Credit Act 1984

A credit provider under a continuing credit contract shall give to the debtor a statement of account in accordance with Schedule 7 in respect of each billing cycle applied under the continuing credit contract from time to time.

A credit provider shall not include in a statement of account referred to in subsection (1)—

where a mortgage relating to the contract has been entered into, an amount in respect of insurance against loss of the security interest of the mortgagee in any goods subject to the mortgage by reason of section 7 of the Chattel Securities Act 1987 exceeding an amount calculated by applying the prescribed rate for title insurance in relation to goods of that class;

an amount in respect of the discharge of a liability of the debtor to the credit provider under a regulated contract that exceeds the amount of the net balance due to the credit provider calculated in accordance with section 103 immediately before the discharge of the liability; or

a statement that is, or particulars that are, prescribed as a statement, or particulars that may not be included in the statement of account.

Nothing in this section requires the inclusion in a statement of account referred to in subsection (1) of a statement that is not, or particulars that are not, applicable to the continuing credit contract.

Where particulars of matters required to be included in the statement of account are included in documents attached to or accompanying the statement of account, the provisions of Schedule 7 requiring those particulars to be so included are sufficiently complied with.

Where an amount paid by a debtor is not included in the statement of account in respect of the billing cycle during which the amount was paid, the credit provider shall within a reasonable time after the receipt of the amount enter the amount in the account of the debtor kept by the credit provider.

A credit provider under a continuing credit contract shall not—

fail to give a statement of account in accordance with this section in respect of each billing cycle applied under the contract from time to time;

give a statement of account that does not comply with the provisions of this section;

give a statement of account under this section in respect of a billing cycle the period of which exceeds 40 days; or

include in a statement of account under this section an amount of deferral charges or default charges.