Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 139

A guarantor under a contract of guarantee with a credit provider that relates or, but for the operation of this section, would relate to a regulated contract or a proposed regulated contract--

(a) may, by notice in writing given to the credit provider and debtor before the regulated contract is made, discharge the contract of guarantee in so far as it relates or would relate to the obligations of the debtor under the regulated contract; and

(b) in the case of a regulated continuing credit contract or regulated loan contract--may, by notice in writing given to the credit provider and debtor after the contract is made, discharge the contract of guarantee in so far as it relates or would relate to obligations of the debtor incurred under the contract after--

(i) in the case of a continuing credit contract--the expiration of the billing cycle current when the notice is given; or

(ii) in the case of a regulated loan contract--the notice is given.