Minimum credit charge
44 Minimum credit charge
A provision in a credit sale contract or a loan contract to the effect that the minimum credit charge exceeds—
S. 44(1)(a) amended by No. 34/1991 s. 14(1)(b).
where the amount financed under the contract is not more than $75—$5 or, where some other amount is prescribed for the purposes of this paragraph, that other amount; or
where the amount financed under the contract is more than $75—$7.50 or, where some other amount is prescribed for the purposes of this paragraph, that other amount—
is void.
A credit provider shall not enter into a credit sale contract or a loan contract that includes a provision that, by reason of subsection (1), is void.
- 20 penalty units.
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