CREDIT ACT 1984
Table of Provisions
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 Victorian Consumer Law 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
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
- 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
- 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