Australian Capital Territory

Credit Regulations 1985    No 5 
in force under the
Credit Act 1985
Republication No 4 (not republished)
As in force on date 1 June 2000
Includes all amendments up to Act 2000 No 17

Prepared by the ACT Parliamentary Counsel’s Office
As in force on
1 June 2000

Australian Capital Territory

Credit Regulations 1985
in force under the
Credit Act 1985
CONTENTS
	Page
	1	Name of regulations	1
	2	Commencement	1
	3	Interpretation	1
	4	Exclusion from definition of “credit sale contract”	2
	5	Goods prescribed as farm machinery	2
	6	Statutory rebate in relation to prescribed insurance charges	2
	7	Prescribed method for calculation of accrued credit charge	3
	8	Form of mortgage of goods	3
	8A	Prescribed amounts for credit sale contracts and loan contracts	3
	8B	Prescribed percentage rates for loan contracts	3
	9	Notice for credit sale contracts and loan contracts	4
	10	Statement for credit sale contracts and loan contracts	4
	11	Notice for add-on contracts	4
	12	Applicable method of determining annual percentage rate	4
	13	Unilateral variation of credit sale contracts and loan contracts	4
	13A 	Prescribed charges in relation to continuing credit contracts	4
	14	Statement for continuing credit contracts	5
	15	Information in default notice	5
	16	Notice after taking possession of mortgaged goods	5
	17	Notice in bills of exchange taken as security	6
	17A	Prohibited statement	6
	18	Descriptive terms to be used in certain documents	6
	19	Particulars of insurance	7
	20	Notice of intended proceedings against guarantor	7
	21	Statement for guarantor under contract of guarantee	7
	22	Prescribed requirements for print and type in documents	7
	23	Prescribed requirements for reproduction of print or type	8
	24	Layout of certain documents	8
	25 	Charges to be included in amount financed	9
	25A	Prescribed insurance risks	9
	30	Form of notice by credit provider	10
Schedule 1
	Forms	10
	Schedule 2	Regulation 12
	Schedule 3	Subregulation 18 (1)
	Schedule 4	Subregulation 18 (2)
	Schedule 5	Subregulation 18 (3)
	Schedule 6	Subregulation 18 (4)
	Schedule 7	Paragraph 22 (1) (b)
ENDNOTES
	1	About this republication	42
	2	About the republished subordinate law	42
	3	Abbreviation key	42
	4	Table of legislation	44
	5	Table of amendments	44
	6	Table of earlier republications	45

