Victorian Consolidated Legislation

CREDIT ACT 1984

No. 10097 of 1984
Version incorporating amendments as at 1 December 2008

TABLE OF PROVISIONS

           Section Page

   PART I-PRELIMINARY

   1.      Short title
   2.      Commencement
   3.      Application of Act and transitional provisions
   4.      Act binds Crown
   5.      Definitions
   6.      Jurisdiction of courts and Tribunals
   7.      Credit contracts deemed to be regulated contracts
   8.      Assignors, assignees etc. of rights and obligations
   9.      Contracts of employment excluded
   10.     Annual percentage rate
   11.     Credit charge
   12.     Tied contracts
   13.     Contracts for hiring of goods
   14.     Certain contracts not credit sale contracts
   15.     Loan contracts not to include certain credit
   16.     Business of providing credit
   17.     Recognized States
   18.     Exceptions from application of Act
   19.     Variation of application of Act
   19A.    Act not to apply to new credit contracts
   19B.    Act to continue to apply in certain cases

   PART II-CONTRACTS OF SALE

   20.     Application of Part
   21.     Contract of sale conditional on grant of credit
   22.     Supplier not to require buyer to obtain credit from specified person
   23.     Consequence of discharge of certain contracts
   24.     Linked credit provider
   25.     Consequential discharge of tied loan contract and mortgage
   26.     Discharge of tied continuing credit contract on discharge or rescission of contract of sale
   27.     Operation of sections 25 and 26.
   28.     Disputes
   29.     Notice of rescission etc. to linked credit provider

   PART III-REGULATED CONTRACTS

           Division 1-Credit sale contracts and loan contracts

   30.     Application of Part
   31.     Contracts to be in writing
   32.     Form of offer
   33.     Copy of accepted offer to be given
   34.     Debtor to be given prescribed statement
   35.     Disclosure in credit sale contracts
   36.     Disclosure in loan contracts
   37.     Add-on contracts
   38.     Statement of annual percentage rate
   39.     Acceptable rate of interest
   40.     Inclusion of more than one rate of interest
   41.     Variation ineffective without notice
   42.     Civil penalty
   43.     Offence
   44.     Minimum credit charge
   45.     Statement for debtor or guarantor on request
   46.     Copy of document for debtor or guarantor
   47.     Tribunal may determine reasonable fees etc.

           Division 2-Continuing credit contracts

   48.     Interpretation
   49.     Application of Part
   50.     Billing cycle
   51.     Payment on behalf of debtor
   52.     Chargeable amount
   53.     Amounts payable under continuing credit contract
   54.     Credit charge
   55.     Annual percentage rate
   56.     Billing cycle less than one month
   57.     Non-business days
   58.     Debtor to be given prescribed statement
   59.     Notice of terms of continuing credit contract
   60.     Variation of continuing credit contract ineffective without
           notice
   61.     Statement of account
   62.     Correction of billing errors
   63.     Statement of account to be given before proceedings
           instituted
   64.     Statement of account not to include opening balance in
           certain circumstances
   65.     Statement of account not needed in certain circumstances
   66.     Credit provider to pay amounts owing to debtor upon request
   67.     Civil penalty
   68.     Copy of notice to be given on request

           Division 3-Operation of regulated contracts

   69.     Refinancing of credit contracts by the same parties
   70.     Variation of credit sale contracts and loan contracts
   71.     Deferral charge
   72.     Default charges
   73.     Variations generally
   74.     Variation of commitments on account of hardship

           Division 4-General

   75.     Unauthorized fees
   76.     Enforcement expense
   77.     Right to revoke offer is paramount
   78.     Sufficient statement of annual percentage rate
   79.     Sufficient statement of estimated credit charge
   80.     Discrepancy between credit charge and annual percentage
           rate
   81.     Assignment of rights by credit provider
   82.     Loans to be in money or equivalent
   83.     Application of payments
   84.     Appropriation of payments between contracts
   85.     Tribunal may reduce credit provider's loss
   85A.    Stay of civil penalty pending Tribunal's decision
   85B.    Declaration
   86.     General order varying civil penalty
   86AA.   General order varying civil penalty for minor errors
   86A.    Payments to Consumer Credit Fund
   87.     Effect of civil penalty in relation to future liability
   88.     Relief for minor errors

   PART IV-REGULATED MORTGAGES

           Division 1-General

   89.     Application of Part
   90.     Obligations under mortgage not to exceed obligations under contract
   91.     Mortgage of goods to be in writing
   92.     Debtor entitled to copy of mortgage
   93.     Enforcement expense
   94.     Provision for entry of premises void in certain circumstances
   95.     Order of court required before entry for repossession
   96.     Disclosure of location of goods
   97.     Time and place for delivery of goods
   98.     Blanket securities over property or assets prohibited
   99.     Restriction on mortgage of future property
   100.    Mortgages and continuing credit contracts
   101.    Fraudulent sale or disposal of property

