Credit Contracts and Consumer Finance Act 2003

Regulations

138 Regulations

  • (1) The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

    • (a) prescribing any class of credit contract that is exempted from being a consumer credit contract and the terms and conditions (if any) applying to the exemption:

    • (c) prescribing, for the purposes of section 23 or section 26, any alternative publication requirements in relation to disclosing a change to the amount of an interest rate or a change to the amount of any fee or charge payable:

    • (d) prescribing any class of change to a matter for which disclosure under section 23 is not required:

    • (e) prescribing model disclosure statements that comply with section 32, and the terms and conditions on which the model disclosure statements may be used:

    • (f) prescribing, for the purposes of section 33, the assumptions that may be made when disclosing information that is required to be disclosed under this Act and the terms and conditions (if any) that apply to those assumptions:

    • (g) prescribing a procedure or procedures for calculating a reasonable estimate of a creditor's loss arising from full prepayment:

    • (h) prescribing, for the purposes of section 52, the procedure for calculating a proportionate rebate of any premium paid for any consumer credit insurance product financed under a consumer credit contract:

    • (i) prescribing the procedure for determining the maximum amount payable by a lessee on the termination of a consumer lease before the end of its term:

    • (j) prescribing the form of the certificate that must be given under section 73:

    • (k) prescribing, for the purposes of Schedule 1, any other information or warnings as key information concerning a consumer credit contract:

    • (l) prescribing, for the purposes of Schedule 2, any other information or warnings as information concerning a consumer lease:

    • (m) prescribing, for the purposes of Schedule 3, any other information or warnings as information concerning a buy-back transaction:

    • (n) providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.

    (2) For the purposes of subsection (1)(e), regulations may—

    • (a) prescribe model disclosure statements in any language; and

    • (b) authorise the translation of a prescribed model disclosure statement into 1 or more languages and the terms and conditions that apply to the translation.

    (3) Without limiting subsection (1)(f), regulations may prescribe assumptions for the purposes of section 33 that relate to—

    • (a) the amount of any advance, interest rate, fee, charge, or payment; and

    • (b) whether or not at any time there will be a change to the amount of any advance, interest rate, fee, charge, or payment; and

    • (c) when any advance or payment will be made or will become payable; and

    • (d) when any interest charge, fee, or other charge will be paid or become payable; and

    • (e) the actions or behaviour of any person.