Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_17:p1
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 17 (pt 1/5)
Character Range: 769856–772447

17  Matters that must be in contract document
 (1) The contract document must contain the following matters.

Credit provider's name
 (2) The contract document must contain the credit provider's name.

Amount of credit
 (3) The contract document must contain:
 (a) if the amount of credit to be provided is ascertainable:
 (i) that amount; and
 (ii) the persons, bodies or agents (including the credit provider) to whom it is to be paid and the amounts payable to each of them, but only if both the person, body or agent and the amount are ascertainable; and
 (b) if the amount of the credit to be provided is not ascertainable—the maximum amount of credit agreed to be provided, or the credit limit under the contract, if any; and
 (c) if the credit is provided by the supplier for a sale of land or goods by instalments—a description of the land and its cash price or of the goods and their cash price.
The requirement under paragraph (c) is in addition to, and does not limit, the requirement under paragraph (a) or (b).
Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.

Annual percentage rate or rates
 (4) In the case of a credit contract other than a small amount credit contract, the contract document must contain:
 (a) the annual percentage rate or rates under the contract; and
 (b) if there is more than one rate, how each rate applies; and
 (c) if an annual percentage rate under the contract is determined by referring to a reference rate:
 (i) the name of the rate or a description of it; and
 (ii) the margin or margins (if any) above or below the reference rate to be applied to determine the annual percentage rate or rates; and
 (iii) where and when the reference rate is published or, if it is not published, how the debtor may ascertain the rate; and
 (iv) the current annual percentage rate or rates.
Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.

Calculation of interest charges
 (5) In the case of a credit contract other than a small amount credit contract, the contract document must contain the method of calculation of the interest charges payable under the contract and the frequency with which interest charges are to be debited under the contract.
Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.

Total amount of interest charges payable
 (6) In the case of a credit contract other than a small amount credit contract, the contract document must contain the total amount of interest charges payable