Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 76

(1) An agreement entered into by a credit provider under which a debtor agrees to pay to, or on behalf of, the credit provider any costs, fees or charges incidental to, or relating to--

(a) the provision of credit under a regulated contract; or

(b) guaranteeing or securing repayment of any such credit; or

(c) negotiations for the provision of any such credit or for guaranteeing or securing repayment of any such credit;

(other than costs, fees or charges permitted by this Act to be included as part of the amount financed under a regulated credit sale contract or a regulated loan contract or as part of the amount owing under a regulated continuing credit contract) is void.

(2) Any amount that, despite subsection (1), is paid by a debtor to a credit provider in accordance with an agreement referred to in subsection (1) is recoverable by the debtor from the credit provider as a debt.

(3) A credit provider shall not enter into an agreement that, because of subsection (1), is void.

Maximum penalty--40 penalty units.