Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_204:p1
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 204 (pt 1/9)
Character Range: 1062538–1065232

204  Principal definitions
 (1) In this Code:
acceleration clause means:
 (a) in relation to a credit contract or mortgage—a term of a credit contract or mortgage providing that:
 (i) on the occurrence or non‑occurrence of a particular event, the credit provider becomes entitled to immediate payment of all, or a part, of an amount under the contract that would not otherwise have been immediately payable; or
 (ii) whether or not on the occurrence or non‑occurrence of a particular event, the credit provider has a discretion to require repayment of the amount of credit otherwise than by repayments fixed, or determined on a basis stated, in the contract;
  but does not include any such term in a credit contract or mortgage that is an on demand facility; or
 (b) in relation to a consumer lease—a term of a consumer lease providing that:
 (i) on the occurrence or non‑occurrence of a particular event, the lessor becomes entitled to immediate payment of all, or a part, of an amount under the lease that would not otherwise have been immediately payable; or
 (ii) whether or not on the occurrence or non‑occurrence of a particular event, the lessor has a discretion to require payment of an amount payable under a lease otherwise than by repayments fixed, or determined on a basis stated, in the lease.
add‑on fee: see subsection 175AA(3).
add‑on risk product has the meaning given by subsection 12DMC(2) of the Australian Securities and Investments Commission Act 2001.
ADI has the same meaning as in the Banking Act 1959.
adjusted credit amount, in relation to a small amount credit contract, means the first amount of credit that is, or is to be, provided under the contract.
Note: Some amounts are to be disregarded in working out the first amount of credit (see subsection (3)).
AFCA scheme has the same meaning as in the Corporations Act 2001.
amend includes:
 (a) omit or omit and substitute; or
 (b) alter or vary; or
 (c) amend by implication.
amount of credit: see subsection 3(2).
annual cost rate of a credit contract means the annual cost rate of the contract calculated in accordance with section 32B.
annual percentage rate: see section 27.
ASIC means the Australian Securities and Investments Commission.
associated: see subsection (2).
base price: see subsection 175AA(6).
bridging finance contract: a credit contract is a bridging finance contract if:
 (a) when the contract is made, the debtor:
 (i) reasonably expects to receive a lump sum before the term of the contract ends; and
 (ii) intends to discharge the debtor's obligations under the contract so far as possible with that sum; and
 (aa) the term of the contract is 2 years or less; and
 (b) the conditions (if