Contracts to be in writing

In force

(1)

Subject to subsection (2), a credit provider shall not enter into a credit sale contract or a loan contract that is not in writing signed by the debtor.

10 penalty units.

S. 31(2) amended by No. 6/1989 s. 48(d).

(2)

Subsection (1) is not contravened if a credit sale contract or a loan contract is made by the acceptance of an offer in writing signed by the debtor to the credit provider to enter into the contract.

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31 Contracts to be in writing