Victorian Consolidated Legislation

Credit Act 1984 - SECT 82

Loans to be in money or equivalent

82. Loans to be in money or equivalent

Subject to this Act, a credit provider shall not under a regulated loan
contract make a payment of an amount to or in accordance with the instructions
of the debtor unless the payment-

   (a)  is in cash or money's worth; and

   (b)  is made in full without deduction of an amount included in the credit
        charge in respect of the contract.

Penalty: 10 penalty units.