Victorian Consolidated Legislation

Credit Act 1984 - SECT 60

Variation of continuing credit contract ineffective without notice

60. Variation of continuing credit contract ineffective without notice



(1) Where, in accordance with a provision in a continuing credit contract, the
credit provider exercises a right under the contract to vary the operation of
the contract (other than a right exercised at the request of the debtor), the
variation does not have effect-

   (a)  in the case of a variation that increases the credit charge under the
        contract, or increases the amount of, or abridges the time for payment
        of, the amount standing to the debit of the account-until a period
        that is not shorter than two billing cycles has elapsed after notice
        of the variation has been given to the debtor in writing; or

   (b)  in the case of any other variation-until a period of at least seven
        clear days 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 in writing.

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