Victorian Consolidated Legislation

Credit Act 1984 - SECT 44

Minimum credit charge

44. Minimum credit charge



(1) A provision in a credit sale contract or a loan contract to the effect
that the minimum credit charge exceeds-

   (a)  where the amount financed under the contract is not more than $75-$5
        or, where some other amount is prescribed for the purposes of this
        paragraph, that other amount; or

   (b)  where the amount financed under the contract is more than $75-$7.50
        or, where some other amount is prescribed for the purposes of this
        paragraph, that other amount-

is void.

(2) A credit provider shall not enter into a credit sale contract or a loan
contract that includes a provision that, by reason of subsection (1), is void.

Penalty: 20 penalty units.