As in force on
1 June 2000

Australian Capital Territory

Credit Regulations 1985
in force under the
Credit Act 1985
1	Name of regulations
	These regulations are the Credit Regulations 1985.
2 	Commencement
	These Regulations shall come into operation on the day on which Part III of the Act commences.1
3 	Interpretation
(1) 	In these Regulations, unless the contrary intention appears—
“Act” means the Credit Act 1985.
(2) 	In these Regulations, a reference to a form by number is a reference to the form in Schedule 1 which bears that number.
(3) 	Where a form suggests or requires the insertion of information in a blank space, that form shall be a form in compliance with these Regulations only when each item of information is inserted as suggested or required.
(4) 	Notwithstanding that a form includes the words “the Credit Tribunal”, the substitution of the words “an independent body” or “a court” for the words “the Credit Tribunal” when using the form is not a failure to comply with these Regulations.
4 	Exclusion from definition of “credit sale contract”
	A contract is not a credit sale contract within the meaning of subsection 5 (1) of the Act where, under or in relation to the contract—
	(a)	a charge is not made or cannot be made for the provision of credit; and
	(b)	the amount paid or payable by the debtor does not exceed the cash price of the goods and services within the meaning of paragraph (b) of the definition of “cash price” in subsection 5 (1) of the Act.
5 	Goods prescribed as farm machinery
	The following goods are prescribed as farm machinery for the purposes of subsection 5 (1) of the Act:
	(a)	a boat used or intended to be used for the taking of fish for sale;
	(b)	any other implement, apparatus or device used or proposed to be used for the taking, or for facilitating the taking, of fish for sale.
6 	Statutory rebate in relation to prescribed insurance charges
	For the purposes of paragraph (b) of the definition of “statutory rebate” in subsection 5 (1) of the Act—
	(a)	the prescribed insurance charges are—
	(i)	amounts referred to in subparagraphs 1 (e) (iv), (v), (vi) and (vii) of Schedule 2 to the Act;
	(ii)	amounts referred to in subparagraphs 1 (b) (iii), (iv), (v) and (vi) of Schedule 4 to the Act; and
	(iii)	amounts referred to in subparagraphs 1 (k) (iii), (iv), (v) and (vi) of Schedule 7 to the Act; and
	(b)	the prescribed manner of ascertaining the statutory rebate is by applying the following formula:
Y =   
where—
	Y	is the amount of the statutory rebate;
	P	is the amount of insurance charges;
	S	is the number of whole months in the unexpired portion of the period for which insurance was agreed to be provided; and
	T	is the number of whole months for which insurance was agreed to be provided.
7 	Prescribed method for calculation of accrued credit charge
(1) 	For the purposes of paragraph 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)—
	(a)	in the case of a credit sale contract—of the amount financed; or
	(b)	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.
(2) 	In subregulation (1)—
“monthly percentage rate” means the rate determined by dividing the annual percentage rate by 12;
“monthly balances” means monthly balances obtained by application of the actuarial method.
8 	Form of mortgage of goods
	For the purposes of paragraph 13 (3) (f) of the Act, the prescribed terms and conditions are those contained in Form 1.
8A 	Prescribed amounts for credit sale contracts and loan contracts
(1) 	For the purposes of subsection 30 (1) of the Act, the prescribed amount is $30,000.
(2) 	For the purposes of paragraph 30 (2) (a) of the Act, the prescribed amount is $30,000.
8B 	Prescribed percentage rates for loan contracts
(1) 	For the purposes of paragraph 30 (2) (b) of the Act, the prescribed percentage rate is 8%.
(2) 	For the purposes of paragraph 30 (2) (c) of the Act, the prescribed percentage rate is 8%.
9 	Notice for credit sale contracts and loan contracts
(1) 	For the purposes of subsection 32 (1) of the Act, Form 2 is the prescribed notice.
(2) 	For the purposes of subsection 32 (3) of the Act, Form 3 is the prescribed notice.
(3) 	For the purposes of subsection 32 (1) or 32 (3) of the Act, a notice is in the prescribed position if it is immediately above the place where the debtor is intended to sign.
10 	Statement for credit sale contracts and loan contracts
	For the purposes of section 34 of the Act, Form 4 is the prescribed statement.
11 	Notice for add-on contracts
	For the purposes of paragraph 37 (3) (c) of the Act, Form 5 is the prescribed notice.
12 	Applicable method of determining annual percentage rate
	For the purposes of subparagraph 38 (b) (iii) of the Act, each method specified in Schedule 2 is an applicable method.
13 	Unilateral variation of credit sale contracts and loan contracts
	For the purposes of subsection 41 (1) of the Act, the prescribed period is 7 clear days.
13A  	Prescribed charges in relation to continuing credit contracts
(1) 	For the purposes of paragraphs 53 (1) (f) and 54 (1) (e) of the Act, the following charges are prescribed in relation to a continuing credit contract:
	(a)	an amount payable for registration of a mortgage relating to the contract;
	(b)	an amount payable for registration of the discharge of a mortgage in force before the relevant date;
	(c)	an amount payable to the Registrar-General for searching records;
	(d)	an amount payable for lodgment of a caveat under the Land Titles Act 1925, where the estate or interest referred to in the caveat relates to the contract;
	(e)	an amount payable to a duly qualified legal practitioner (not being the credit provider or an employee of the credit provider) authorised to prepare documents in relation to—
	(i)	the contract; or
	(ii)	a mortgage related to the contract which is entered into before the relevant date;
	(f)	an amount payable to a person approved under subsection 14C (2) or 14GA (2) of the Co-operative Societies Act 1939 (not being the credit provider or an employee of the credit provider) for preparation of a valuation of property the subject of a mortgage relating to the contract;
	(g)	an amount payable in connection with registration of a registrable interest in declared goods within the meaning of the Registration of Interests in Goods Act 1990;
	(h)	an amount payable for a certificate referred to in section 6 of the Registration of Interests in Goods Act 1990.
(2) 	In this regulation—
“relevant date”, in relation to a continuing credit contract, means the date on which the contract is entered into.
14 	Statement for continuing credit contracts
	For the purposes of section 58 of the Act, Form 6 is the prescribed statement.
15 	Information in default notice
	For the purposes of paragraph 107 (3) (d) of the Act, Form 7 is the prescribed information.
16 	Notice after taking possession of mortgaged goods
	For the purposes of section 112 of the Act, Form 8 is the prescribed notice.
17 	Notice in bills of exchange taken as security
	For the purposes of section 120 of the Act, Form 9 is the prescribed notice.
17A 	Prohibited statement
	For the purposes of section 121 of the Act, a statement of a rate of interest that is expressed otherwise than as an annual percentage rate is prescribed as a prohibited statement.
18 	Descriptive terms to be used in certain documents
(1) 	In a regulated credit sale contract, a matter specified in Column 2 of an item in Schedule 3 shall be described or referred to by the term specified in Column 3 of that item.
(2) 	In a regulated loan contract, a matter specified in Column 2 of an item in Schedule 4 shall be described or referred to by the term specified in Column 3 of that item.
(3) 	In a notice under section 59 of the Act, a matter specified in Column 2 of an item in Schedule 5 shall be described or referred to by the term specified in Column 3 of that item.
(4) 	In a statement of account referred to in section 61 of the Act, a matter specified in Column 2 of an item in Schedule 6 shall be described or referred to by the term specified in Column 3 of that item.
(5) 	A credit provider who—
	(a)	enters into a regulated credit sale contract;
	(b)	enters into a regulated loan contract;
	(c)	gives a notice under section 59 of the Act to a debtor; or
	(d)	gives a statement of account referred to in section 61 of the Act to a debtor,
that does not comply with the requirements of—
	(e)	in the case of a regulated credit sale contract, subregulation (1);
	(f)	in the case of a regulated loan contract, subregulation (2);
	(g)	in the case of a notice under section 59 of the Act, subregulation (3); or
	(h)	in the case of a statement of account referred to in section 61 of the Act, subregulation (4), 
is guilty of an offence punishable, on conviction, by a fine not exceeding—
	(i)	if the offender is a body corporate—$2,500; or
	(j)	if the offender is a natural person—$500.
19 	Particulars of insurance
(1) 	For the purpose of paragraph 130 (2) (b) of the Act, the prescribed particulars are—
	(a)	the relevant subject-matter;
	(b)	the amount for which the relevant subject-matter is insured or the manner in which that amount may be determined;
	(c)	each amount paid and payable under the contract of insurance in respect of the relevant subject-matter;
	(d)	the period for which insurance is provided;
	(e)	the circumstances in which, the person by whom, and the person to whom, a claim may be made in respect of the contract of insurance, and the manner of making the claim;
	(f)	the risks to which the contract of insurance relates in respect of the relevant subject-matter; and
	(g)	the name and address of the insurer and the insured.
(2) 	In subregulation (1), “the relevant subject-matter” means that part of the subject-matter of the contract of insurance in which the debtor has a beneficial interest.
20 	Notice of intended proceedings against guarantor
	For the purposes of paragraph 138 (3) (c) of the Act, Form 10 is the prescribed notice.
21 	Statement for guarantor under contract of guarantee
	For the purposes of section 142 of the Act, Form 11 is the prescribed statement.
22 	Prescribed requirements for print and type in documents
(1) 	For the purposes of paragraph 245 (2) (b) of the Act—
	(a)	subject to paragraph (c), where any print or type is produced directly or indirectly by a method or process under which each character occupies a space of the same width, that print or type shall be not smaller than 12-pitch;
	(b)	subject to paragraph (c), print or type produced by a method or process other than that referred to in paragraph (a) shall be in 1 of the type faces specified in Schedule 7 and of or larger than the size of 10 point; and
	(c)	where there is in any printed or typed document a blank space in which further print or type is subsequently inserted by a method or process by which each character occupies a space of the same width, that latter print or type shall, when inserted, be not smaller than 13-pitch.
(2) 	In this regulation—
“character” includes a letter, figure, symbol, punctuation mark and space between adjacent characters;
“12-pitch” means of dimensions such that any selected passage of print or type 25mm in length includes no more than 12 characters and “13-pitch” has a corresponding meaning.
23 	Prescribed requirements for reproduction of print or type
	Where the dimensions of the face measurement of print or type in a document comply with regulation 22 and that document is photographed, reproduced or copied, the face measurement of the print or type in the document produced by that photograph, reproduction or copy shall, for the purposes of paragraph 245 (2) (b) of the Act, be not less than 95% of the face measurement of the print or type in the original document.
24 	Layout of certain documents
(1) 	Where a notice, statement or document containing information prescribed by a form is required to be given, served or delivered to a debtor, mortgagor or guarantor, the notice, statement or document shall be in all respects—
	(a)	paragraphed;
	(b)	contrasted by means of bold type face or otherwise, so as to give effect to the prominence of print or type;
	(c)	set out in the contrasting print or type of upper and lower case; and
	(d)	enclosed within, or containing, lines, squares or rectangles,
as appears in the form.
(2) 	A credit provider who gives, serves or delivers, or who causes to be given, served or delivered, a notice, statement or document that does not comply with subregulation (1) is guilty of an offence punishable, on conviction, by a fine not exceeding—
	(a)	if the offender is a body corporate—$2,500; or
	(b)	if the offender is a natural person—$500.
25  	Charges to be included in amount financed
	For the purposes of paragraph 1 (g) of Schedule 2 to the Act and paragraph 1 (d) of Schedule 4 to the Act, the following charges are prescribed:
	(a)	fees payable for registration of a mortgage relating to a regulated contract;
	(b)	fees payable to discharge a mortgage in force before the relevant date within the meaning of Schedules 2 and 4;
	(c)	fees payable to the Registrar-General for searching records;
	(d)	fees payable in connection with registration of a registrable interest in declared goods within the meaning of the Registration of Interests in Goods Act 1990;
	(e)	fees payable for a certificate referred to in section 6 of the Registration of Interests in Goods Act 1990;
	(f)	an amount payable for lodgment of a caveat under the Land Titles Act 1925, where the estate or interest referred to in the caveat relates to the contract;
	(g)	an amount payable to a person approved under subsection 14C (2) or 14GA (2) of the Co-operative Societies Act 1939 (not being the credit provider or an employee of the credit provider) for preparation of a valuation of property the subject of a mortgage relating to the contract.
25A 	Prescribed insurance risks
	For the purposes of subparagraph 1 (e) (viii) of Schedule 2 to the Act and subparagraph 1 (b) (vii) of Schedule 4 to the Act, mechanical breakdown or failure of goods subject to a regulated contract or a regulated mortgage is a prescribed risk.
30 	Form of notice by credit provider
	For the purposes of section 153 of the Act the prescribed form of notice is Form 12.

