Victorian Consolidated Legislation

Credit Act 1984 - SECT 35

Disclosure in credit sale contracts

35. Disclosure in credit sale contracts



(1) A credit sale contract relating to goods or services shall include-

   (a)  the date on which the contract, or an offer to enter into the
        contract, was signed by the debtor;

   (b)  a description or identification of the goods or services;

   (c)  a statement of the amount financed in accordance with Schedule 2;

   (d)  a statement of the credit charge in accordance with Schedule 3;

   (e)  where, at the relevant date, it is possible to express the whole of
        the credit charge as an amount of money, a statement of the total of-

   (i)  the credit charge; and

   (ii) the amount financed;

   (f)  a statement of the annual percentage rate in accordance with section
        38;

   (g)  a statement of the person to whom, and the place at which, payments by
        the debtor are to be made;

   (h)  a statement whether payments are to be made by instalments and, if
        they are to be so made, a statement of such of the following as are
        known or can be calculated at the relevant date:

   (i)  Where each instalment is the same amount, that amount;

   (ii) Where each instalment except the last is the same amount, that amount
        and the amount of the last instalment;

   (iii) Where neither subparagraph (i) nor subparagraph (ii) applies, the
        amount of each instalment;

   (iv) The number of instalments; and

   (v)  The time for the payment of each instalment or the time for the
        payment of the first instalment and the interval between each
        instalment and the subsequent instalment;

        (i)    if a commission charge is payable, a statement to that effect
               and, except in so far as the information is not known by the
               credit provider or is not readily available to the credit
               provider, a statement of the person to whom and the person by
               whom the commission charge is payable; and

   (j)  a statement whether any mortgage relating to the contract has been or
        is agreed to be entered into.

(2) A credit provider shall not include in the amount financed under a credit
sale contract-

   (a)  an amount payable by the debtor to the credit provider in respect of a
        risk under a contract of insurance (not being compulsory insurance
        relating to goods) other than a risk specified in clause 1(d)(iv) or
        1(e) of Schedule 2;

   (b)  where a mortgage relating to the contract has been entered into, an
        amount in respect of insurance against loss of the security interest
        of the mortgagee in any goods subject to the mortgage by reason of
        section 7 of the Chattel Securities Act 1987 exceeding an amount
        calculated by applying the prescribed rate for title insurance in
        relation to goods of that class; or

   (c)  an amount in respect of the discharge of a liability of the debtor to
        the credit provider under a regulated contract that exceeds the amount
        of the net balance due to the credit provider calculated in accordance
        with section 103 immediately before the discharge of the liability.

(3) Nothing in this section requires the inclusion in a credit sale contract
of a statement referred to in this section that is not applicable to the
contract.

(4) In this section relevant date means the date on which the credit sale
contract is entered into or, if the credit sale contract is entered into by
the acceptance by the credit provider of an offer made by the debtor, the date
on which the offer is made.