Queensland Consolidated Regulations Queensland Consolidated Regulations(1) Notification of interest rate changes. A credit provider must, not later than the day on which a change in the annual percentage rate or rates payable under a credit contract takes effect, give to the debtor written notice setting out--
(a) the new rate or rates or, if a rate is determined by referring to a reference rate, the new reference rate; and
(b) any information required by the regulations.
Maximum penalty--100 penalty units.
(2) Notification by publication. Notice under subsection (1) may be given by publishing the notice in a newspaper circulating throughout this jurisdiction. A credit provider that gives notice in accordance with this subsection must give to the debtor particulars of the change before or when the next statement of account is sent to the debtor after the change takes effect.
Maximum penalty--100 penalty units.
(3) Changes in reference rates. Subsection (1) does not apply to a change in a rate that is determined by referring to a reference rate if the changed reference rate is notified (whether or not by the credit provider) in a newspaper circulating throughout this jurisdiction not later than the date the change takes effect.
(4) Notification of other interest changes. A credit provider must, not later than 20 days before a change in the manner in which interest is calculated or applied under a credit contract (including a change in or abolition of any interest free period under the contract) takes effect, give to the debtor written notice setting out--
(a) particulars of the change; and
(b) any information required by the regulations.
Maximum penalty--100 penalty units.
(5) Interest rate reductions. Subsections (1) and (4) do not apply to a change that reduces the obligations of the debtor under the credit contract.
(6) Application. This section applies whether or not the change is a change to the terms of the contract.