Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_27
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 27
Character Range: 792699–793530

27  Definitions relating to interest
 (1) In this Code:
annual percentage rate under a credit contract means a rate specified in the contract as an annual percentage rate.
daily percentage rate means the rate determined by dividing the annual percentage rate by 365.
default rate means a higher annual percentage rate permitted by section 30.
unpaid balance under a credit contract at any time means the difference between all amounts credited and all amounts debited to the debtor under the contract at that time.
unpaid daily balance for a day under a credit contract means the unpaid balance under the contract at the end of that day.
 (2) A credit contract may specify, for the purposes of payments or any other purposes under the contract, when a day ends. Different times of the day may be specified for different purposes.