Credit Act 1984 (WA)

Western Australia Credit Act 1984 Western Australia Credit Act 1984 Contents Part I — Preliminary 1. Short title 1 2. Commencement 1 3. Application of Act and transitional provisions 1 4. Act binds Crown 1 5. Terms used 1 6. Jurisdiction of courts and Tribunal 1 7. Credit contracts deemed to be regulated contracts 1 8. Act applies to assignees etc. of rights and obligations 1 9. Contracts of employment excluded 1 10. Term used: annual percentage rate 1 11. Terms used: credit charge, accrued credit charge 1 12. Terms used: tied loan contract, tied continuing credit contract 1 13. Some contracts for hire of goods deemed credit sale contracts 1 14. Contracts that are not credit sale contracts 1 15. Some credit excluded from being credit in relation to loan contracts 1 16. Business of providing credit, meaning of 1 17. Recognised States 1 18. Exceptions from application of Act 1 19. Excluding and varying operation of Act 1 19A. Act not to apply to some credit contracts made on or after 1 Nov 1996 1 19B. Act to continue to apply to some acts etc. done before 1 Nov 1996 1 Part II — Contracts of sale 20. Application of Part 1 21. Buyer may rescind contract of sale in some cases 1 22. Supplier not to require buyer to obtain credit from specified person 1 23. Rescission etc. of certain contracts, consequences of 1 24. Supplier and linked credit provider, liability of 1 25. Rescission etc. of contract of sale, consequences of for a tied loan contract, mortgage etc. 1 26. Rescission of contract of sale, consequences of for any mortgage related to tied continuing credit contract etc. 1 27. Operation of s. 25 and 26 1 28. Disputes as to operation of s. 23, 25 or 26, court's powers as to 1 29. Supplier to notify linked credit provider of rescission etc. 1 Part III — Regulated contracts Division 1 — Credit sale contracts and loan contracts 30. Application of Part 1 31. Contracts to be in writing 1 32. Form of offer to enter into contract 1 33. Credit provider to give offeror notice of acceptance etc. 1 34. Credit provider to give debtor prescribed statement 1 35. Credit sale contracts, content of 1 36. Loan contracts, content of 1 37. Credit sale contracts that consolidate amounts due under other such contracts, content and rescission of 1 38. Annual percentage rate in contracts 1 39. Annual percentage rates for loan contracts secured by land mortgage 1 40. More than one rate of interest in contract etc. not permitted in contracts 1 41. Variation of contracts ineffective without notice 1 42. Breach of s. 31, 35, 36, 38, 39, 40(1) or 91(1), effect of 1 43. Credit provider not to enter contract that does not comply with this Division 1 44. Minimum credit charge, restrictions as to 1 45. Credit provider, on request, to give debtor etc. statement of payments etc. 1 46. Credit provider, on request, to give debtor etc. copy of some documents 1 47. Tribunal may determine reasonable legal fees etc. 1 Division 2 — Continuing credit contracts 48. Interpretation 1 49. Application of Part 1 50. Billing cycle, meaning and maximum period of 1 51. Payment of supplier by credit provider on behalf of debtor 1 52. Chargeable amount for billing cycle, meaning and maximum of 1 53. Amount payable under contract, restrictions as to 1 54. Credit charge for billing cycle, meaning and maximum of 1 55. Annual percentage rates for contracts 1 56. Billing cycle less than one month 1 57. Non‑business days 1 58. Credit provider to give debtor prescribed statement 1 59. Credit provider to give debtor certain information 1 60. Variation of contracts ineffective without notice 1 61. Credit provider to give debtor statement of account as per Sch. 7 1 62. Billing errors, notice, effect and correction of 1 63. Credit provider to give debtor request for payment etc. before starting recovery proceedings 1 64. Statement of account not to include opening balance in some circumstances 1 65. Statement of account not needed in some circumstances 1 66. Credit provider to pay amounts owed to debtor upon request 1 67. Breach of s. 3(4), 59, 61, 91(1) etc., effect of 1 68. Credit provider, on request, to give debtor etc. copy of notice given under s. 3(4), 59 or 60 1 Division 3 — Operation of regulated contracts 69. Re‑financing of credit contracts, credit provider to give debtor certain information 1 70. Varying credit sale contracts and loan contracts 1 71. Agreed deferrals of payments, charges for 1 72. Defaults, charges for 1 73. Varied contracts continue to be regulated contracts 1 74. Varying contracts due to illness etc. of debtor 1 Division 4 — General 75. Unauthorised fees, provisions in contracts as to 1 76. Enforcement expenses, provisions in contracts as to 1 77. Negating etc. right to revoke offer to enter into contract, provisions in contracts as to 1 78. Annual percentage rate, statement of in case of pre‑determined credit charge 1 79. Estimated credit charge, statement of 1 80. Difference between pre‑determined or estimated credit charge and calculated credit charge, liability of debtor in case of 1 81. Credit provider etc., assignment of rights by 1 82. Payments by credit provider to be in cash and in full 1 83. Application of payments received by credit provider 1 84. Appropriation of payments between 2 or more contracts 1 85. Tribunal may reduce credit provider's loss due to breach of law 1 85A. Declaration by Tribunal that debtor not liable due to s. 42 or 67 1 85B. Stay of civil penalty under s. 42 or 67 pending decision of s. 85 application 1 86. Declaration under s. 85 as to 2 or more contracts 1 86A. Contracts with minor