Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_17:p2
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 17 (pt 2/5)
Character Range: 772201–774797

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 under the contract, if ascertainable (but only if the contract would, on the assumptions under sections 180 and 182, be paid out within 7 years of the date on which credit is first provided under the contract).
Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.

Repayments
 (7) The contract document must contain:
 (a) if more than one repayment is to be made:
 (i) the amount of the repayments or the method of calculating the amount; and
 (ii) if ascertainable, the number of the repayments; and
 (iii) if ascertainable, the total amount of the repayments, but only if the contract would, on the assumptions under sections 180 and 182, be paid out within 7 years of the date on which credit is first provided under the contract; and
 (iv) when the first repayment is to be paid, if ascertainable, and the frequency of payment of repayments; and
 (b) if the contract provides for a minimum repayment, the amount of that repayment, if ascertainable, but, if not, the method of calculation of the minimum repayment.
Paragraph (a) does not apply to minimum repayments under a continuing credit contract.

Credit fees and charges
 (8) The contract document must contain:
 (a) a statement of the credit fees and charges that are, or may become, payable under the contract, and when each such fee or charge is payable, if ascertainable; and
 (b) the amount of any such fee or charge if ascertainable, but, if not, the method of calculation of the fee or charge, if ascertainable; and
 (c) the total amount of credit fees and charges payable under the contract to the extent that it is ascertainable.
Note: A penalty may be imposed for contravention of a key requirement in paragraph (a) or (b), but only in respect of retained credit fees and charges: see Part 6.

Changes affecting interest and credit fees and charges
 (9) If the annual percentage rate or rates or the amount or frequency of payment of a credit fee or charge or instalment payable under the contract may be changed, or a new credit fee or charge may be imposed, the contract document must contain a statement or statements to that effect and of the means by which the debtor will be informed of the change or the new fee or charge.
Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.