Schedule 1
Forms
Form 1	Regulation 8
Prescribed Terms and Conditions of Mortgage
1.  In this mortgage—
“debtor” means the person to whom goods are hired under the hiring contract;
“hiring contract” means the contract for the hiring of goods as a consequence of which the debtor and the supplier are deemed by paragraph 13 (3) (f) of the Act to have entered into this mortgage;
“subject goods” means the goods hired under the hiring contract, including any goods or materials that have become incorporated in those goods in the course of maintaining, repairing or modifying them;
“supplier” means the person from whom the goods are hired under the hiring contract;
“the Act” means the Credit Act 1985.
2.  The debtor gives and the supplier takes a mortgage of the subject goods.
3.  Subject to clause 4, the supplier may take possession of the subject goods, or may take possession of, and sell, the subject goods, where—
	(a)	the debtor has made a fraudulent misrepresentation that induced the supplier to enter into the hiring contract;
	(b)	the debtor has, contrary to a term of the hiring contract, attempted to dispose of, or encumber (by mortgage, lien or charge), the subject goods;
	(c)	the debtor has, contrary to a term of the hiring contract—
	(i)	failed to keep the subject goods in good order and repair; or
	(ii)	failed to keep the subject goods insured or registered;
	(d)	the debtor has made default in the payment of any instalment or other monetary sum due under the hiring contract and has failed to remedy the default within 1 month (or such longer period as the supplier allows) after being required in writing by the supplier to do so;
	(e)	the debtor has made default in any other obligation under the hiring contract which is likely to affect directly the value of the supplier’s security, and has failed to remedy the default within 1 month (or such longer period as the supplier allows) after being required in writing by the supplier to do so; or
	(f)	the debtor has returned the subject goods to the supplier, or has given notice in writing to the supplier that the debtor cannot continue to observe the obligations imposed by the hiring contract.
4.  Nothing in clause 3 affects the operation of any statute or of any principle of law or equity applicable to the rights and duties of the debtor and supplier in relation to each other.

Form 2	Subregulation 9 (1)
Notice in relation to offer to enter into contract
important
Before you sign
*  Read this offer, so that you know exactly what contract you are entering into and what you will have to do under the contract.
*  Fill in or cross out any blank spaces.
*  Get a copy of this offer.
*  Get Consumer Affairs or someone else you can trust to explain anything you do not fully understand.
Things you must know
*  you can withdraw this offer any time before the credit provider accepts it. When the credit provider does accept it, you are bound by it.
*  You must take out insurance over any property to be mortgaged if this offer says you have to. You can choose whether you take out any other insurance.
*  You can take out insurance through any company you choose.
Warning
If you deliberately give false or misleading information to get credit you can be taken to court.	

Form 3	Subregulation 9 (2)
Notice in relation to offer by credit provider
important
Before you sign
*  Read this offer, so that you know exactly what contract you are entering into and what you will have to do under the contract.
*  Fill in or cross out any blank spaces.
*  Get a copy of this offer.
*  Get Consumer Affairs or someone else you can trust to explain anything you do not fully understand.
Things you must know
*  Once you have signed this offer you are bound by it.
*  You must take out insurance over any property to be mortgaged if this offer says you have to. You can choose whether you take out any other insurance.
*  You can take out insurance through any company you choose.
Warning
If you deliberately give false or misleading information to get credit you can be taken to court.	

Form 4	Regulation 10
Things you should know about your credit sale contract or loan contract
Credit Act (section 34)
The law says that your credit provider must give you this information about your credit sale contract or loan contract.
This information tells you about some of your rights and obligations and those of your credit provider. It does not state the terms and conditions of your contract.
The Contract
1.  How can I get a copy of my contract?
You should already have a copy of the agreement you signed. If you want a copy of your contract, write to your credit provider and ask for one. You must pay any fee that the law says your credit provider can charge. Your credit provider will send a copy of your contract to you within 14 days after receiving your request. Your credit provider has to give you a copy of your contract only once in any period of 3 months.
2.  What should my contract tell me?
You should read your contract carefully.
Your contract should tell you about your obligations, and include the following details:
*  the amount financed;
*  any credit charge;
*  the total repayments (if known);
*  details of any instalments you must pay;
*  a statement of any annual percentage rate (interest rate).
If your contract does not tell you all of these details, contact Consumer Affairs or get legal advice, as you may have rights against your credit provider.
3.  Can I get a statement of account from my credit provider?
Yes.  Write to your credit provider and ask for one. (You must pay any fee that the law says your credit provider can charge.) Your credit provider will write back within 14 days after receiving your request telling you—
*  the date and amount of each payment already received;
*  details of any arrears (payments due which you did not pay); and
*  the dates and amounts of future repayments.
Your credit provider has to give you this information only once in any period of 3 months.
4.  Can I pay out my contract early?
Yes.  Pay your credit provider the amount owing on the day you wish to end your contract.
5.  How can I find out the amount owing?
You can write to your credit provider at any time and ask for a statement of the net balance due (pay out figure). You will get this statement within 7 days after your credit provider receives your request. If you want to, you can also ask for details of how the balance is worked out. Your credit provider has to give you this information only once in any period of 3 months.
6.  Will I pay less interest if I pay out my contract early?
Yes.  Interest is calculated only for the actual time that money is owing.
However, under your contract you pay a big part of the interest in your early repayments. This means that, for example, by the time you are half-way through your contract, you have paid more than half the interest.
Therefore, the exact amount of interest you will save will vary, depending on when you pay out your contract.
7.  Can there be an increase in the net balance due after I get from my credit provider a statement telling me what the amount is?
Your statement of the net balance due will tell you if this can happen. For example, if interest is charged on a daily basis, you also have to pay interest from the date the statement is calculated until the date your contract is paid out.
8.  Can any of the conditions of my contract be changed by my credit provider?
Yes, but only if your contract says so. Your credit provider cannot increase your annual percentage rate.
9.  Will I be told in advance if my credit provider is going to make a change in the contract?
Yes.  You get at least 7 clear days’ notice in writing.
10.  If I have been charged by my credit provider for a lawyer to prepare my contract, can I do anything if I think the fee is unreasonable? 
Yes. You can ask to have the Credit Tribunal decide whether the fee was reasonable. Contact Consumer Affairs on how to go about this.
11.  Is there anything I can do if I think my contract is unjust?
Yes.  You can have the Credit Tribunal look into the contract. Contact Consumer Affairs or get legal advice.
Insurance
12.  Do I have to take out insurance?
With certain types of property you must take out insurance. If there is a mortgage, the mortgagee can insist that you insure the property covered by the mortgage. Otherwise, you can decide if you want to take out insurance or not.
13.  Will I get details of my insurance cover?
Yes. You will get either a copy of the insurance contract from your insurer or the important details of your insurance cover from your credit provider. The copy of the contract, or the details, will be given to you within 14 days after the insurance contract is entered into or your insurance cover starts.
14.  Do I get the benefit of any no-claim bonus?
Yes.
15.  If the insurer does not accept my proposal, will I be told?
Yes. The insurer will write to you.
16.  In that case, what happens to the premium?
If it has already been paid to the insurer, you get it back. If your credit provider has not paid it to the insurer, the insurer will tell you this in writing. You should then contact your credit provider to decide what is to happen to the premium.

