Credit (Repossession) Act 1997

  • repealed
  • Credit (Repossession) Act 1997: repealed, on 6 June 2015, by section 82 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).

Part 1 Preliminary

2 Interpretation

(1)

In this Act, unless the context otherwise requires,—

advance means—

(a)

money provided by the creditor under the security agreement to the debtor or to another person to the order of the debtor:

(b)

a pre-existing monetary obligation of the debtor that is paid, discharged, or consolidated by the creditor under the security agreement:

(c)

the cash price of any consumer goods (if there is an agreement to sell the consumer goods or the debtor has an option to purchase the consumer goods):

(d)

in relation to a security agreement that secures the obligations of the debtor as guarantor under a guarantee, the amount of the debtor’s liability under that guarantee

cash price, in relation to consumer goods sold, means—

(a)

the lowest price at which a person could have purchased those consumer goods from the creditor on the basis of payment in full at the time the agreement was made; or

(b)

if there is no such price, the fair market value of those consumer goods at the time the agreement was made

consumer goods means goods that are used or acquired for use primarily for personal, domestic, or household purposes

court means the High Court or a District Court that has jurisdiction under section 39 or a Disputes Tribunal that has jurisdiction under section 40

creditor

(a)

means,—

(i)

in relation to a secured credit sale agreement, the person disposing of the goods under the agreement and, if the rights of that person are transferred by assignment or by operation of law, includes the person for the time being entitled to those rights:

(ii)

in relation to a security interest, the secured party within the meaning of section 16 of the Personal Property Securities Act 1999; and

(iii)
[Repealed]

(b)

includes, if the rights of such a person are transferred by assignment (whether absolutely or by way of mortgage) or operation of law, the person for the time being entitled to those rights

creditor’s agent means a person authorised by a creditor to take possession of consumer goods on behalf of the creditor, and includes such a person who is an employee of the creditor

debtor

(a)

means,—

(i)

in relation to a secured credit sale agreement, the person to whom goods are disposed of under the agreement and, if the rights of that person are transferred by assignment or by operation of law, includes the person for the time being entitled to those rights:

(ii)

in relation to a security interest, the debtor within the meaning of section 16 of the Personal Property Securities Act 1999; and

(iii)
[Repealed]

(b)

includes, if the rights of such a person are transferred by assignment (whether absolutely or by way of mortgage) or operation of law, the person for the time being entitled to those rights

default means 1 or more breaches of a security agreement by the debtor sufficient, according to the terms of the agreement, to give rise to the creditor’s right to take possession of the consumer goods

goods means any personal chattels (other than money or things in action) comprised in or subject to a security agreement

guarantor,—

(a)

for the purposes of the definition of advance, means a person who guarantees the performance of another person’s obligations under a contract, or who indemnifies a creditor against loss which he or she may incur in respect of a contract, or who assumes liability for performing the obligations of another person under a contract:

(b)

for the other purposes of this Act,—

(i)

means a person who guarantees the performance of a debtor’s obligations under a security agreement, or who indemnifies a creditor against loss which he or she may incur in respect of a security agreement, or who assumes liability for performing the obligations of a debtor under a security agreement; but

(ii)

does not include a person who is the vendor of the consumer goods comprised in or subject to a security agreement:

(iii)

does not include a person who executes or enters into a guarantee in the ordinary course of a business carried on by him or her,—

and guarantee has a corresponding meaning

holiday has the same meaning as in section 4 of the Acts Interpretation Act 1924

pay includes tender

post-possession notice means a notice under section 21

pre-possession notice means a notice under section 9

residential premises means a building, or part of a building, that is a house, flat, townhouse, home unit, or similar dwelling erected, or currently used, primarily and principally as a residence, and includes any land, improvements, or appurtenances belonging to the dwelling or usually enjoyed with it

secured credit sale agreement means an agreement for the sale of consumer goods under which payment of the whole or a part of the purchase price is deferred and a security interest in the consumer goods is created or provided for to secure the payment of the whole or a part of the purchase price; and includes a lease for consumer goods that is treated as a credit sale under section 16 of the Credit Contracts and Consumer Finance Act 2003

security agreement or agreement has the same meaning as in section 16 of the Personal Property Securities Act 1999

security interest has the same meaning as in section 17 of the Personal Property Securities Act 1999; but excludes—

(a)

an interest in personal property created or provided for by a transfer of an account receivable or chattel paper, a lease for a term of more than 1 year, or a commercial consignment:

(b)

any security interest created by a company within the meaning of section 2(1) of the Companies Act 1993 or by a society registered under the Industrial and Provident Societies Act 1908.

(2)

For the purposes of this Act, the determination of whether goods are consumer goods is to be made by the debtor as at the time when the security interest in the goods attached within the meaning of the Personal Property Securities Act 1999.

Section 2(1) advance: inserted, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) amount of credit: repealed, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) cash price: amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) cash price paragraph (a): amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) cash price paragraph (b): amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) consumer goods: inserted, on 1 May 2002, by section 3(1) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) credit agreement: repealed, on 1 May 2002, by section 3(2) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) creditor paragraph (a)(i): substituted, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) creditor paragraph (a)(ii): substituted, on 1 May 2002, by section 3(3) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) creditor paragraph (a)(iii): repealed, on 1 May 2002, by section 3(3) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) creditor’s agent: amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) debtor paragraph (a)(i): substituted, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) debtor paragraph (a)(ii): substituted, on 1 May 2002, by section 3(4) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) debtor paragraph (a)(iii): repealed, on 1 May 2002, by section 3(4) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) default: amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) goods: substituted, on 1 May 2002, by section 3(5) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) guarantor paragraph (a): amended, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) guarantor paragraph (b)(i): amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) guarantor paragraph (b)(ii): amended, on 1 May 2002, by section 11 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) hire purchase agreement: repealed, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) instrument by way of security: repealed, on 1 May 2002, by section 3(6) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) net balance due: repealed, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) secured credit sale agreement: inserted, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Section 2(1) security agreement or agreement: inserted, on 1 May 2002, by section 3(7) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(1) security interest: substituted, on 1 May 2002, by section 3(8) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).

Section 2(2): added, on 1 May 2002, by section 3(9) of the Credit (Repossession) Amendment Act 1999 (1999 No 127).