Queensland Consolidated Regulations Queensland Consolidated Regulations(1) Except as provided by this section, for the purposes of the Code (including section 27) and the credit contract, a debit or a credit made by a credit provider to a debtor's account is taken to have been made, and has effect, on the date assigned to the debit or credit, not on the date on which it is processed.
(2) Except as provided by this section, a credit provider may subsequently adjust debits or credits to a debtor's account, and the account balances, so as to accurately reflect the legal obligations of the debtor and the credit provider.
(3) However, subsections (1) and (2) do not permit a debit or a credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or credit or account balance, if--
(a) the assignment or adjustment is not consistent with the credit contract; or
(b) the adjustment results in an interest charge that is more than the maximum amount permitted by the Code, as calculated on the basis of debits or credits to a debtor's account consistent with the credit contract; or
(c) the assignment or adjustment results in a contravention of section 24 of the Code; or
(d) the assignment of the date on which an interest charge is taken to be debited results in a debit being taken to be done before a time permitted under the Code or this regulation.
(4) For the purposes of section 32(K) of the Code, a statement of account must set out any adjustments made under this section during the statement period.
(5) This section applies to adjustments of, and debits and credits to, debtors' accounts made not later than 2 years after the commencement of the Code.
(6) This section does not affect the operation of section 18 of this regulation.
(7) An adjustment by a credit provider under subsection (2) does not affect any liability of a credit provider under part 6 of the Code.