Mortgages
17.  If my contract says there is a mortgage, what does this mean?
A mortgage means that you have given the mortgagee certain rights over any property you have mortgaged. If you default under your contract, you can lose that property and you might still owe money to the mortgagee.
18.  Is there anything that I am not allowed to do with the property I have mortgaged?
The law says you cannot sell the property unless you have your mortgagee’s permission. You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or cannot do with the property.
19.  If my mortgagee writes asking me where the mortgaged goods are, do I have to say where they are?
Yes.  You have 14 days after receiving your mortgagee’s request to write and tell your mortgagee. If someone else has the goods, you have to give the name and address of that person. If you have lost the goods, you will have to say how they were lost. If your letter does not get back to the mortgagee within 14 days, or if there is information in it that you know to be false, you can be taken to court.
20.  Should I get a copy of my mortgage?
Yes. It will be given to you within 14 days after your mortgage is entered into.
21.  What can I do if I find that I cannot afford my repayments and there is a mortgage over property?
Get in touch with your mortgagee immediately. Discuss the matter and see if you can come to some arrangement. For example, you could ask for your contract to be varied, repayments to be deferred, or action postponed.
If you cannot come to a suitable arrangement with your mortgagee and you want to keep the mortgaged property, contact Consumer Affairs for help or seek financial counselling immediately. 
Otherwise you may—
*   give the property back to your mortgagee, together with a letter saying you want the mortgagee to sell the property for you;
or
*   sell the property—but only if your mortgagee gives permission first;
or
*   give the property to someone who may then take over the repayments, but your mortgagee has to give permission first.
If your mortgagee won’t give permission, contact Consumer Affairs for help.
22.  Can my mortgagee take or sell the mortgaged property?
Yes, if you have not carried out all of your obligations under your contract.
23.  Must my mortgagee tell me first before taking or selling the mortgaged property?
In most cases, yes. In those cases, you get at least 1 month’s notice in writing so that you can try to do something about the matter. The notice tells you why your mortgagee wants to take action against your property and what you can do to stop it.
Your mortgagee can take the property without giving notice if—
*   there is a good reason to think that you are going to sell, hide, damage or get rid of the property;
*   there is a good reason to think you deliberately misled your mortgagee when you entered into your mortgage; or
*   your mortgagee has been unable to locate you after making reasonable efforts to do so.
If you have repaid more than three-quarters of the amount financed, your mortgagee will need an order from the Credit Tribunal to take anything you have mortgaged (apart from land). It will take more than three-quarters of your total repayments to repay more than three-quarters of the amount financed because only some of each repayment goes towards paying off the amount financed.
Remember, you must still pay what you owe on your contract, regardless of how little it may be.
24.  Can my mortgagee or a person working for my mortgagee come onto my premises to take possession of goods without my permission?
Only if your mortgagee has an order of the Credit Tribunal.
25.  What happens if my goods are taken by my mortgagee?
You get a notice setting out what you have to do if you want the goods back. The notice also tells you what happens if you do nothing. Your mortgagee cannot sell the goods until 21 days after you get a notice called “Notice after taking possession of mortgaged goods”.  So you have 21 days to do something if you want the goods returned.
However, the goods can be sold before the 21 days if you have freely given your mortgagee permission. The law will not allow anyone to force you or threaten you to give your permission.
The goods can also be sold before the 21 days if the Credit Tribunal has authorised the sale.
General
26.  What do I do if I cannot make a repayment?
Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. For example, you could ask for your contract to be varied, repayments to be deferred or action postponed.
27.  What if my credit provider and I cannot agree on a suitable arrangement?
Contact Consumer Affairs for help.
If you have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
28.  Can my credit provider take action against me?
Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being harassed or threatened, contact Consumer Affairs or the Trade Practices Commission, or get legal advice.
29.  Must my credit provider tell me first before taking action against me?
In most cases, yes. In those cases, you get at least 1 month’s notice in writing so that you can try to do something about the matter. The notice tells you why your credit provider wants to take action against you and what you can do to stop it.
You do not get any warning if there is good reason to think you deliberately misled your credit provider when your contract was made.
30.  Do I have any other rights and obligations?
Yes.  The law does give you other rights and obligations. You should also Read your contract carefully.
If you have any doubts or you want more information, contact consumer affairs or get legal advice.
Please keep this notice.  you may want some information from it at a later date.

Form 5	Regulation 11
Things you should know about cooling-off periods under add-on contracts
Credit Act (section 37)
The cooling-off period
1.  What is a cooling-off period?
It is the time the law gives you to cancel your add-on contract.
2.  How long is my cooling-off period?
At least 10 days.
3.  When does the cooling-off period start?
As soon as you sign the add-on agreement.
4.  When does the cooling-off period end?
10 days after you have received this notice and a notice which has more details of your contract.
CANCELLING THE ADD-ON CONTRACT
5.  How do I cancel my contract?
Write to your credit provider. In your letter—
*  say that you want to cancel your contract;
*  give the date of the contract; and
*  give details of the goods and services you bought.
Keep a copy of your letter.
6.  How should I send this letter cancelling my contract?
You can post it or take it to any of your credit provider’s offices yourself.
If you post the letter, send it by certified or registered mail. Then you can check that it was delivered.
If you take it to your credit provider’s office, you should get an employee to sign and date a receipt for your letter. Make sure you keep the receipt.

7.  Where should I send the letter to?
A postal address and an office address close to you are set out below:
Postal address:		
	(name of credit provider)
		
(branch, section, person, etc., if applicable)
		
(address)
		
Office address:		
(name)
		
(floor, suite, shop no., building name, etc., if applicable)
		
(address)
		
After the contract is cancelled
8.  Do I have any obligations after I cancel my add-on contract?
Yes. When you cancel your add-on contract, you go back to where you were under your old credit sale contract. This means you start making your old repayments again.
9.  What do I do with the goods I have bought if I cancel my add-on contract?
You should put them in a safe place. When your credit provider demands the return of the goods, you have to give them back as soon as possible. If you do not give them back, you could be taken to court.
If you have any doubts or you want more information, contact consumer affairs or get legal advice

Form 6	Regulation 14
Things you should know about your continuing 
credit contract
Credit Act (section 58)
The law says that your credit provider must give you this information about your continuing credit contract.
This information tells you about some of your rights and obligations and those of your credit provider. It does not state the terms and conditions of your contract.
The Contract
1.  How do I find out the details of my contract?
Your credit provider will give them to you in writing before you start using your credit. You should read them carefully.
2.  What details should be included?
The details should include—
*   your credit limit;
*   how any credit charge is to be worked out;
*  any annual percentage rate (interest rate); and
*  the length of the billing cycle.
If your contract does not tell you all of these details, contact Consumer Affairs or get legal advice, as you may have rights against your credit provider.
3.  Can I get another copy of the details of my contract?
Yes. Write to your credit provider and ask for one. (You must pay any fee that the law says your credit provider can charge.)  But your credit provider has to give you a copy of your contract or details of your contract only once in any period of 14 days. In the same way you can get a copy of any notice telling you about a change in the contract.
4.  Can any of the conditions of my contract be changed by my credit provider?
Yes, but only if your contract says so.
5.  Will my credit provider tell me before making a change in my contract?
Yes. You usually get at least 7 days’ notice in writing. You get a period of at least 2 billing cycles’ notice if the change increases the credit charge, increases your repayments, or shortens the time for repayment.
6.  How do I know what I owe?
You get a statement of account which will tell you. The statement is sent to you once every billing cycle, if, during the billing cycle—
*   an amount was debited or credited to your account; or
*   there is a credit or debit balance on the account at the end of the cycle.
7.  Are there any times when I do not get a statement of account?
Yes. You do not get a statement if—
*   your account balance at the beginning of the billing cycle is nil and no entries are made in the account during the cycle;
*   your debt was written off by your credit provider and no other entries were made in the account during the cycle; or
*   you have been in default for 3 billing cycles and your credit provider has stopped providing you credit.
8.  Is there anything I can do if I think my contract is unjust?
You may be able to have the Credit Tribunal look into the contract. Contact Consumer Affairs for details or get legal advice.
Billing errors
9.  What can I do if I think my statement of account has an error in it?
Write to your credit provider. Tell your credit provider what you think the error is. If you can, also tell your credit provider how and why you think the error has been made.
Make sure your letter has the following details:
*   your name;
*   the name (if different from your name) the account is in;
*   the account number;
*   the date of the statement that the error appears in.
10.  When should I send the letter?
It is best to send it before your next payment is due. This will stop your credit provider taking action against you and, in the meantime, you will not have to pay the amount you are disputing, or any credit charge on that amount.
11.  What happens if my credit provider gets the letter before my next payment is due?
Your credit provider has 3 choices—
	1.	correct the error on your next statement of account;
	2.	leave the error as it is and send you a letter giving reasons why your credit provider thinks there is no error; or
	3.	do nothing. In this case your credit provider has no right to take action against you to recover the amount you dispute.
12.  What if my credit provider does not change the error, and I still think it is wrong?
You can have the Credit Tribunal decide the matter. To do this, you have to apply within the next 2 complete billing cycles after you receive your credit provider’s reply. If you do not apply within this time, you have to pay the amount you are disputing. The credit charge on this amount will also start up again.
General
13.  If my credit provider owes me any money, can I ask for it to be paid to me?
Yes.
14.  What do I do if I cannot make 1 of my repayments?
Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. For example, you could ask for your contract to be varied, repayments to be deferred, or action postponed.
15.  What if my credit provider and I cannot agree on a suitable arrangement?
Contact Consumer Affairs for help.
If you have been unemployed, sick, or there is another good reason why you are having problems with your contract, then your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
16.  Can my credit provider take action against me under my contract?
Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being harassed or threatened, contact Consumer Affairs or the Trade Practices Commission, or get legal advice.
17.  Must my credit provider tell me first before taking action against me?
In most cases, yes. In those cases, you get at least 1 month’s notice in writing from your credit provider. At the same time you get a statement of what you have to pay.
The notice tells you why your credit provider wants to take action against you and what you can do to stop it.
You do not get any warning if there is good reason to think you deliberately misled your credit provider when your contract was made.
18.  Do I have any rights and obligations under the law if I have given a mortgage?
Yes. You have the right to get certain documents from your credit provider. You also have rights if your credit provider wants to take the mortgaged property.
Your obligations under the law limit what you can do with mortgaged property.
19.  Do I have to take out insurance?
With certain types of property you must take out insurance. If there is a mortgage, your credit provider can insist that you insure the property covered by the mortgage. Otherwise, you can decide if you want to take out insurance or not.
20.  Do I have any other rights and obligations?
Yes.  The law does give you other rights and obligations. You should also read your contract carefully.
If you have any doubts or you want more information, contact consumer affairs or get legal advice.
Please keep this summary.  you may want some information from it at a later date.

