162 Computation of periods 198 163 Extension of time 198 164 Service of documents 198 165 Service by post 199 167 Regulations 200 202 167A Certain past non-disclosures about insurance commission not to incur civil penalty 202 167B Operation of amendments relating to description of consumer credit insurance 203 167C Operation of amendments to sections 85 and 86 204 167D Operation of sections 85A and 86A 204 167E Operation of section 86A etc. 205 167F Operation of sections 36(2A) and (2B) 205 167G Operation of section 86AA 205 206 168 Repeal of Money Lenders Act 1958, Credit Act 1981 etc. 206 169 Amendment of Hire-Purchase Act 1959 207 __________________ SCHEDULES 208 SCHEDULE 1—Accrued credit charge 208 SCHEDULE 2—Statement of amount financed in relation to credit sale contracts 210 SCHEDULE 3—Statement of credit charge in relation to credit sale contract of goods and services 214 SCHEDULE 4—Statement of amount financed in relation to loan contract 215 SCHEDULE 5—Statement of credit charge in relation to loan contract 218 SCHEDULE 6—Annual percentage rate 219 SCHEDULE 7—Statement of account in relation to continuing credit contract 221 226 1. General Information 226 2. Table of Amendments 227 3. Explanatory Details 231
(i) that is connected with a regulated credit sale contract or regulated loan contract; and (ii) the consideration for which is wholly or partly included within the amount financed; compulsory insurance in relation to goods, means any insurance in relation to liability in respect of death or bodily injury caused by or arising out of the use of the goods, being insurance required by the law of the place where the goods are or are being or are to be used; s. 5 continuing credit contract means a continuing credit contract within the meaning of section 48; contract for the hiring of goods includes a contract for the lease of goods or for the grant of a licence to use goods and any other contract for the bailment of goods; credit includes any form of financial accommodation other than— (a) credit provided to a debtor, for the purposes of a business carried on by him, by— (i) a documentary letter of credit; (ii) discounting, or becoming a party to or the holder of, a bill of exchange or other negotiable instrument; or (iii) becoming surety for a debtor;
and, where there is a trade-in allowance, includes the trade-in allowance; determination in relation to a court or a Tribunal, includes order, direction, decision and declaration; S. 5(1) def. of Director substituted by No. 17/1999 s. 28(1)(a), amended by No. 21/2012 s. 239(Sch. 6 item 13.1). Director means the Director within the meaning of the Australian Consumer Law and Fair Trading Act 2012; s. 5 discharge in relation to a contract, means discharge of the contract so far as it is executory, otherwise than by frustration; enforcement expense means— (a) in relation to a regulated amount that, subject to section 76, the debtor is liable to pay to the credit provider in relation to the exercise of a right under the contract arising from the default of the debtor; (b) in relation to a regulated amount that, subject to section 93, the mortgagor is liable to pay to the mortgagee in relation to the exercise of a right under the mortgage arising from the default of the mortgagor; or (c) in relation to any other credit contract or mortgage—an amount expended or the amount of a liability incurred by the credit provider or mortgagee under the contract or mortgage to remedy a default of the debtor or mortgagor or in the exercise of rights of the credit provider or mortgagee under the
credit charge in a statement of account for a billing cycle the amount that would be the credit charge in respect of a day that is, or two or more days each of which is, a Saturday, a Sunday or a public or bank holiday throughout the State or throughout a recognized State immediately following the last day of the billing cycle if no other amounts were entered on that day or on those days in the account of the debtor kept by the credit provider. (2) Subsection (1) does not apply where a credit provider includes the amount of a credit charge to which that subsection relates in a statement of account for a billing cycle and includes that amount in the statement of account for a succeeding billing cycle. 58 Debtor to be given prescribed statement A credit provider shall, before the debtor first incurs a debt under a continuing credit contract, give to the debtor a statement in or to the effect of the form prescribed for the purposes of this section. 20 penalty units. 59 Notice of terms of continuing credit contract s. 58 (1) A credit provider shall, before the debtor first incurs a debt under a continuing credit contract, give a notice in writing to the debtor stating— (a) the amount (if any) that, under the contract, is agreed as the maximum amount in respect of which, at any time, credit is agreed to be provided to the debtor under the contract;
