Credit Contracts and Consumer Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Title
1 Title This Act is the Credit Contracts and Consumer Finance Act 2003.
Section Sch1 — Key information concerning consumer credit contract
Schedule 1 Key information concerning consumer credit contract s 17 The following information is the key information concerning a consumer credit contract as is applicable: Full name and address of…
Section 2 — Commencement
2 Commencement (1) This section, section 1 , subpart 3 of Part 3 , section 138 , section 141(2) and (3) , and Schedule 3 come into force on the day after the date on which this Act receives the Royal…
Section Sch2 — Information concerning consumer lease
Schedule 2 Information concerning consumer lease s 64 The following is information concerning a consumer lease as is applicable: Full name and address of lessor (a) the full name and full address of…
Section 3 — Purposes
3 Purposes The purposes of this Act are— (a) to protect the interests of consumers in connection with credit contracts, consumer leases, and buy-back transactions of land; and (b) to provide for the…
Section Sch3 — Information concerning buy-back transactions of land
Schedule 3 Information concerning buy-back transactions of land s 72 The following is information concerning a buy-back transaction as is applicable: Full name and address of transferee (a) the full…
Section 4 — Overview
4 Overview In this Act,— (a) this Part deals with preliminary matters, including interpretation and the application of this Act to the Crown: (b) Part 2 contains provisions relating to consumer…
Section Sch4-“ 36A — Voluntary return of goods
“ 36A Voluntary return of goods “ (1) A secured credit sale agreement is terminated by the return of the consumer goods comprised in the agreement if they are returned— “ (a) in accordance with any…
Section Sch4-“ 36B — Various effects of voluntary return of goods
“ 36B Various effects of voluntary return of goods “ (1) If a secured credit sale agreement fixes or provides for the fixing of the amount (if any) to be paid by the debtor in the case of the…
Section 5 — Interpretation
5 Interpretation In this Act, unless the context otherwise requires,— advance means— (a) money provided to the debtor or to another person to the order of the debtor: (b) a pre-existing monetary…
Section 6 — Meaning of credit
6 Meaning of credit In this Act, unless the context otherwise requires, credit is provided under a contract if a right is granted by a person to another person to— (a) defer payment of a debt; or (b)…
Section 7 — Meaning of credit contract
7 Meaning of credit contract (1) In this Act, unless the context otherwise requires, credit contract means a contract under which credit is or may be provided. (2) If, because of any contract or…
Section 8 — Meaning of buy-back transaction
8 Meaning of buy-back transaction (1) In this Act, unless the context otherwise requires, buy-back transaction means a transaction under which— (a) a person (the occupier ) transfers, or agrees to…
Section 8A — Meanings of associated and associated person
8A Meanings of associated and associated person (1) For the purposes of this Act, 1 person ( A ) is associated with another person ( B ),— (a) if A is connected to B by blood relationship, marriage,…
Section 9 — Act binds the Crown
9 Act binds the Crown This Act binds the Crown.
Section 10 — When this Part applies
10 When this Part applies This Part applies to consumer credit contracts.
Section 11 — Meaning of consumer credit contract
11 Meaning of consumer credit contract (1) A credit contract is a consumer credit contract if— (a) the debtor is a natural person; and (b) the debtor enters into the contract primarily for personal,…
Section 12 — Investment purposes
12 Investment purposes Investment by the debtor is not a personal, domestic, or household purpose. Compare: Consumer Credit Code s 6(4) (Appendix to Consumer Credit (Queensland) Act 1994 (Queensland))
Section 13 — Presumption relating to consumer credit contract
13 Presumption relating to consumer credit contract In any proceedings in which a party claims that a credit contract is a consumer credit contract, it is presumed that the credit contract is a…
Section 14 — Effect of declaration
14 Effect of declaration (1) A credit contract is not a consumer credit contract if the debtor makes a declaration before entering into the contract that the credit is to be used primarily for…
Section 15 — Certain contracts not consumer credit contracts
15 Certain contracts not consumer credit contracts (1) The following contracts are not consumer credit contracts: (a) a contract for the sale of property, or the provision of services, to a person if…
Section 16 — Lease of goods treated as consumer credit contract
16 Lease of goods treated as consumer credit contract (1) For the purposes of this Act, a lease is to be treated as a credit sale and a consumer credit contract if— (a) the lessee is a natural…
Section 17 — Initial disclosure
17 Initial disclosure (1) Every creditor under a consumer credit contract must ensure that disclosure of as much of the key information set out in Schedule 1 as is applicable to the contract is made…
Section 18 — Continuing disclosure
18 Continuing disclosure (1) Every creditor under a consumer credit contract must ensure that disclosure of as much of the information set out in section 19 as is applicable to the contract is made…
Section 19 — Content of continuing disclosure statement
19 Content of continuing disclosure statement Every continuing disclosure statement must contain as much of the following information as is applicable to the consumer credit contract: (a) the opening…
Section 20 — Opening unpaid balance must not exceed closing unpaid balance of previous continuing disclosure statement
20 Opening unpaid balance must not exceed closing unpaid balance of previous continuing disclosure statement The opening unpaid balance shown in each successive continuing disclosure statement must…
