Victorian Consolidated Legislation

Credit Act 1984 - SECT 41

Variation ineffective without notice

41. Variation ineffective without notice



(1) Where, in accordance with a provision in a credit sale contract or a loan
contract, the credit provider exercises a right under the contract to vary the
contract (otherwise than at the request of the debtor or in a manner referred
to in section 37, 69, 70 or 71) the variation does not have effect until the
prescribed period (or, where the contract provides for a longer period of
notice of the variation, that longer period) has elapsed after notice of the
variation has been given to the debtor.

(2) Where notice of the variation of a credit sale contract or loan contract
is given in a common form and posted by bulk postage, the notice shall be
deemed to have been given 21 days after the date on which the last of the bulk
postages was made.