errors etc. may be deemed to comply with Act 1 87. Reduction in debtor's liability due to Act, effect of 1 88. Court may dismiss charges of offences under s. 3(4), 43, 59, 61 or 64 in some cases 1 Part IV — Regulated mortgages Division 1 — General 89. Term used: mortgage 1 90. Mortgagee's obligations not to exceed contract's obligations 1 91. Mortgage of goods to be in writing 1 92. Debtor entitled to copy of mortgage 1 93. Enforcement expenses, provisions in mortgages as to 1 94. Entry of premises by mortgagee, provisions in mortgages as to 1 95. Court order needed before entry for repossession 1 96. Location of goods, mortgagor may be required to disclose 1 97. Time and place for delivery of goods, court may determine 1 98. Blanket securities over property or assets prohibited 1 99. Agreement to mortgage future property, provisions in mortgage as to 1 100. Mortgages of goods, provisions in continuing credit contracts as to 1 101. Assignment etc. of mortgaged property to defraud mortgagee 1 Division 2 — Assignment, etc., of property 102. Assignment by mortgagor 1 Part V — Termination and enforcement of regulated contracts and regulated mortgages 103. Net balance due, calculation of 1 104. Net balance due, credit provider to state on request 1 105. Early termination of contract by debtor 1 106. Mortgagor may require mortgagee to sell mortgaged goods 1 107. Rights of credit provider or mortgagee, restrictions on exercising 1 108. Proceedings prohibited if s. 107 notice complied with 1 109. Limit on amount recoverable 1 110. Mortgagee's powers, restrictions on exercising 1 111. Court may order delivery of goods to mortgagee 1 112. Mortgagee in possession of goods, restrictions on power to sell etc. 1 113. Mortgagor's right to redeem goods in mortgagee's possession 1 114. Sale of goods by mortgagee, application of proceeds etc. 1 115. Farm machinery etc., court may suspend repossession or restore possession of 1 116. Negotiated postponement of exercise of rights of credit provider or mortgagee 1 Part VI — Regulated contracts and regulated mortgages — general 117. False etc. representations, offences as to etc. 1 118. Court may approve removal of mortgaged goods 1 119. Assignment of wages etc., provisions as to in contracts etc. 1 120. Bills of exchange etc. as security for credit provider 1 121. Advertisements offering credit 1 122. Canvassing offers to provide credit 1 123. Terms of contracts etc., regulations may prescribe 1 124. Agents of debtors etc., agreements etc. as to 1 125. Contract or mortgage not illegal etc. by reason of offence 1 126. Notices to be given to each of 2 or more debtors etc. 1 Part VII — Contracts of insurance 127. Insurance for regulated contracts 1 128. Insurance for regulated mortgages 1 129. Unrequired insurance, provisions as to maintenance of in contracts etc. 1 130. Contracts of insurance, content of etc. 1 131. Premiums to be paid to insurer 1 132. Rejection of insurance proposals, insurers' duties on 1 133. No‑claim bonus, debtor etc. entitled to 1 134. Insurance contracts not void etc. in some cases 1 135. Exclusion clauses, effect of in some cases 1 Part VIII — Contracts of guarantee 136. Guarantees to be in writing etc. 1 137. Guarantor's liability, extent of 1 138. Proceedings against guarantor 1 139. Varying guarantees as to regulated contracts due to illness etc. of guarantor 1 140. Minors, guarantee for 1 141. Credit provider to give guarantor copy of guarantee 1 142. Credit provider to give guarantor prescribed statement 1 143. Discharge of guarantee by guarantor 1 144. Revocation of offer to guarantee, provisions in agreements as to 1 Part IX — Re‑opening of contracts 145. Unjust contracts and mortgages, meaning of 1 146. Tribunal may re‑open transactions for unjust contracts etc. 1 147. Determining if contract etc. is unjust, matters to be considered by Tribunal 1 148. Joinder of parties 1 149. Limitation on re‑opening transactions 1 Part X — General 150. Assigning interests under wills etc. to credit providers 1 151. Legibility of documents 1 152. Tribunal may prohibit use of illegible etc. documents 1 153. Tribunal may determine document is readily legible etc. 1 154. Illegible etc. documents, use of 1 155. Separation of documents 1 156. Signatures on documents by agents 1 157. Contracting‑out of Act prohibited 1 158. General penalty 1 159. Offences, time limit for prosecuting 1 160. Directors etc. of corporations, liability of 1 161. Rights etc. under other laws saved 1 162. Time, computing 1 163. Court's powers to extend time, exercise of 1 164. Service of documents 1 165. Service by post 1 167. Regulations 1 Part XA — Transitional 167A. Non‑disclosures etc. before 11 Jan 1993 about insurance commission charges, effect of 1 167B. Amendments in 1992 as to description of consumer credit insurance, operation of 1 Part XI — Miscellaneous 168. Notices required by mortgagee under other Acts 1 169. Land sales, application of Part II to etc. 1 170. Commissioner may fix maximum annual percentage rates 1 Schedule 1 — Accrued credit charge Schedule 2 — Statement of amount financed in relation to credit sale contract Schedule 3 — Statement of credit charge in relation to credit sale contract Schedule 4 — Statement of amount financed in relation to loan contract Schedule 5 — Statement of credit charge in relation to loan contract Schedule 6 — Annual percentage rate Schedule 7 — Statement of account in relation to continuing credit contract Notes Compilation table 1 Other notes 1 Defined terms Western Australia Credit Act 1984 An Act relating to the provision of credit.