Queensland Consolidated Regulations

CONSUMER CREDIT REGULATION 1995 - SECT 29

For the purposes of section 126(3) of the Code, the manner of calculating the proportionate rebate of consideration is by applying the following formula--

where--

R is the amount of rebate of consideration.

C is the amount of the charges under the maintenance services contract financed under the credit contract.

S is the number of whole months in the unexpired portion of the period for which maintenance was agreed to be provided.

T is the number of whole months for which maintenance was agreed to be provided.

Note--

Section 126(1) of the Code provides that, if a debtor terminates a linked maintenance services contract because of the termination of the credit contract, the debtor is entitled to a proportionate rebate of consideration under the maintenance services contract. Section 126(3) of the Code provides that the regulations may prescribe the manner of calculating that proportionate rebate of consideration.