Section 89 — Credit Contracts and Consumer Finance Act 2003: Amount of statutory damages

89 Amount of statutory damages (1) The amount of the statutory damages is,— (a) in the case of a breach of section 18 , an amount equal to the interest charges and credit fees payable under the consumer credit contract during the period to which the breach relates; and (b) in the case of a breach of section 24 , an amount equal to the interest charges and credit fees payable under the consumer credit contract during the period commencing on the date that the request for disclosure was received and ending on the earlier of the following: (i) the day on which disclosure was made in accordance with section 24 : (ii) the date on which the contract comes to an end; and (c) in the case of a breach of section 25(1)(a) , the lesser of $3,000 or 5% of the total of all advances made and agreed to be made under the consumer credit contracts to which the guarantee applies at the time the guarantee is given; and (d) in the case of any other breach, the lesser of $3,000 or 5 % of,— (i) in the case of a revolving credit contract, the credit limit at the time of the breach; or (ii) in the case of a consumer lease, the cash price of the goods; or (iii) in the case of any other consumer credit contract, the total of all advances made and agreed to be made under the contract; or (iv) in the case of a buy-back transaction, the rateable value of the land at the time the transaction was made. (2) Subject to subsection (1)(a) and (b) , if a revolving credit contract does not have a credit limit, the amount of the statutory damages is $3,000. (3) If the amount of the statutory damages under subsection (1)(d) is less than $100, the amount of the statutory damages must be rounded up to $100. (4) If a person has breached 2 or more provisions referred to in section 88 in connection with the same consumer credit contract, consumer lease, or buy-back transaction and the breaches occur at or about the same time, the total statutory damages payable for those breaches is equal to the highest statutory damages payable for 1 of those breaches.