Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:79ac
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 79AC
Character Range: 340406–341555

79AC  Prohibition relating to annual cost rate of credit contracts—later increases of annual percentage rate etc
 (1) For subparagraph 32AA(1)(c)(ii) of the Code, an amount is a prescribed amount if it:
 (a) is referred to in subsection 32B(3) of the Code; and
 (b) is payable in relation to a medium amount credit contract.
 (2) For subparagraph 32AA(1)(c)(ii) of the Code, an amount is a prescribed amount if:
 (a) it is referred to in subsection 32B(3) of the Code; and
 (b) it is not payable in relation to a medium amount credit contract; and
 (c) the credit provider has a practice of requesting debtors to increase the amount of repayments above the amount the debtor is required to pay under the credit contract; and
 (d) the debtor becomes liable to pay the fee as a result of making increased repayments because of a request by the credit provider.
Note: Subparagraph 32AA(1)(c)(ii) of the Code refers to an amount referred to in subsection 32B(3) of the Code that is prescribed by the regulations. Section 32AA of the Code applies if the prescribed amount increases after a credit contract is entered into and other circumstances occur.