Form 7	Regulation 15
Information in relation to default notice
What should I do now that I have received this notice?
1.  You should discuss this matter with your credit provider or mortgagee as soon as possible. You may be able to work out some other arrangement about your contract. For example, you could ask for your contract to be varied, repayments to be deferred, or action postponed.
The person to contact is  .............................................................................
(name or title of officer/s)
of  ........................................................................................................
(name of credit provider or mortgagee)
..........................................................................................................
(address)
..........................................................................................................
Telephone no./s:  .....................................................................................
2.    If you cannot come to a suitable arrangement with your credit provider or mortgagee, contact Consumer Affairs immediately. If you have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
3.    If you disagree with anything in this notice, including what it says you owe, contact Consumer Affairs or get legal advice immediately.	

Form 8	Regulation 16
Notice after taking possession of mortgaged goods
Credit Act (section 112)
Dated		19       .
to:      		
(name of mortgagor)
		
(address of mortgagor)

from:  		
(name of mortgagee)
		
(address of mortgagee)

The law says that you must be given this information.
This information tells you some of your rights and obligations and some of the options open to you.
Details you should know
Description of the goods  	
Date the goods were taken  	
The goods were taken because  	
	
As at the date of this notice the cost of enforcing the mortgage (such as the cost of taking the goods) is $				
Your mortgagee’s estimate of the value of the goods is $	
How to get the goods back
If you want the goods it is particularly important for you to do 1 of the things listed below as soon as possible. If you do not act within 21 days after you get this notice, your mortgagee may sell the goods.
Either
	*	You can get the goods back if you pay $............. and fix up any problems that caused the goods to be taken. This amount of $............. is calculated as follows:
		Arrears  		$
		Enforcement expenses  		$

		Total		$

Or
	*	You can pay the net balance due to the mortgagee worked out to the actual day you pay out your contract.  If you do this you can get the goods back and you do not have any further obligations.
		      To give you an idea of what the net balance due may be, 2 figures are given below. The first is the net balance due at the date of this notice.  The second is the balance calculated 21 days from that date.  Any difference is the result of further payments or charges that fall due between the 2 dates.
1.	Net balance due on....../...../.....  =  $	
2.	Net balance due on....../...../.....  =  $	
	*	If you do nothing, you will lose the goods.
Sale of the Goods
The law says that your mortgagee must get the best price reasonably obtainable for the goods.
If you want to, you can introduce a buyer to your mortgagee.  This has to be done in writing and the buyer must be willing to pay the mortgagee’s estimate of the value of the goods.  Keep a copy of what you write.
Your mortgagee has to accept the buyer’s offer, with 1 exception.  The exception is where your mortgagee claims to be able to sell the goods for a price higher than the estimate of their value.  In this case, the buyer has to be willing to pay this higher price if he or she still wants the goods.  However, if the buyer does not buy the goods at the higher price, the law says the higher price must still be taken off the amount you owe. 
Your letter introducing the buyer has to reach your mortgagee before the goods are sold.  If you post the letter, it is best to send it by certified or registered mail.  Then you can check that it was delivered.  If you take it to your mortgagee’s office, you should get an employee to sign and date a receipt for your letter.  Make sure you keep the receipt.
Finalising the Contract
No matter how the goods are sold, the money they bring in will be taken off the amount you owe.
If the goods are sold for more than the amount you owe, you get back what is left after—
*	your mortgagee gets the money owing under your mortgage;
*	any person holding a prior or subsequent mortgage over the goods gets the money owing under that mortgage; and
*	all costs of the sale have been paid.
If the sale price of the goods does not cover the full balance on your contract, you have to pay the difference.
General
You should discuss this matter with your mortgagee as soon as possible.  You may be able to work out some alternative arrangement about your contract and mortgage.  For example, you could ask for your contract to be varied, repayments to be deferred, or action postponed.
The person to contact is	
(name or title of officer/s)
of	
(name of mortgagee or agent)
Office address		
		
Postal address		
		
Telephone no./s: 	
If you cannot come to a suitable arrangement with your mortgagee, contact Consumer Affairs immediately.  If you have been unemployed, sick or there is another good reason why you are having problems with your contract or mortgage, your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
If you have any doubts or you want more information, contact Consumer Affairs or get legal advice
Signature of mortgagee or agent  	

	Form 9	Regulation 17
Credit Act (section 120)
This instrument relates to a regulated contract or a regulated mortgage (within the meaning of the Credit Act 1985) under which the drawer or maker may have certain claims or defences.

	Form 10	Regulation 20
Guarantors—Notice of Intended Legal Action
Credit Act (Section 138)
		  ,  19	
Date
to:		
(name of guarantor)
		
(address of guarantor)

from:	
(name of credit provider)
		
(address of credit provider)

After 14 days from the time you receive this Notice
	
(name of credit provider)
intends to take legal action against you under your contract of guarantee.  The credit provider’s reasons are given at the end of this Notice.
You will also find at the end of this Notice:
*	the amount the credit provider says you owe at the date of this Notice.
*	details to identify your contract of guarantee.
*	details to identify the debtor’s credit contract.
You should discuss this matter with the credit provider as soon as possible.  You may be able to work out some alternative arrangement about the amount you owe.
The person to contact is  	
	(name or title of officer/s)
of	
(name of credit provider)
	
(address of credit provider)
	
Telephone No./s:	
If you cannot come to a suitable arrangement with the credit provider, contact Consumer Affairs immediately.  If you have been unemployed, sick or there is another good reason why you have problems repaying the amount owing, then your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
If you disagree with anything in this Notice including what it says you owe, contact Consumer Affairs or get legal advice immediately.
Reasons for Intended Legal Action
Under your contract of guarantee, you agreed to pay money owing under a credit contract between	and
(name of debtor)
	
(name of credit provider)
if the debtor defaulted under the contract.
The debtor has defaulted under the contract in the following ways.  (Specify details of default by debtor)	

	
Also, the debtor cannot be found even though the following inquiries have been made:
(Specify details of inquiries) 	

	
	
The credit provider now wants you to pay out the debtor’s contract, and the reasonable costs of enforcing the guarantee.
Amount the Credit Provider Claims You Owe
As at the date of this Notice the credit provider claims you owe $.......................  This amount is calculated as follows:
$
Net balance due under debtor’s credit contract:
Reasonable costs of enforcing your contract of guarantee:

		Total

Details of the Contract
Your contract of guarantee:—
Date:
Contract No. (if any):
Debtor’s credit contract:—
Date:
Contract No. (if any):
If you have any doubts or you want more information about what to do next, contact Consumer Affairs or get legal advice.
	
