(1) A creditor must not, at any time before the end of a day to which an interest charge applies, require payment of or debit the interest charge.
(2) A consumer credit contract may provide for an interest charge to become payable or to be debited at any time after the day to which it applies.
(3) Subsection (1) does not apply to the following:
(a) the first payment or debiting of interest charges under a consumer credit contract if the payment or debiting relates to interest charges for a period that is less than the normal period for which interest charges are to be periodically debited to the debtor's account:
(b) the debit of an interest charge under a consumer credit contract before the end of the period to which the charge applies if—
(i) the charge is debited on the last day of the period; and
(ii) the amount debited is not treated by the creditor as part of the unpaid daily balance for that day for the purpose of calculating interest charges under the contract.
Compare: Consumer Credit Code (Appendix to Consumer Credit (Queensland) Act 1994) s 27 (Qld)