Credit Regulations 1985

In these regulations, unless the context otherwise requires —

Where a form suggests or requires the insertion of information in a blank space, that form shall be a form in compliance with this regulation only when each item of information is inserted as suggested or required.

Notwithstanding that a form includes the words “an independent body”, the substitution of the words “the State Administrative Tribunal” for the words “an independent body” when using the form is not a failure to comply with this regulation.

$150 is prescribed in relation to paragraph (a) of that definition; and

$90 is prescribed in relation to paragraph (b) of that definition.

a charge is not made or cannot be made for the provision of credit; and

the amount paid or payable by the debtor does not exceed the cash price of the goods or services within the meaning of paragraph (b) of the definition of “cash price” in section 5(1) of the Act.

a boat in respect of which a boat licence has been or is to be issued under the Fisheries Act 1905 ¹; and

any implement, apparatus or device for taking or facilitating the taking of fish under a professional fisherman’s licence issued under the Fisheries Act 1905 ¹.

the prescribed insurance charges are —

amounts referred to in clause 1(e)(iv), (v), (vi) and (vii) of Schedule 2 to the Act;

amounts referred to in clause 1(b)(iii), (iv), (v) and (vi) of Schedule 4 to the Act; and

amounts referred to in clause 1(k)(iii), (iv), (v) and (vi) of Schedule 7 to the Act; and

the prescribed manner of ascertaining the statutory rebate is by applying the following formula —

prepare and certify a copy of the record of the proceedings;

file the copy in the office of the executive officer; and

deliver, or cause to be delivered, the whole of the record to the court.

For the purposes of section 11(2)(c) of the Act, an applicable method is followed where the amount of the credit charge which has accrued at a particular time is calculated by adding together the amounts ascertained by applying the monthly percentage rate to the unpaid monthly balances (being monthly balances up to that time, including the monthly balance for the month in which the accrued credit charge is calculated) —

in the case of a credit sale contract — of the amount financed; or

in the case of a loan contract — of the amount financed other than any part of the amount agreed under the contract to be lent that has not been lent at that time.

In subregulation (1) —

monthly percentage rate means the rate determined by dividing the annual percentage rate by 12; and

monthly balances means monthly balances obtained by application of the actuarial method.

For the purposes of section 11(2) of the Act, an applicable method for calculating the amount of the credit charge which has accrued at a particular time is by application of the formula set out in Schedule 1 to the Act, that Schedule being, for the purpose of that application, read and construed as if it has been amended —

by omitting after clause 3(b) the word “and”; and

by inserting at the end of clause 3(c) the following —

intervals shall be deemed to be equal if all intervals except the first are monthly intervals, the amount financed is provided on the 29th, 30th or 31st day of a month and the first instalment is payable on the first day of the month that immediately follows the end of the month that next succeeds the month in which the amount financed is provided.

For the purposes of section 32(1) of the Act, Form 2 is the prescribed notice.

For the purposes of section 32(2) of the Act, Form 3 is the prescribed notice.

For the purposes of section 32(1) or 32(2) of the Act, a notice is in the prescribed position if it is immediately above the place where the debtor is intended to sign.