           Division 2-Assignment etc. of property

   102.    Assignment of mortgagor

   PART V-TERMINATION AND ENFORCEMENT OF REGULATED CONTRACTS AND REGULATED
   MORTGAGES

   103.    Calculation of net balance due
   104.    Statement of net balance due
   105.    Early termination of contract
   106.    Mortgagor may compel sale of goods
   107.    Notice required before rights exercised
   108.    Proceedings prohibited where breach remedied
   109.    Limit on amount recoverable
   110.    Restriction on exercise of powers
   111.    Court may order delivery of goods
   112.    Taking possession of goods by mortgagee
   113.    Right of mortgagor to redeem goods
   114.    Mortgagee to account for proceeds of sale
   115.    Moratorium, farmers etc.
   116.    Postponement of exercise of rights

   PART VI-REGULATED CONTRACTS AND REGULATED MORTGAGES-GENERAL

   117.    Penalty for false representations etc.
   118.    Court may approve removal of mortgaged goods
   119.    Prohibition of assignment of wages etc.
   120.    Bills of exchange as security
   121.    Advertisements offering credit
   122.    Credit hawking
   123.    Terminology in contracts etc.
   124.    Contracting by agents
   125.    Contract or mortgage not illegal etc. by reason of offence
   126.    Notices to be given to all parties

   PART VII-CONTRACTS OF INSURANCE

   127.    Insurance-regulated contracts
   128.    Insurance-regulated mortgages
   129.    Unauthorized insurance need not be maintained
   130.    Contents of contracts of insurance
   131.    Premiums to be paid to insurer
   132.    Action after rejection of insurance proposal
   133.    No-claim bonus
   134.    Saving as to unenforceability
   135.    Limitation on exclusion clauses

   PART VIII-CONTRACTS OF GUARANTEE

   136.    Guarantee to be in writing
   137.    Extent of liability of guarantor
   138.    Proceedings against guarantor
   139.    Variation of commitments (guarantee relating to a regulated contract)
   140.    Guarantee of obligations of minor
   141.    Guarantor to receive copy of contract
   142.    Guarantor to be given prescribed statements
   143.    Discharge of guarantee
   144.    Revocation of offer to guarantee

   PART IX-RE-OPENING OF CONTRACTS

   145.    Interpretation
   146.    Tribunal may re-open certain transactions
   147.    Matters to be considered by Tribunal
   148.    Repealed
   149.    Limitation on re-opening of transaction

   PART X-GENERAL

   150.    Assignment of interests under wills etc.
   150A.   Contract unenforceable if rate exceeds 48 per cent
   150B.   Mortgage void if rate under regulated contract exceeds
           30 per cent
   151.    Legibility of documents
   152.    Restriction on form of document
   153.    Approval of form of document
   154.    Offence
   155.    Separation of documents
   156.    Signature of documents
   157.    Contracting out of Act prohibited
   158.    General penalty
   159.    Limitation
   160.    Offence by corporation
   161.    Certain rights etc. saved
   162.    Computation of periods
   163.    Extension of time
   164.    Service of documents
   165.    Service by post
   166.    Recoupment of certain stamp duty
   167.    Regulations

   PART XA-TRANSITIONAL

   167A.   Certain past non-disclosures about insurance commission
           not to incur civil penalty
   167B.   Operation of amendments relating to description of
           consumer credit insurance
   167C.   Operation of amendments to sections 85 and 86.
   167D.   Operation of sections 85A and 86A.
   167E.   Operation of section 86A etc.
   167F.   Operation of sections 36(2A) and (2B)
   167G.   Operation of section 86AA.

   PART XI-REPEALS AND AMENDMENTS

   168.    Repeal of Money Lenders Act 1958, Credit Act 1981 etc.
   169.    Amendment of Hire-Purchase Act 1959.
           170-174 Repealed
           __________________
           SCHEDULE 1-Accrued credit charge
           SCHEDULE 2-Statement of amount financed in relation to credit
           sale contracts
           SCHEDULE 3-Statement of credit charge in relation to credit sale contract of goods and services
           SCHEDULE 4-Statement of amount financed in relation to loan contract
           SCHEDULE 5-Statement of credit charge in relation to loan contract
           SCHEDULE 6-Annual percentage rate
           SCHEDULE 7-Statement of account in relation to continuing credit contract
           SCHEDULE 8-Repealed
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           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details