longer has elapsed after notice of the variation has been given to the debtor in writing.

(2) Where notice of the variation of a provision in a continuing credit contract is given in a common form by the credit provider and posted by bulk postage, the notice of the variation shall be deemed to have been given 7 days after the date on which the last of the bulk postages was made.