CREDIT ACT 1984

Western Australian Current Acts

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CREDIT ACT 1984

TABLE OF PROVISIONS

Long Title

PART I -- Preliminary

1. Short title
2. Commencement
3. Application of Act and transitional provisions
4. Act binds Crown
5. Terms used
6. Jurisdiction of courts and Tribunal
7. Credit contracts deemed to be regulated contracts
8. Act applies to assignees etc. of rights and obligations
9. Contracts of employment excluded
10. Term used: annual percentage rate
11. Terms used: credit charge, accrued credit charge
12. Terms used: tied loan contract, tied continuing credit contract
13. Some contracts for hire of goods deemed credit sale contracts
14. Contracts that are not credit sale contracts
15. Some credit excluded from being credit in relation to loan contracts
16. Business of providing credit, meaning of
17. Recognised States
18. Exceptions from application of Act
19. Excluding and varying operation of Act
19A. Act not to apply to some credit contracts made on or after 1 Nov 1996
19B. Act to continue to apply to some acts etc. done before 1 Nov 1996

PART II -- Contracts of sale

20. Application of Part
21. Buyer may rescind contract of sale in some cases
22. Supplier not to require buyer to obtain credit from specified person
23. Rescission etc. of certain contracts, consequences of
24. Supplier and linked credit provider, liability of
25. Rescission etc. of contract of sale, consequences of for a tied loan contract, mortgage etc.
26. Rescission of contract of sale, consequences of for any mortgage related to tied continuing credit contract etc.
27. Operation of s. 25 and
28. Disputes as to operation of s. 23, 25 or 26, court’s powers as to
29. Supplier to notify linked credit provider of rescission etc.

PART III -- Regulated contracts

Division 1 -- Credit sale contracts and loan contracts

30. Application of Part
31. Contracts to be in writing
32. Form of offer to enter into contract
33. Credit provider to give offeror notice of acceptance etc.
34. Credit provider to give debtor prescribed statement
35. Credit sale contracts, content of
36. Loan contracts, content of
37. Credit sale contracts that consolidate amounts due under other such contracts, content and rescission of
38. Annual percentage rate in contracts
39. Annual percentage rates for loan contracts secured by land mortgage
40. More than one rate of interest in contract etc. not permitted in contracts
41. Variation of contracts ineffective without notice
42. Breach of s. 31, 35, 36, 38, 39, 40(1) or 91(1), effect of
43. Credit provider not to enter contract that does not comply with this Division
44. Minimum credit charge, restrictions as to
45. Credit provider, on request, to give debtor etc. statement of payments etc.
46. Credit provider, on request, to give debtor etc. copy of some documents
47. Tribunal may determine reasonable legal fees etc.

Division 2 -- Continuing credit contracts

48. Interpretation
49. Application of Part
50. Billing cycle, meaning and maximum period of
51. Payment of supplier by credit provider on behalf of debtor
52. Chargeable amount for billing cycle, meaning and maximum of
53. Amount payable under contract, restrictions as to
54. Credit charge for billing cycle, meaning and maximum of
55. Annual percentage rates for contracts
56. Billing cycle less than one month
57. Non-business days
58. Credit provider to give debtor prescribed statement
59. Credit provider to give debtor certain information
60. Variation of contracts ineffective without notice
61. Credit provider to give debtor statement of account as per Sch.
62. Billing errors, notice, effect and correction of
63. Credit provider to give debtor request for payment etc. before starting recovery proceedings
64. Statement of account not to include opening balance in some circumstances
65. Statement of account not needed in some circumstances
66. Credit provider to pay amounts owed to debtor upon request
67. Breach of s. 3(4), 59, 61, 91(1) etc., effect of
68. Credit provider, on request, to give debtor etc. copy of notice given under s. 3(4), 59 or

Division 3 -- Operation of regulated contracts

69. Re-financing of credit contracts, credit provider to give debtor certain information
70. Varying credit sale contracts and loan contracts
71. Agreed deferrals of payments, charges for
72. Defaults, charges for
73. Varied contracts continue to be regulated contracts
74. Varying contracts due to illness etc. of debtor

Division 4 -- General

75. Unauthorised fees, provisions in contracts as to
76. Enforcement expenses, provisions in contracts as to
77. Negating etc. right to revoke offer to enter into contract, provisions in contracts as to
78. Annual percentage rate, statement of in case of pre-determined credit charge
79. Estimated credit charge, statement of
80. Difference between pre-determined or estimated credit charge and calculated credit charge, liability of debtor in case of
81. Credit provider etc., assignment of rights by
82. Payments by credit provider to be in cash and in full
83. Application of payments received by credit provider
84. Appropriation of payments between 2 or more contracts
85. Tribunal may reduce credit provider’s loss due to breach of law
85A. Declaration by Tribunal that debtor not liable due to s. 42 or
85B. Stay of civil penalty under s. 42 or 67 pending decision of s. 85 application
86. Declaration under s. 85 as to 2 or more contracts
86A. Contracts with minor errors etc. may be deemed to comply with Act
87. Reduction in debtor’s liability due to Act, effect of
88. Court may dismiss charges of offences under s. 3(4), 43, 59, 61 or 64 in some cases

