Annual percentage rate
10 Annual percentage rate
For the purposes of this Act, unless the contrary intention appears, a reference to the annual percentage rate—
in relation to a credit sale contract or a loan contract in respect of which the annual percentage rate has not been disclosed to the debtor or has been so disclosed otherwise than in accordance with section 38, is a reference to the lowest percentage rate per annum that can be determined in accordance with that section in relation to the contract;
in relation to a credit sale contract or a loan contract under which the annual percentage rate has been disclosed in accordance with section 38, is a reference to the rate disclosed; and
in relation to a continuing credit contract, is a reference to the annual percentage rate within the meaning of section 55.
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