Australian Capital Territory
Fair Trading Regulation 2009    
SL2009-59
made under the
Fair Trading (Australian Consumer Law) Act 1992
Republication No 2
Effective:  1 January 2011
Republication date: 1 January 2011
Last amendment made by A2010‑54

Unauthorised version prepared by ACT Parliamentary Counsel’s Office

About this republication
The republished law
This is a republication of the Fair Trading Regulation 2009, made under the Fair Trading (Australian Consumer Law) Act 1992 (including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 1 January 2011.  It also includes any commencement, amendment, repeal or expiry affecting the republished law to 1 January 2011.  
The legislation history and amendment history of the republished law are set out in endnotes 3 and 4. 
Kinds of republications
The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):
•	authorised republications to which the Legislation Act 2001 applies
•	unauthorised republications.
The status of this republication appears on the bottom of each page.
Editorial changes
The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication.  Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).  The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.  
This republication does not include amendments made under part 11.3 (see endnote 1).
Uncommenced provisions and amendments
If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol  U  appears immediately before the provision heading.  The text of the uncommenced provision or amendment appears only in the last endnote.
Modifications
If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading.  The text of the modifying provision appears in the endnotes.  For the legal status of modifications, see Legislation Act 2001, section 95.
Penalties
At the republication date, the value of a penalty unit for an offence against this law is $110 for an individual and $550 for a corporation (see Legislation Act 2001, s 133).

Australian Capital Territory
Fair Trading Regulation 2009
made under the
Fair Trading (Australian Consumer Law) Act 1992
    
Contents
	Page
	1	Name of regulation	2
	2	Notes	2
	3	Maximum annual percentage rate—Act, s 63	2
	4	Working out maximum annual percentage rate	3
Endnotes
	1	About the endnotes	6
	2	Abbreviation key	6
	3	Legislation history	7
	4	Amendment history	7
	5	Earlier republications	8

Australian Capital Territory
Fair Trading Regulation 2009     

made under the
Fair Trading (Australian Consumer Law) Act 1992

    

  

1	Name of regulation
This regulation is the Fair Trading Regulation 2009.
2	Notes
A note included in these regulations is explanatory and is not part of these regulations.
Note	See Legislation Act, s 127 (1), (4) and (5) for the legal status of notes.
3	Maximum annual percentage rate—Act, s 63
	(1)	The prescribed maximum annual percentage rate is 48% per annum for all credit contracts to which the code applies. 
	(2)	Interest charges, and all credit fees and charges, under a credit contract must be included in working out the maximum annual percentage rate under all credit contracts to which the code applies.
	(3)	The maximum annual percentage rate must be worked out in accordance with section 4.
	(4)	Despite subsection (2), any credit fees or charges arising from the establishment or maintenance of a temporary credit facility are not required to be included for working out the maximum annual percentage rate if—
	(a)	the credit provider is an authorised deposit-taking institution; and
	(b)	the debtor has or had an existing credit contract or debit account with the authorised deposit-taking institution when the temporary credit facility is or was established; and
	(c)	the temporary credit facility is related to the existing credit contract or debit account.
	(5)	In this section:
temporary credit facility includes an overdraft facility and a short‑term extension of the total amount of credit available under an existing credit contract.
Note	This section is made under the Act, s 63. The effect of a contravention of this section is set out in s 63. The maximum interest rate is not part of the uniform provisions of the code in Australia.
4	Working out maximum annual percentage rate
	(1)	For working out the maximum annual percentage rate under a credit contract, the rate must be worked out as a nominal rate for each year, together with the compounding frequency, in accordance with this section.
	(2)	The maximum annual percentage rate is worked out as follows:

	(3)	In subsection (2):
n is the number of repayments per year to be made under the credit contract annualised, except that—
	(a)	if repayments are to be made weekly or fortnightly—n is to be 52.18 or 26.09, respectively; and
	(b)	if the contract does not provide for a constant interval between repayments—n is to be derived from the interval selected for the purposes of the definition of j (see subsection (4)).
r is the solution of the following: 

