Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 5

Continuing credit contract

5. Continuing credit contract

Where a person-

   (a)  agrees with another person to provide credit to that other person in
        respect of payment for goods and services or cash supplied by him to
        that other person from time to time; or

   (b)  agrees with another person-

   (i)  to satisfy on behalf of that other person liabilities of that other
        person to a third person in respect of payment for goods and services
        or cash supplied by that third person to that other person from time
        to time; and





   (ii) to provide credit to that other person in respect of payment by that
        other person of amounts owing from time to time to him in respect of
        the satisfaction by him of those liabilities on behalf of that other
        person- and agrees to calculate the amount owing to him from time to
        time under the agreement on the basis that all amounts owing and all
        payments made by the other person under or in respect of the
        agreement, are entered in the same account-that agreement is, for the
        purposes of this Act, a continuing credit contract.