Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actsinsert
Part 3A Maximum annual percentage rate and disclosure
8A Definitions for pt 3A
In this part:
"annual percentage rate"—see the code, section 25 (Definitions relating to interest).
"code" means the Consumer Credit (Australian Capital Territory) Code.
"contract document"—see the code, schedule 1 (Principal definitions), clause 1 (1).
"credit"—see the code, section 4 (1).
"credit contract"—see the code, section 5.
"credit fees and charges"—see the code, schedule 1 (Principal definitions), clause 1 (1).
"short-term credit contract" means—
(a) a contract for the provision of credit to which the code applies that is limited to a total period not longer than 62 days; or
Note For contracts for the provision of credit to which the code does not apply, see the code, s 7 (1) (Short term credit).
(b) a contract prescribed under the regulations.
8B Maximum annual percentage rate
(1) The regulations may prescribe a maximum annual percentage rate for credit contracts.
(2) For a short-term credit contract, the regulations may require interest charges, and all credit fees and charges, under the contract to be included for the purpose of working out the maximum annual percentage rate.
(3) The code, part 2 (Credit contracts), division 2 (Debtor's monetary obligations) applies in relation to a maximum annual percentage rate prescribed under subsection (1) as if the rate had been prescribed by the code.
8C Disclosure of cost of credit
(1) This section applies to a short-term credit contract.
(2) For the code, section 15 (C) (Annual percentage rate or rates), the contract document must state an annual percentage rate worked out on the basis of charges under the contract that are interest charges (whether or not they are described in the contract as interest charges).
(3) For the code, section 15 (E) (Total amount of interest charges payable), the total amount of interest charges payable under the contract includes an amount that is an interest charge (whether or not it is described in the contract as an interest charge).
(4) For the code, section 14 (Precontractural disclosure), the precontractual statement must also set out the matters mentioned in subsections (2) and (3).