	(4)	In subsection (3):
j is the time, measured as a multiple (not necessarily integral) of the interval between contractual repayments that will have elapsed since the first amount of credit is provided under the credit contract, except that if the contract does not provide for a constant interval between repayments an interval of any kind is to be selected by the credit provider as the unit of time.
t is the time, measured as a multiple of the interval between contractual repayments (or other interval so selected), that will elapse between the time when the first amount of credit is provided and the time when the last repayment is to be made under the contract.
Aj is the amount of credit to be provided under the contract at time j (the value of j for the provision of the first amount of credit is taken to be zero).
Rj is the repayment to be made at time j.
Cj is the fee or charge (if any) payable by the debtor at time j (j is taken to be zero for any such fee or charge payable before the time of the first amount of credit provided) in addition to the repayments Rj, being a credit fee or charge that is ascertainable when the annual percentage rate is worked out.
	(5)	The maximum annual percentage rate must be correct to at least the nearest 0.001% for each year.
	(6)	In applying the formulas in this section, reasonable approximations may be made if it would be impractical or unreasonably onerous to make a precise calculation.
	(7)	The tolerances and assumptions under the code, section 180 to section 182 apply in working out the maximum annual percentage rate.
	(8)	If the credit contract is a continuing credit contract (within the meaning of the code), the following assumptions also apply in working out the maximum annual percentage rate:
	(a)	that the debtor has drawn down the maximum amount of credit that the credit provider has agreed to provide under the contract;
	(b)	that the debtor will pay the minimum repayments stated in the contract;
	(c)	if credit is provided for payment by the credit provider to a third person in relation to goods, services or cash supplied by the third person to the debtor from time to time—that the debtor will not be supplied with any more goods, services or cash;
	(d)	if credit is provided for cash supplied by the credit provider to the debtor—that the debtor will not be supplied with any more cash.
	(9)	For the maximum annual percentage rate—
	(a)	the amount of credit is the amount (or the maximum amount) required by the debtor; and
	(b)	the term for which credit is provided is the term (or the maximum term) required by the debtor.

Endnotes
1	About the endnotes
Amending and modifying laws are annotated in the legislation history and the amendment history.  Current modifications are not included in the republished law but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history.  Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws and expiries are listed in the legislation history and the amendment history.  These details are underlined.  Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.
If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.  
The endnotes also include a table of earlier republications.
2	Abbreviation key

A = Act	NI = Notifiable instrument	
AF = Approved form	o = order	
am = amended	om = omitted/repealed	
amdt = amendment	ord = ordinance	
AR = Assembly resolution	orig = original	
ch = chapter	par = paragraph/subparagraph	
CN = Commencement notice	pres = present	
def = definition	prev = previous	
DI = Disallowable instrument	(prev...) = previously	
dict = dictionary	pt = part	
disallowed = disallowed by the Legislative 	r = rule/subrule	
Assembly	reloc = relocated	
div = division	renum = renumbered	
exp = expires/expired	R[X] = Republication No	
Gaz = gazette	RI = reissue	
hdg = heading	s = section/subsection	
IA = Interpretation Act 1967	sch = schedule	
ins = inserted/added	sdiv = subdivision	
LA = Legislation Act 2001	SL = Subordinate law	
LR = legislation register	sub = substituted	
LRA = Legislation (Republication) Act 1996	underlining = whole or part not commenced	
mod = modified/modification	or to be expired	

3	Legislation history
This regulation was made as part of the Justice and Community Safety Legislation Amendment Act 2009 (No 3) (see A2009‑44, s 4 and sch 2).
Fair Trading Regulation 2009 SL2009-59
taken to have been notified LR 24 November 2009 (A2009‑44, s 4 (3) (a))
s 1 taken to have commenced 24 November 2009 (LA s 75 (1))
remainder commenced 22 December 2009 (A2009‑44, s 4 (3) (b))
as amended by
Fair Trading (Australian Consumer Law) Amendment Act 2010
A2010-54 sch 3 pt 3.7
notified LR 16 December 2010
s 1, s 2 commenced 16 December 2010 (LA s 75 (1))
sch 3 pt 3.7 commenced 1 January 2011 (s 2 (1))
4	Amendment history
Maximum annual percentage rate—Act, s 63
s 3 hdg	am A2010‑54 amdt 3.20
s 3	am A2010‑54 amdt 3.20
Working out maximum annual percentage rate
s 4	am A2010‑54 amdt 3.21

5	Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.  
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register.  A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1.  Electronic and printed versions of an authorised republication are identical. 

Republication No and date	Effective	Last amendment made by	Republication for	
R1
22 Dec 2009	22 Dec 2009–
31 Dec 2010	not amended	new regulation	

©  Australian Capital Territory 2011