PART IV -- Regulated mortgages

Division 1 -- General

89. Term used: mortgage
90. Mortgagee’s obligations not to exceed contract’s obligations
91. Mortgage of goods to be in writing
92. Debtor entitled to copy of mortgage
93. Enforcement expenses, provisions in mortgages as to
94. Entry of premises by mortgagee, provisions in mortgages as to
95. Court order needed before entry for repossession
96. Location of goods, mortgagor may be required to disclose
97. Time and place for delivery of goods, court may determine
98. Blanket securities over property or assets prohibited
99. Agreement to mortgage future property, provisions in mortgage as to
100. Mortgages of goods, provisions in continuing credit contracts as to
101. Assignment etc. of mortgaged property to defraud mortgagee

Division 2 -- Assignment, etc., of property

102. Assignment by mortgagor

PART V -- Termination and enforcement of regulated contracts and regulated mortgages

103. Net balance due, calculation of
104. Net balance due, credit provider to state on request
105. Early termination of contract by debtor
106. Mortgagor may require mortgagee to sell mortgaged goods
107. Rights of credit provider or mortgagee, restrictions on exercising
108. Proceedings prohibited if s. 107 notice complied with
109. Limit on amount recoverable
110. Mortgagee’s powers, restrictions on exercising
111. Court may order delivery of goods to mortgagee
112. Mortgagee in possession of goods, restrictions on power to sell etc.
113. Mortgagor’s right to redeem goods in mortgagee’s possession
114. Sale of goods by mortgagee, application of proceeds etc.
115. Farm machinery etc., court may suspend repossession or restore possession of
116. Negotiated postponement of exercise of rights of credit provider or mortgagee

PART VI -- Regulated contracts and regulated mortgages -- general

117. False etc. representations, offences as to etc.
118. Court may approve removal of mortgaged goods
119. Assignment of wages etc., provisions as to in contracts etc.
120. Bills of exchange etc. as security for credit provider
121. Advertisements offering credit
122. Canvassing offers to provide credit
123. Terms of contracts etc., regulations may prescribe
124. Agents of debtors etc., agreements etc. as to
125. Contract or mortgage not illegal etc. by reason of offence
126. Notices to be given to each of 2 or more debtors etc.

PART VII -- Contracts of insurance

127. Insurance for regulated contracts
128. Insurance for regulated mortgages
129. Unrequired insurance, provisions as to maintenance of in contracts etc.
130. Contracts of insurance, content of etc.
131. Premiums to be paid to insurer
132. Rejection of insurance proposals, insurers’ duties on
133. No-claim bonus, debtor etc. entitled to
134. Insurance contracts not void etc. in some cases
135. Exclusion clauses, effect of in some cases

PART VIII -- Contracts of guarantee

136. Guarantees to be in writing etc.
137. Guarantor’s liability, extent of
138. Proceedings against guarantor
139. Varying guarantees as to regulated contracts due to illness etc. of guarantor
140. Minors, guarantee for
141. Credit provider to give guarantor copy of guarantee
142. Credit provider to give guarantor prescribed statement
143. Discharge of guarantee by guarantor
144. Revocation of offer to guarantee, provisions in agreements as to

PART IX -- Re-opening of contracts

145. Unjust contracts and mortgages, meaning of
146. Tribunal may re-open transactions for unjust contracts etc.
147. Determining if contract etc. is unjust, matters to be considered by Tribunal
148. Joinder of parties
149. Limitation on re-opening transactions

PART X -- General

150. Assigning interests under wills etc. to credit providers
151. Legibility of documents
152. Tribunal may prohibit use of illegible etc. documents
153. Tribunal may determine document is readily legible etc.
154. Illegible etc. documents, use of
155. Separation of documents
156. Signatures on documents by agents
157. Contracting-out of Act prohibited
158. General penalty
159. Offences, time limit for prosecuting
160. Directors etc. of corporations, liability of
161. Rights etc. under other laws saved
162. Time, computing
163. Court’s powers to extend time, exercise of
164. Service of documents
165. Service by post
167. Regulations

PART XA -- Transitional

167A. Non-disclosures etc. before 11 Jan 1993 about insurance commission charges, effect of
167B. Amendments in 1992 as to description of consumer credit insurance, operation of

PART XI -- Miscellaneous

168. Notices required by mortgagee under other Acts
169. Land sales, application of Part II to etc.
170. Commissioner may fix maximum annual percentage rates
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

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