Queensland Consolidated Acts Queensland Consolidated Acts(1) The Governor in Council may make regulations prescribing a maximum annual percentage rate for a credit contract or class of credit contract, within the meaning of the Consumer Credit (Queensland) Code.
(2) Part 2, division 2 of the Code (which limits the debtor's monetary obligations) applies in relation to a prescribed maximum annual percentage rate as if that rate had been prescribed by the Code.
Note--
The effect of subsection (2) is that a provision of a contract is void to the extent it imposes a monetary liability in excess of the maximum annual percentage rate prescribed under subsection (1) and that any excess amount paid under the contract may be recovered. In addition the credit provider commits an offence for entering into the contract.
(3) A regulation may require that, for calculating the annual percentage rate of a credit contract for subsection (1), not only interest charges but all credit fees and charges under the credit contract are to be included.
(4) If a provision of a contract is void to a particular extent because of this section and section 21(2) of the Code, nothing in this section affects the powers of the Court under part 4, division 3 of the Code in relation to the other provisions of the contract.
Note--
Part 4, division 3 of the Code allows (among other things) the Court to reopen unjust transactions.