Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_39
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 39
Character Range: 822029–823512

39  Dating and adjustment of debits and credits in accounts
 (1) For the purposes of this Code and the credit contract, a debit or a credit made by a credit provider to a debtor's account is taken to have been made, and has effect, on the date assigned to the debit or credit, not on the date on which it is processed.
 (2) A credit provider may subsequently adjust debits or credits to a debtor's account, and the account balances, so as to accurately reflect the legal obligations of the debtor and the credit provider.
 (3) However, subsections (1) and (2) do not permit a debit or a credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or a credit or account balance, if:
 (a) the assignment or adjustment is not consistent with the credit contract; or
 (b) the adjustment results in an interest charge that is more than the maximum amount permitted by the Code, as calculated on the basis of debits or credits to a debtor's account consistent with the credit contract; or
 (c) the assignment or adjustment results in a contravention of section 26; or
 (d) the assignment of the date on which an interest charge is taken to be debited results in a debit being taken to be done before a time permitted under this Code.
 (4) An adjustment by a credit provider under subsection (2) does not affect any liability of a credit provider under Part 6.

Division 5A—Additional rules relating to small amount credit contracts