Victorian Consolidated Legislation

Credit Act 1984 - SECT 61

Statement of account

61. Statement of account



(1) A credit provider under a continuing credit contract shall give to the
debtor a statement of account in accordance with Schedule 7 in respect of each
billing cycle applied under the continuing credit contract from time to time.



(2) A credit provider shall not include in a statement of account referred to
in subsection (1)-

   (a)  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;

   (b)  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; or

   (c)  a statement that is, or particulars that are, prescribed as a
        statement, or particulars that may not be included in the statement of
        account.

(3) Nothing in this section requires the inclusion in a statement of account
referred to in subsection (1) of a statement that is not, or particulars that
are not, applicable to the continuing credit contract.

(4) Where particulars of matters required to be included in the statement of
account are included in documents attached to or accompanying the statement of
account, the provisions of Schedule 7 requiring those particulars to be so
included are sufficiently complied with.





(5) Where an amount paid by a debtor is not included in the statement of
account in respect of the billing cycle during which the amount was paid, the
credit provider shall within a reasonable time after the receipt of the amount
enter the amount in the account of the debtor kept by the credit provider.

(6) A credit provider under a continuing credit contract shall not-

   (a)  fail to give a statement of account in accordance with this section in
        respect of each billing cycle applied under the contract from time to
        time;

   (b)  give a statement of account that does not comply with the provisions
        of this section;

   (c)  give a statement of account under this section in respect of a billing
        cycle the period of which exceeds 40 days; or

   (d)  include in a statement of account under this section an amount of
        deferral charges or default charges.

Penalty: 10 penalty units.