Loans to be in money or equivalent

In force

Subject to this Act, a credit provider shall not under a regulated loan contract make a payment of an amount to or in accordance with the instructions of the debtor unless the payment—

(a)

is in cash or money's worth; and

(b)

is made in full without deduction of an amount included in the credit charge in respect of the contract.

10 penalty units.

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82 Loans to be in money or equivalent