Queensland Consolidated Acts

CREDIT ACT 1987 - SCHEDULE 9

The provisions of parts 3, 4, 5, 6, 7 and 8 of this Act do not apply to or with respect to the provision of credit by a bank or a pastoral finance company where the credit is provided by way of overdraft or otherwise than by way of a credit sale contract, continuing credit contract or term loan.

(1) In this section--

housing loan contract means a loan contract in respect of which the whole or part of the credit provided is, or is intended by the credit provider to be, applied for the purpose of--

(a) enabling the debtor to acquire a private dwelling house or land on which to erect such a house; or

(b) providing the debtor with funds for the erection of a private dwelling house or for the provision of additional accommodation in a private dwelling house; or

(c) discharging the liability of the debtor in respect of credit referred to in paragraph (a) or (b); or

(d) discharging the liability of the debtor under the later or latest loan contract in a series of 2 or more loan contracts where--

(i) the series commenced with a contract referred to in paragraph (c); and

(ii) the debtor under each contract in the series is the same; and

(iii) credit was provided under each contract in the series to discharge the liability of the debtor under the immediately preceding contract in the series.

private dwelling house means--

(a) a building that is designed, or is designed principally, as a separate residence for 1 family or person; or

(b) an apartment, flat or other part of a building that is so designed.

(2) Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of--

(a) the provision of credit under a housing loan contract; and

(b) related matters preliminary to, and consequential upon, the provision of that credit.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of--

(a) the provision of credit in the course of a business of pawnbroking carried on under the Second-hand Dealers and Pawnbrokers Act 2003 by a licensed pawnbroker within the meaning of that Act; and

(b) related matters preliminary to, and consequential upon, the provision of that credit.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of--

(a) the provision of credit under a credit contract where the only charge is an account charge that does not exceed $5 in relation to any period of 1 month; and

(b) related matters preliminary to, and consequential upon, the provision of that credit.

(1) Subject to subsection (3), part 3, division 1 does not apply in respect of--

(a) a credit sale contract; or

(b) a loan contract relating to the supply of goods or services to a debtor by a related body corporate within the meaning of Corporations Law of the credit provider;

where the amount financed is not more than the prescribed amount or if an amount is not prescribed $150 if subsection (2) is complied with in relation to the contract and the credit provider gives a copy of the contract to the debtor immediately upon its execution.

(2) This section is complied with in relation to a contract if the contract is in writing, is signed by the debtor and includes--

(a) a statement of the cash price of the goods or services; and

(b) a statement of the annual percentage rate calculated in accordance with section 40 of this Act; and

(c) a statement of the credit charge; and

(d) a statement of the total amount payable under the contract; and

(e) a statement whether payments are to be made by instalments and if they are to be so made a statement of--

(i) where each instalment is of the same amount--that amount; and

(ii) where each instalment except the last is the same amount--that amount and the amount of the last instalment; and

(iii) where neither subparagraph (i) nor subparagraph (ii) applies--the amount of each instalment; and

(iv) the number of instalments; and

(v) the time for the payment of each instalment or the time for payment of the first instalment and the interval between each instalment and the next succeeding instalment; and

(f) a notice immediately above the place where the debtor signs the contract stating--

"READ YOUR CONTRACT CAREFULLY AS IT TELLS YOU ABOUT YOUR OBLIGATIONS. YOU HAVE OTHER RIGHTS AND OBLIGATIONS UNDER THE LAW. FOR MORE INFORMATION CONTACT THE REGISTRAR OF COMMERCIAL ACTS OR GET LEGAL ADVICE.".

(3) Subsection (1) does not apply to a credit sale contract or loan contract where, under or in relation to the contract--

(a) a mortgage to secure payment of a debt or other pecuniary obligation or the performance of any other obligation under the contract is given or required to be given; or

(b) a contract of insurance is entered into or required to be entered into.

(1) Section 38(2) of this Act does not apply in respect of a regulated loan contract under which the whole of the amount financed (other than that part of the amount financed that is payable in respect of duty under the Duties Act 2001 or prescribed charges) is or is to be paid in accordance with the instructions of the debtor to an insurer as an amount payable by way of premium in respect of a contract of insurance entered into by the insurer and the debtor.

(2) Section 128 of this Act does not apply in respect of a credit provider where the condition to which that section applies relates to a regulated loan contract referred to in subsection (1).

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of a loan contract where--

(a) the debtor is not ordinarily resident in Australia; and

(b) under the terms of a contract entered into in a country other than Australia, the amount financed is to be repaid to a person whose principal place of business is outside Australia.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of a person who in the course of or in connection with a trade, business or profession carried on by the person--

(a) provides credit to an employee of that person; and

(b) does not provide credit under a regulated contract to any person other than such an employee.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of--

(a) the provision of credit--

(i) by a school within the meaning of the Employment, Education and Training Act 1988 (Cwlth) (the Commonwealth Act); or

(ii) by a tertiary institution within the meaning of the Commonwealth Act;

for the purposes of payment of fees or other expenses relating to the supply of educational services by the school or institution; or

(b) related matters preliminary to, or consequential upon, the provision of that credit.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of credit provided to a person who is a beneficiary under a trust if the credit is provided by way of an advance by a trustee from the estate of a deceased person that is subject to that trust.

(1) Subject to subsection (2), parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of--

(a) the provision of credit under a continuing credit contract that either wholly or substantially relates to--

(i) the supply of petrol, liquefied petroleum gas, diesel fuel or oil; or

(ii) the hire of a commercial passenger vehicle; and

(b) related matters preliminary to, or consequential upon, the provision of that credit.

(2) Subsection (1) does not apply to a continuing credit contract referred to in that subsection unless--

(a) the contract is in writing; and

(b) the contract includes a statement of the charges (if any) payable under the contract or the method of calculation of those charges; and

(c) the contract provides that the credit provider shall give to the debtor notice in writing of any variation in the charges payable under the contract, or the method of calculation of those charges, not less than 7 days before the taking effect of the variation.

(3) For the purposes of this section--

charges does not include the cash price of goods or services supplied, or to be supplied, under a contract.

services does not include the opening or maintenance of a continuing credit contract.

Parts 3, 4, 5, 6, 7 and 8 of this Act do not apply in respect of the provision of credit for the purpose of the acquisition of land and goods where--

(a) the land is acquired primarily for the purposes of a farming undertaking; and

(b) the goods are intended for use in connection with that farming undertaking.

(2) In subsection (1)--

goods mean--

(a) a commercial vehicle; or

(b) farm machinery.