for assistance in negotiating a variation of the contract. S. 74(3) amended by No. 52/1998 s. 24(1). (3) Where an application is made under subsection (2), the Director shall seek the views of the credit provider and any mortgagee or guarantor and after giving him a reasonable opportunity to be heard and making such other inquiries as the Director thinks fit, determine whether or not to seek to arrange with the credit provider a variation of the regulated contract and, where he seeks such a variation and is unable to reach agreement with the credit provider, the Director shall refer the application to the Tribunal. S. 74(4) amended by No. 52/1998 s. 24(2). (4) The Tribunal may, where it receives an application referred to it under subsection (3) and has given the applicant, the credit provider and any mortgagee or guarantor an opportunity to be heard, order, or refuse to order, a variation of the contract to which the application relates and, where it orders such a variation, may make such other order as it thinks fit. S. 74(5) amended by No. 52/1998 s. 24(1). (5) Where an order of the Tribunal under subsection (4) is in force, a credit provider under a contract to which the order applies may apply to the Tribunal for a variation of the order. S. 74(6) amended by No. 52/1998 s. 24(2). (6) The Tribunal may, where it receives an application under subsection (5), make such variation of the order to which the application relates as it thinks fit or may refuse to vary the order. S. 74(7) amended by No. 52/1998 s. 24(1). (7) Where an application for variation of a regulated contract is referred to the Tribunal under subsection (3), the credit provider shall not institute proceedings, or exercise a right, under the contract, or a mortgage that relates to the contract, before the Tribunal has made or refused an order under subsection (4).
application unless the application is amended to identify the debtors. s. 86 S. 86(3) inserted by No. 34/1991 s. 8(2). (3) The Tribunal may authorise notice of an application under this section to be given by the publication of the notice in a newspaper circulating within the State or Australia if the Tribunal considers that (because of the number of debtors and other circumstances of the case) it is impracticable to give notice to each debtor and it is otherwise appropriate to give notice by such publication. S. 86(4) inserted by No. 34/1991 s. 8(2). (4) If the debtors affected by any such applications are not identified in the notice, the following information must be included in the notice— (a) the name of the credit provider; (b) a general description of the regulated contracts concerned; (c) the period during which the contracts were entered into; (d) the nature of the contraventions or failures to which the application relates. S. 86(5) inserted by No. 34/1991 s. 8(2). (5) Each debtor who may be affected by any such application is taken to have been personally served with a notice so published and (despite anything to the contrary in the Credit (Administration) Act 1984 or regulations under that Act) is not entitled to any other notice of the application. S. 86AA inserted by No. 19/1998 s. 3. 86AA General order varying civil penalty for minor errors s. 86AA (1) In this section, minor error means a contravention of or a failure to comply with this Act which is unlikely to disadvantage the debtors concerned in any significant respect. (2) If a credit provider makes an application to the Tribunal under section 86 and requests the
them a reasonable opportunity to be heard and making such other inquiries as the Director thinks fit, determine whether or not to seek to arrange with the credit provider a variation of the contract of guarantee, and where he seeks such a variation and is unable to reach agreement with the credit provider, the Director shall refer the application to the Tribunal. S. 139(5) amended by No. 52/1998 s. 24(2). (5) The Tribunal may, where it receives an application referred to it under subsection (4) and has given the applicant, the credit provider and any mortgagee an opportunity to be heard, order, or refuse to order, a variation of the contract to which the application relates and, where it orders such a variation, may make such other orders as it thinks fit. S. 139(6) amended by No. 52/1998 s. 24(1). (6) Where an order of the Tribunal under subsection (5) is in force in relation to a contract of guarantee, a credit provider under the regulated contract to which the contract of guarantee relates may apply to the Tribunal for a variation of the order. S. 139(7) amended by No. 52/1998 s. 24(2). (7) The Tribunal may, where it receives an application under subsection (6), make such variation of the order to which the application relates as it thinks fit or may refuse to vary the order. s. 139 (8) An order in force under this section, and such an order as varied from time to time, has effect according to its tenor. S. 139(9) amended by No. 52/1998 s. 24(1). (9) Where the Director and the credit provider are unable to reach agreement under subsection (4) in relation to a contract of guarantee, the credit provider shall not institute proceedings, or exercise a right, under the contract, or a mortgage that relates to the contract, before the Tribunal has made or refused an order under subsection (5).