(Signature of credit provider or agent)

Form 11	Regulation 21
Things you should know about Guarantees
Credit Act (section 142)
The law says the credit provider must give you this information about your contract of guarantee.
This information tells you about some of your rights and obligations and those of the credit provider.  It does not state the terms and conditions of your contract.
Guarantees
1.  What is a guarantee?
A promise by you that the person who is getting credit under a credit contract will keep to all the terms and conditions.  If that person does not do so, you promise to pay the credit provider all the money owing on the contract as soon as the money is asked for.
2.  How do I know how much the debtor is borrowing and the credit charges?
These details are on the copy of the credit contract or offer that the debtor signed.  You should have been given a copy of that contract or offer before you signed the guarantee papers.
3.  What documents should I be given?
	*	The document you are reading now.
	*	A copy of your contract.
	*	A copy of the credit contract or offer signed by the debtor.
4.  What other information can I get?
*  If you have guaranteed repayment of a credit sale contract or a loan contract, you can write to the credit provider and ask for—
	*	an extra copy of your contract of guarantee;
	*	an extra copy of the debtor’s credit sale contract or loan contract;
	*	a copy of any other document signed by the debtor (for example, a mortgage) or by you;
	*	a statement of the debtor’s repayments under the credit sale contract or loan contract; and
	*	details of any insurance cover financed by the debtor’s credit sale contract or loan contract.
When writing to the credit provider, you must pay any fee that the law says the credit provider can charge.
The credit provider will write back to you within 14 days after receiving your request.
But the credit provider has to give you this information only once in any period of 3 months.
* If you have guaranteed repayment of a continuing credit contract you can write to the credit provider and ask for—
	*	an extra copy of the debtor’s continuing credit contract or a notice stating the details of the contract; and
	*	a copy of any notice given to the debtor telling the debtor about a change in the debtor’s contract.
Again, when writing to the credit provider you must pay any fee that the law says the credit provider can charge.
But the credit provider has to give you these documents only once in any period of 14 days.
*   You can write to the credit provider and ask for the net balance due (pay out figure) under the credit contract guaranteed by you.  You will get this information within 7 days after the credit provider receives your request.  If you want to, you can also ask for details of how the balance is worked out.
But the credit provider has to give you this information only once in any period of 3 months.
5.  Can I cancel my contract of guarantee?
You may be able to under certain circumstances.  For exact details, contact Consumer Affairs or get legal advice.
If the Debtor Defaults
6.  Do I get any warning that the credit provider wants to take action against the debtor?
In most cases, yes.  You get the same warning as the debtor.  You get a notice in writing telling you why the credit provider wants to take action against the debtor.  It also tells you what the debtor has to do to stop the action.  The debtor has at least 1 month to try and fix up the problem.  You should discuss the matter with the debtor immediately.
7.  Can the credit provider take action against me without taking action against the debtor at the same time?
No, except where—
	*	the debtor cannot be found;
	*	the debtor’s financial affairs are being handled under bankruptcy law; or
	*	a court has declared that action can be taken against you without action being taken against the debtor.
8.  If the debtor cannot be found and the credit provider intends to take legal action against me do I get any warning?
Yes.  You get a notice giving you at least 14 days’ warning.
9.  Exactly how much do I have to pay the credit provider if the debtor defaults?
You have to pay what the debtor owes the credit provider, plus the credit provider’s costs in having you honour your contract of guarantee.
General
10.  What can I do if I am asked to pay out the credit contract and I cannot pay it all at once?
Talk to the credit provider and see if some arrangement can be made about paying.  If you cannot come to a suitable arrangement, contact Consumer Affairs for help.  If you have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be varied under the law to meet your situation.
There are other people, such as financial counsellors, who may be able to help. 
11.  If I pay out money for a debtor, is there any way I can get it back?
You can sue the debtor.  But remember, if the debtor cannot pay the credit provider, he or she probably cannot pay you back for a while, if at all.
12.  What happens if I go guarantor for someone who is under 18 when he or she signs a credit contract?
You are responsible for the full debt if the contract of guarantee had a clear and obvious warning near your signature.  The warning had to tell you that the courts might not let you sue the debtor if you have to pay out the credit contract for the debtor.
13.  Do I have any other rights and obligations?
Yes.  The law does give you other rights and obligations.  You should also read your contract carefully.
If you have any doubts or you want MORE information, contact Consumer Affairs or get legal Advice.
Please keep this summary.  You may want some information from it at a later date.

Form 12	Regulation 30
Home Finance Contract—Notice
Credit Act (Section 153)
		19
(date)
to:	
(name of debtor or guarantor)
	
(address)
from:	
(name of credit provider)
	
(address)
After 1 month from the time this Notice is received	
	(name of credit provider)
intends to take legal action or exercise a right under a home finance contract against .........................    The credit provider’s reasons are given at the end of this Notice, together
(name of debtor)
with:
•    the amount the credit provider claims to be owed under the contract; and
•    details of the contract.
This Notice is given to the debtor under a home finance contract and any guarantor of that contract.  
You should discuss this matter with the credit provider as soon as possible.
The person to contact is	
	(name or title of officer or agent)
of	
(name of credit provider or agent)
Telephone No.:	
If this Notice is given to you because you have guaranteed repayment of the debtor’s home finance contract, you should also discuss this matter with the debtor immediately.
If you are the debtor under the home finance contract and you cannot come to a suitable arrangement with the credit provider, contact Consumer Affairs immediately.
If you have been unemployed, sick or there is another good reason why you cannot meet your commitments, then the contract may be able to be varied under the law to meet your situation.
If you have guaranteed repayment of the debtor’s home finance contract and the credit provider looks to you to pay out the contract, you have a right, similar to that of the debtor, to seek a variation of your commitments in circumstances of hardship.
If you disagree with anything in the Notice, including what it says is owed, contact Consumer Affairs or seek legal advice immediately.  There are other people, such as financial counsellors, who may be able to help. 

Reasons for, and Nature of, Intended Legal Action or Exercise of Right
	(a)	Arrears:
Amount:  		$
•  Other amounts owing:
			$
			$
			$

	Total: 		$

•  Specify nature of each amount.
Number of payments in arrears:  	
Period to which arrears relate:  	

	(b)	Other reasons (if any):	

	
	
	(c)	Nature of intended legal action or exercise of right:	

Details of Home Finance Contract
Loan No. (if any):  		Current interest rate:  	
Amount borrowed:  $		Net balance due at date of this Notice:  $	
Date of loan:		Duration of loan:  	
Registered Mortgage No. (if any):  	
Address of any mortgaged property:  	
Description of any mortgaged property:	Volume No.:  	
	Folio No.:  	
	(Other)  	

If you have any doubts or you want more information about what to do next, seek legal advice or contact consumer affairs
		
(signature of credit provider or agent)

	Schedule 2	Regulation 12
Annual Percentage Rate—Applicable Methods
Method No. 1
	1.	(1)  This clause applies to a credit sale contract or a loan contract, where—
	(a)	the whole of the credit charge is a predetermined credit charge;
	(b)	the whole of the amount financed is, or is to be, provided on the same day; and
	(c)	the amount financed and the predetermined credit charge are payable by equal instalments at equal intervals, the first interval commencing on the date on which the amount financed was provided.
(2)  Where this clause applies to a contract, the annual percentage rate may be determined in accordance with the formula—

where—
	N	is the total number of instalments;
	C	is the number of instalments that, under the contract, will be paid in 1 year or, where the contract is to be completed in less than 1 year, the number of instalments that would be paid in 1 year if instalments continued to be paid at the same intervals; and
	F	is an amount determined in accordance with the formula—

where—
	T	is the total amount of the predetermined credit charge; and
	A	is the amount financed.
Method No. 2
2.  The annual percentage rate may be expressed as the percentage rate per annum which when applied to the unpaid monthly balance of the amount financed calculated according to the actuarial method will yield a sum equal to the amount which under the contract would be the credit charge if all payments under the contract were paid when they were required to be paid under the contract.
Interpretation
3.  For the purposes of this Schedule—
(a)   instalments shall be deemed to be equal if all the instalments except 1 are of the same amount and the difference between the amount of that 1 instalment and the amount of each of the other instalments is not more than $5 or 5% of the amount of each of the other instalments, whichever is the greater;
(b)   monthly intervals shall be deemed to be equal intervals; and
(c)   intervals shall be deemed to be equal if all the intervals except 1 are of the same length and the difference between the length of that 1 interval and the length of each of the other intervals is not more than 5% of the length of each of the other intervals.