Section 21 — Continuing disclosure not required
21 Continuing disclosure not required (1) Disclosure under section 18 is not required if— (a) each advance under the consumer credit contract is of an amount that is known on the date that the…
Section 22 — Disclosure of agreed changes
22 Disclosure of agreed changes (1) Every creditor under a consumer credit contract must ensure that disclosure of the following information is made to every debtor under the contract if the parties…
Section 23 — Disclosure of changes following exercise of power
23 Disclosure of changes following exercise of power (1) Every creditor under a consumer credit contract must ensure that disclosure of the information set out in subsection (2) is made to every…
Section 24 — Request disclosure
24 Request disclosure (1) Every debtor or guarantor under a consumer credit contract may request in writing that disclosure of any or all of the matters referred to in subsection (2) be made to them…
Section 25 — Disclosure of guarantee
25 Disclosure of guarantee (1) Every creditor who takes a guarantee of a consumer credit contract must ensure— (a) that every guarantor under the guarantee is given or sent a copy of all of the terms…
Section 26 — Disclosure of changes to guarantors
26 Disclosure of changes to guarantors (1) Every creditor who takes a guarantee of a consumer credit contract must ensure that disclosure of the information set out in subsection (2) is made to every…
Section 27 — Right to cancel consumer credit contract
27 Right to cancel consumer credit contract (1) A debtor under a consumer credit contract may cancel the contract by giving written notice of the cancellation to the creditor under the contract…
Section 28 — Notice of cancellation, return of property, and payment of cash price
28 Notice of cancellation, return of property, and payment of cash price (1) Written notice of cancellation may be expressed in any way that shows the intention of the debtor to cancel or withdraw…
Section 29 — Right of cancellation does not apply in certain situations
29 Right of cancellation does not apply in certain situations (1) Section 27 does not apply if the credit is provided for a specified period of less than 2 months and no part of the credit is used,…
Section 30 — Effect of cancellation
30 Effect of cancellation (1) If a consumer credit contract is cancelled under section 27(1)(b) ,— (a) no party is obliged or entitled to perform it further: (b) every creditor must promptly— (i)…
Section 31 — Effect of credit sale cancellation
31 Effect of credit sale cancellation If a consumer credit contract is cancelled under section 27(1)(a) , section 30(1)(b) to (e) applies to the contract except that— (a) the creditor need not return…
Section 32 — Disclosure standards
32 Disclosure standards (1) Disclosure must— (a) be in writing in a disclosure statement; and (b) contain the information required by this Act; and (c) express the required information clearly,…
Section 33 — Assumptions
33 Assumptions (1) Information that is required to be disclosed under this Act may be disclosed by using or applying the assumptions that are prescribed for the purposes of this section in accordance…
Section 34 — Model forms
34 Model forms A person who uses a model disclosure statement prescribed by regulations in the manner required by those regulations is to be treated as having complied with the requirements of…
Section 35 — How disclosure is made
35 How disclosure is made (1) Disclosure must be made by— (a) giving the disclosure statement to the person to whom disclosure is to be made; or (b) sending the disclosure statement by post to that…
Section 36 — End of day
36 End of day (1) A consumer credit contract may specify when a day ends for any purpose under the contract. (2) Different times of the day may be specified as the end of the day for different…
Section 37 — Creditor to ensure that contract specifies annual interest rate or rates
37 Creditor to ensure that contract specifies annual interest rate or rates (1) This section applies if interest charges are or may be payable under a consumer credit contract. (2) Every creditor…
Section 38 — Early debit or payment of interest charges prohibited
38 Early debit or payment of interest charges prohibited (1) A creditor must not, at any time before the end of a day to which an interest charge applies, require payment of or debit the interest…
Section 39 — Limit on interest charges
39 Limit on interest charges (1) The maximum amount of an interest charge that may be imposed or provided for under a consumer credit contract is,— (a) in the case of 1 annual interest rate applying…
Section 40 — Default interest charges
40 Default interest charges (1) A consumer credit contract must not provide that an annual interest rate applicable under the contract to any part of the unpaid balance will differ according to…
Section 41 — Unreasonable credit fee or default fee
41 Unreasonable credit fee or default fee (1) A consumer credit contract must not provide for a credit fee or a default fee that is unreasonable. (2) If the Court is satisfied, on the application of…
Section 42 — Establishment fees
42 Establishment fees In determining whether an establishment fee is unreasonable, the Court must have regard to— (a) whether the amount of the fee is equal to or less than the creditor's reasonable…
Section 43 — Prepayment fees
43 Prepayment fees (1) A fee or charge payable on a part prepayment under a consumer credit contract is unreasonable if, and only if, it exceeds a reasonable estimate of the creditor's loss arising…
Section 44 — Other credit fees and default fee
44 Other credit fees and default fee (1) In determining whether a credit fee or a default fee is unreasonable, the Court must have regard to,— (a) in relation to the matter giving rise to the fee,…