Credit Contracts and Consumer Finance Act 2003

41 Unreasonable credit fee or default fee

• (1) A consumer credit contract must not provide for a credit fee or a default fee that is unreasonable.

  (2) If the court is satisfied, on the application of the Commission, a debtor, or a guarantor, that a credit fee or default fee is unreasonable, it may order that the fee be annulled or reduced.

  (3) The court may make any other order it thinks fit for the purpose of giving effect to an order under subsection (2).

  (4) An application for an order may be made within 1 year of the day that the fee is imposed or debited under the consumer credit contract.

  Compare: Consumer Credit Code (Appendix to Consumer Credit (Queensland) Act 1994) s 72(1) (Qld)