Victorian Consolidated Legislation

Credit Act 1984 - SECT 64

Statement of account not to include opening balance in certain circumstances

64. Statement of account not to include opening balance in certain
circumstances



(1) A credit provider shall not give to a debtor a statement of account
relating to a billing cycle of a continuing credit contract that includes in
the chargeable amount an amount owed by the debtor under the contract
immediately before the first day of the billing cycle unless-





   (a)  he has given to the debtor a statement of account in respect of the
        billing cycle immediately preceding the first-mentioned billing cycle;
        and

   (b)  he gave that statement to the debtor not later than-

   (i)  where the first-mentioned billing cycle is fourteen days or more-eight
        days before the end of that billing cycle; or

   (ii) where the first-mentioned billing cycle is less than fourteen
        days-four days before the end of that billing cycle. Penalty: 10
        penalty units.

(2) Where a credit provider gives to debtors statements of account that are
posted by bulk postage, and proceedings are brought against them credit
provider for an offence under subsection (1) in respect of a continuing credit
contract, proceedings for a like offence under subsection (1) may not be
instituted against him in respect of another continuing credit contract in
respect of which a statement of account was posted by the same bulk postage.