Sch 1 (National Credit Code), s 30
In forceDefault interest
Volume 1Chapters 1 to 6 (sections 1 to 322)
Schedule 1National Credit Code
Part 5-4Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
Division 2Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
30 Default interest
(1)
A credit contract may not provide that an annual percentage rate applicable under a credit contract to any part of the unpaid balance will differ according to whether the debtor is in default under the contract.
(2)
However, a credit contract may provide for such a differential rate if the higher rate is imposed only in the event of default in payment, in respect of the amount in default and while the default continues.
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