Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A regulation under
this Part may prescribe a maximum annual percentage rate for a credit contract
or class of credit contract, within the meaning of the
Consumer Credit (Western Australia) Code .
(1a) In the case of a
short term credit contract, the regulations may require interest charges and
all credit fees and charges under the contract to be included for the purpose
of calculating the maximum annual percentage rate under the contract for the
purposes of subsection (1).
(2) Division 2 of
Part 2 of the Consumer Credit (Western Australia) Code (which limits the
debtor’s monetary obligations) applies in relation to a prescribed
maximum annual percentage rate as if that rate had been prescribed by the
Consumer Credit (Western Australia) Code .
NOTE: The effect of subsection (2) is that
the contract is void to the extent it imposes a monetary liability prohibited
by subsection (1) and that any amount paid under the contract may be
recovered. In addition the credit provider commits an offence for entering
into such a contract.
(3) Nothing in this
section affects the powers expressed to be conferred on the Court by
Division 3 of Part 4 of the Consumer Credit (Western Australia) Code in
relation to a contract that is not, by reason of this section, void.
NOTE: Division 3 of Part 4 allows (among
other things) the re-opening of unjust transactions.
(4) In this
section —
short term credit contract means —
(a) a
contract for the provision of credit limited to a total period that does not
exceed 62 days that is not exempted from the Consumer Credit (Western
Australia) Code under section 7(1) of the Consumer Credit (Western
Australia) Code ; or
(b) a
contract of a kind prescribed by the regulations.
[Section 12 amended by No. 30 of 2001
s. 4; No. 43 of 2003 s. 12.]
[Heading inserted by No. 43 of 2003
s. 13.]