(3) For the purposes of subsection (2), a person shall be deemed to have represented a debtor or mortgagor if he represented him, or assisted him to a significant degree, in negotiations prior to, or at, the time the contract or mortgage was entered into. S. 147(4) substituted by No. 34/1991 s. 10. (4) In determining whether a contract or mortgage is unjust, the Tribunal— (a) must not have regard to any injustice arising from circumstances that were not reasonably foreseeable at the time the contract or mortgage was entered into; and (b) is not excluded from considering any conduct relating to the contract or mortgage by reason only that the conduct constitutes or may constitute a contravention of this or any other Act. (5) In determining whether to grant relief in respect of a contract or mortgage that it finds to be unjust, the Tribunal may have regard to the conduct of the parties to the proceedings in relation to the contract or mortgage since it was entered into. S. 148 repealed by No. 52/1998 s. 24(4). * * * * * 149 Limitation on re-opening of transaction s. 149 (1) Except as provided by subsection (2), a debtor, mortgagor or guarantor may not make an application under section 146 in respect of a regulated contract or a regulated mortgage—
clause 1(k)(iii) of Schedule 7 is taken to authorise (and always to have authorised) the use of that term to describe that insurance even though it included insurance against unemployment. (5) A regulation under section 123 which prescribes the term "unemployment insurance" to describe the insurance referred to in clause 1(e)(vi) of Schedule 2, clause 1(b)(v) of Schedule 4 or clause 1(k)(v) of Schedule 7 (as in force before the repeal of those provisions) is taken to authorise (and always to have authorised) the use of that term to describe insurance against unemployment of the debtor despite the repeal of those provisions. S. 167C inserted by No. 34/1991 s. 11, amended by No. 52/1998 s. 24(5). 167C Operation of amendments to sections 85 and 86 s. 167C Sections 85 and 86, as amended by sections 6 and 8 of the Credit (Further Amendment) Act 1991, apply to proceedings in the Credit Tribunal commenced before as well as after the commencement of those sections. S. 167D inserted by No. 34/1991 s. 11, amended by No. 52/1998 s. 24(5). 167D Operation of sections 85A and 86A Section 85A does not apply to proceedings pending in the Credit Tribunal on the commencement of section 7 of the Credit (Further Amendment) Act 1991, but applies to proceedings commenced after the commencement of that section even though the contraventions or failures to which the proceedings relate occurred before that commencement. S. 167E inserted by No. 41/1995 s. 54. 167E Operation of section 86A etc. The amendments to this Act made by section 53 of the Consumer Credit () Act 1995 apply to proceedings commenced before the commencement of that section in the same way as they apply to proceedings commenced on or after that commencement.
before the commencement of this section to which that Act applied immediately before that commencement as it would have had if that Act had not been repealed. (3) Notwithstanding the repeal of the Money Lenders Act 1958 the provisions of section 47 of that Act continue to have the same operation and effect in relation to ascertaining whether the provisions of that Act have been complied with by a money lender within the meaning of that Act as they would have had if that Act had not been repealed and for that purpose, a reference in that section to the registrar shall be deemed to be a reference to the Director. S. 168(4) inserted by No. 34/1991 s. 12. (4) A borrower or money lender under a transaction or contract for a loan to which subsection (2) applies may apply to the Tribunal for a determination as to whether, under section 23 of the Money Lenders Act 1958— (a) interest is recoverable; or (b) a security is enforceable— in respect of the transaction or contract. S. 168(5) inserted by No. 34/1991 s. 12. (5) A person who, under section 28(3) of the Money Lenders Act 1958, may apply to a court for the re-opening of a transaction may apply to the Tribunal for the re-opening under section 28 of that Act of a transaction to which subsection (2) applies. S. 168(6) inserted by No. 34/1991 s. 12. (6) The Tribunal may make a determination on an application under subsection (4) or (5). S. 168(7) inserted by No. 34/1991 s. 12. (7) Section 6 of this Act and the Credit (Administration) Act 1984 apply to an application to, and determination by, the Tribunal under this section with such modifications as are