Section 47 — Credit Contracts and Consumer Finance Act 2003: Dating and adjustments of debits and credits in accounts

47 Dating and adjustments of debits and credits in accounts (1) A debit or credit made by a creditor to a debtor's account is taken to have been made, and has effect, on the date assigned to the debit or credit and not on the date on which it is processed. (2) A creditor may subsequently adjust debits or credits to a debtor's account and account balances so as to accurately reflect the legal obligations of the debtor and the creditor. (3) Subsections (1) and (2) do not permit a debit or credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or credit or account balance, if— (a) the assignment or adjustment is inconsistent with the consumer credit contract; or (b) the assignment or adjustment results in an interest charge that is more than the maximum amount permitted under this Act, as calculated on the basis of debits and credits to a debtor's account consistent with the consumer credit contract; or (c) the assignment or adjustment results in a breach of section 46 ; or (d) the assignment of the date on which an interest charge is taken to be debited results in a breach of section 38 . Compare: Consumer Credit Code s 36A (Appendix to Consumer Credit (Queensland) Act 1994 (Queensland))