Schedule 3	Subregulation 18 (1)
Specified Descriptive Terms for Use in a Credit Sale Contract
Column 1
Item	Column 2
Matter described or referred to	Column 3
Descriptive term	
1	The amount financed expressed in accordance with Schedule 2 to the Act.	Amount financed	
2	The credit charge expressed in accordance with Schedule 3 to the Act.	Credit charge	
3	The annual percentage rate expressed in accordance with section 38 of the Act.	Annual percentage rate	
4	The amount paid or provided, or to be paid or provided, by way of deposit—
(a)	paid in money;
(b)	by a consideration other than money;
(c)	on account of a trade-in allowance; and
(d)	being the sum of all amounts paid or provided, or to be paid or provided, by way of deposit.	

Cash deposit
Other deposit
Trade-in
Total deposit paid	
5	The cash price of the goods and services.	Cash price	
6	Amounts payable by the debtor to the credit provider in respect of—
(a)	charges for installation of the goods;
(b)	charges for maintenance of the goods;
(c)	charges for delivery of the goods to the debtor;
(d)	registration fees;
(e)	compulsory insurance;
(f)	insurance of mortgaged property (not being compulsory insurance);
(g)	insurance against loss of the security interest of a mortgagee by reason of any law in force in the Territory;
(h)	insurance against sickness of, accidental injury to, or disability, unemployment or death of, the debtor or debtors;
(i)	life insurance of the debtor or debtors;
(j)	insurance against unemployment of the debtor or debtors;
(k)	insurance against loss of profits by the debtor of debtors;
(l)	stamp duty payable in respect of or in relation to—
(i)	the credit sale contract;
(ii)	any mortgage relating to the credit sale contract entered into on or before the relevant date as defined in clause 2 of Schedule 2 to the Act; and
(iii)	the sum of subparagraphs (i) and (ii); and
(m)	fees payable to a legal practitioner (not being the credit provider or an employee of the credit provider) authorized to prepare documents for the credit sale contract or for a mortgage relating to the credit sale contract entered into at or before the time of the making of the credit sale contract.	

Installation charges
Maintenance charges
Delivery charges
Registration fees
Compulsory insurance
Mortgaged property insurance
Title insurance

Consumer credit insurance

Life insurance
Unemployment insurance

Loss of profits insurance

Contract stamp duty
Mortgage stamp duty

Total stamp duty

Legal fees

	
7	The Act.	Credit Act	
8	These Regulations.	Credit Regulations	
9	The commissioner.	Consumer Affairs

	Schedule 4	Subregulation 18 (2)
Specified Descriptive Terms for use in a Loan Contract
Column 1
Item	Column 2
Matter described or referred to	Column 3
Descriptive term	
1	The amount financed expressed in accordance with Schedule 4 to the Act.	Amount financed	
2	The credit charge expressed in accordance with Schedule 5 to the Act.	Credit charge	
3	The annual percentage rate expressed in accordance with section 38 of the Act.	Annual percentage rate	
4	Amounts payable by the debtor to the credit provider in respect of—
(a)	insurance of mortgaged property (not being compulsory insurance);
(b)	insurance against loss of the security interest of a mortgagee by reason of any law in force in the Territory;
(c)	insurance against sickness of, accidental injury to, or disability, unemployment or death of, the debtor or debtors;
(d)	life insurance of the debtor or debtors;
(e)	insurance against unemployment of the debtor or debtors;
(f)	insurance against loss of profits by the debtor or debtors;
(g)	stamp duty payable in respect of or in relation to—
(i)	the loan contract;
(ii)	any mortgage relating to the loan contract entered into on or before the relevant date as defined in clause 2 of Schedule 4 to the Act; and
(iii)	the sum of subparagraphs (i) and (ii); and
(h)	fees payable to a legal practitioner (not being the credit provider or an employee of the credit provider) authorised to prepare documents for the loan contract or for a mortgage relating to the loan contract entered into at or before the time of the making of the loan contract.	

Mortgaged property insurance
Title insurance

Consumer credit insurance

Life insurance
Unemployment insurance
Loss of profits insurance

Contract stamp duty
Mortgage stamp duty

Total stamp duty

Legal fees

	
5	The Act.	Credit Act	
6	These Regulations.	Credit Regulations	
7	The commissioner.	Consumer Affairs

	Schedule 5	Subregulation 18 (3)
Specified Descriptive Terms for use in a Notice under Section 59 of the Act
Column 1
Item	Column 2
Matter described or referred to	Column 3
Descriptive term	
1	The maximum amount referred to in paragraph 59 (1) (a) of the Act.	Credit limit	
2	The period referred to in paragraph 59 (1) (e) of the Act.	Due date	
3	The annual percentage rate in respect of the continuing credit contract.	Annual percentage rate	
4	The Act.	Credit Act	
5	These Regulations.	Credit Regulations	
6	The commissioner.	Consumer Affairs

	Schedule 6	Subregulation 18 (4)
Specified Descriptive Terms for use in a Statement of Account Referred to in Section 61 of the Act
Column 1
Item	Column 2
Matter described or referred to	Column 3
Descriptive term	
1	The date of the last day of the billing cycle.	Statement date	
2	The amount owed by the debtor under the contract—
(a)	on the first day of the billing cycle; and
(b)	on the last day of the billing cycle.	
Opening balance
Closing balance	
3	Amounts payable by the debtor to the credit provider in respect of—
(a)	charges for installation of the goods;
(b)	charges for maintenance of the goods;
(c)	charges for delivery of the goods to the debtor;
(d)	insurance of mortgaged property (not being compulsory insurance);
(e)	insurance against loss of the security interest of a mortgagee by reason of any law in force in the Territory;
(f)	insurance against sickness of, accidental injury to, or disability, unemployment or death of, the debtor or debtors;
(g)	life insurance of the debtor or debtors;
(h)	insurance against unemployment of the debtor or debtors;
(i)	insurance against loss of profits by the debtor or debtors; and
(j)	stamp duty payable in respect of or in relation to—
(i)	the continuing credit contract;
(ii)	any mortgage relating to the continuing credit contract entered into during the billing cycle; and
(iii)	the sum of subparagraphs (i) and (ii).	

