Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_25
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 25
Character Range: 790114–790733

25  Loan to be in money or equivalent
 (1) A credit provider must not under a credit contract pay an amount to or in accordance with the instructions of the debtor unless the payment is in cash or money's worth and is made in full without deducting an amount for interest charges under the contract.
Criminal penalty: 100 penalty units.
 (2) Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (3) The regulations may provide that subsection (1) does not apply to the deduction of an amount for the first payment of interest charges under the contract.