Installation charges
Maintenance charges
Delivery charges
Mortgaged property insurance
Title insurance

Consumer credit insurance

Life insurance
Unemployment insurance

Loss of profits insurance

Contract stamp duty
Mortgage stamp duty

Total stamp duty	
4	The amount of the credit charge in respect of the billing cycle.	Credit charge	
5	The annual percentage rate in respect of the continuing credit contract.	Annual percentage rate	
6	The date by which a payment by the debtor is requested.	Due date	
7	The Act.	Credit Act	
8	These Regulations.	Credit Regulations	
9	The commissioner.	Consumer Affairs

	Schedule 7	Paragraph 22 (1) (b)
Print or Type for use in Documents under Credit Act
Advante Garde.
Advante Garde Book.
Advante Garde Medium Bold.
American Typewriter.
American Typewriter Medium.
American Typewriter Bold.
Baskerville.
Baskerville Roman.
Baskerville Roman Italic.
Baskerville Roman Bold.
Bembo.
Bembo Roman.
Bembo Roman Italic.
Bembo Bold.
Bodoni.
Bodoni Roman.
Bodoni Roman Italic.
Bodoni Bold.
Century Old Style.
Century Old Style Roman.
Century Old Style Roman Italic.
Century Old Style Bold.
Century School Book.
Century School Book Roman.
Century School Book Roman Italic.
Century School Book Bold.
Clarendon.
Clarendon Roman.
Clarendon Roman Italic.
Clarendon Bold.
Claro.
Claro Light.
Claro Medium.
Claro Medium Italic.
Claro Demi-Bold.
De Vinne.
De Vinne Roman.
De Vinne Roman Italic.
De Vinne Bold.
Dutch Roman.	Gill Sans.
Gill Sans Medium.
Gill Sans Medium Italic.
Gill Sans Bold.
Gloucester Old Style.
Gloucester Old Style Roman.
Gloucester Old Style Roman Italic.
Gloucester Old Style Bold.
Helvetica.
Helvetica Light.
Helvetica Medium.
Helvetica Medium Italic.
Helvetica Bold.
Karnak Intermediate.
Karnak Intermediate Roman.
Karnak Intermediate Roman Italic.
Karnak Intermediate Bold.
Megaron.
Megaron Light.
Megaron Medium.
Megaron Medium Italic.
Megaron Bold.
Metro.
Metro Italic.
Metro Bold.
Musica.
Musica Roman.
Musica Roman Italic.
Musica Bold.
Old Style.
Old Style Roman.
Old Style Roman Italic.
Old Style Bold.
Optima.
Optima Roman.
Optima Roman Italic.
Optima Bold.
Plantin.
Plantin Roman.
	
Plantin Roman Italic.
Plantin Bold.
Press Roman Bold.
Press Roman Medium.
Record Gothic.
Rockwell Light.
Rockwell Medium.
Rockwell Bold.
Rockwell Italic.
Souvenir.
Souvenir Light.
Souvenir Light Italic.
Souvenir Bold.
	Souvenir Medium.
Swiss Roman.
Times (or English).
Times (or English) Roman.
Times (or English) Roman Italic.
Times (or English) Bold.
Universe.
Universe Light.
Universe Medium.
Universe Medium Italic.
Universe Bold.
Zapf.
Zapf Medium.

ENDNOTES
1	About this republication
This is a republication of the Credit Regulations 1985 as in force under the Credit Act 1985 on 1 June 2000.  It includes all amendments made to the regulations up to Act 2000 No 17.
Amending laws are annotated in the table of legislation and table of amendments.
The Parliamentary Counsel’s Office currently prepares 2 kinds of republications of ACT laws:  authorised printed republications to which the Legislation (Republication) Act 1996 applies and unauthorised electronic republications.  The status of this republication appears on the cover.
Section 13 of the Legislation (Republication) Act 1996 authorises the Parliamentary Counsel, in preparing a law for republication, to make textual amendments of a formal nature which the Parliamentary Counsel considers desirable in accordance with current legislative drafting practice.  The amendments do not effect a substantive change in the law.
In preparing this republication, amendments have not been made under section 13.
Not all amendments made under section 13 are annotated in the table of amendments.  Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
2	About the republished subordinate law
The Credit Regulations 1985 were originally the Credit Regulations.  They were renamed by the Justice and Community Safety Legislation Amendment Act 2000 (No 3) 2000 No 17 (see s 4 sch 2).
3	Abbreviation key
Key to abbreviations in tables

am = amended
amdt = amendment
ch = chapter
cl = clause
def = definition
dict = dictionary
div = division
exp = expires/expired
Gaz = Gazette
hdg = heading
ins = inserted/added
LR = Legislation (Republication) Act 1996
mod = modified
No = number
notfd = notified
o = order
om = omitted/repealed
orig = original
p = page
par = paragraph
pres = present
prev = previous
(prev...) = previously
prov = provision
pt = part
r = rule/subrule
reg = regulation/subregulation
renum = renumbered
reloc = relocated
R[X] = Republication No
s = section/subsection
sch = schedule
sdiv = subdivision
sub = substituted
SL  = Subordinate Law
sp = spent
*  = SL unless otherwise stated
† = Act or Ordinance unless otherwise stated

4	Table of legislation
Subordinate law*	Year and number*	Gazette
notification	Commencement	Transitional provisions	

Credit Regulations	1985 No 5	28 Feb 1985	28 Feb 1985 (see 
reg 2 and Gaz 1985 No S59)		
	1986 No 17	1 Sept 1986	1 Sept 1986	—	
	1986 No 18	1 Sept 1986	1 Sept 1986	—	
	1986 No 19	1 Sept 1986	1 Sept 1986	—	
	1987 No 4	6 May 1987	6 May 1987	—	
	1990 No 9	19 July 1990	reg 2:  30 June 1990 (see reg 1 (2))
remainder:  19 July 1990	—	
	1991 No 25	16 Oct 1991	16 Oct 1991	reg 8 (4)	
Registrar-General 
(Consequential Provisions) 
Act 1993	1993 No 64	6 Sept 1993	ss 1 and 2:  6 Sept 1993
remainder:  1 Oct 1993 (see s 2 (2) and Gaz 1993 No S207)	—	
	1994 No 6	15 Mar 1994	15 Mar 1994	—	
	1994 No 33	7 Oct 1994	5 Oct 1994 (see 
reg 2 and Gaz 1994 No S209)	—	
Land Titles (Consequential Amendments) Act 1995	1995 No 54	20 Dec 1995	ss 1 and 2:  20 Dec 1995
remainder:  20 June 1996 (see s 2)	—	
Consumer Credit 
(Administration) 
(Consequential Provisions) 
Act 1996	1996 No 42	2 Sept 1996	ss 1, 2 and div 1 of pt II (ss 3-5):  2 Sept 1996
remainder:  1 Nov 1996 (see s 2 (2) and Gaz 1996 No S272)	ss 18 and 19	
Justice and Community Safety Legislation Amendment Act 2000 (No 3)
	2000 No 17	1 June 2000	1 June 2000	—	
5	Table of amendments

Provision	How affected*

reg 1	sub 2000 No 17 s 4 sch 2
reg 3	am 1986 No 17; Act 1996 No 42
reg 4	sub 1986 No 18
	am 1991 No 25
regs 8A, 8B	ins 1994 No 33
reg 13A	ins 1991 No 25
	am Act 1993 No 64; Act 1995 No 54

reg 17A	ins 1991 No 25
reg 24	am 1991 No 25
reg 25	am 1990 No 9; 1991 No 25; Act 1993 No 64; Act 1995 No 54
reg 25A	ins 1991 No 25
reg 26	ins 1986 No 17
	am 1987 No 4; Act 1993 No 64
	om Act 1996 No 42
reg 27	ins 1986 No 17
	am 1987 No 4
	om Act 1996 No 42
regs 28, 29	ins 1986 No 17
	om Act 1996 No 42
reg 30	ins 1986 No 17
sch 1	am 1986 Nos 17 and 19
schs 3, 4	am 1991 No 25; 2000 No 17 s 4 sch 2
sch 5	am 2000 No 17 s 4 sch 2
sch 6	am 1991 No 25; 2000 No 17 s 4 sch 2
sch 7	am 1994 No 6

6	Table of earlier republications
Republication No	Amendments  to	Republication date	
(1)	SL 1991 No 25	31 May 1992	
(2)	SL 1994 No 33	31 January 1995	
(3)	Act 1996 No 42	30 November 1996	

This republication has been authorised by the Parliamentary Counsel and published by or on behalf of the Government Publisher

©  Australian Capital Territory 2000

The Copyright Act 1968 (Cwlth) permits certain reproduction and publication of this legislation.  For reproduction or publication beyond that permitted by the Act, written permission must be sought from the Government Printer, c/o Information Management and Libraries, Department of Urban Services, ACT Government, GPO Box 158, Canberra City ACT 2601.