National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

PART 1 - PRELIMINARY  

11   Deciding application of Code to particular contracts for the sale of goods by instalments  

11(1)    
This section applies to a contract for the sale of goods if the amount payable to purchase the goods under the contract:

(a) is payable by instalments; and

(b) exceeds the cash price of the goods.

11(2)    
This section does not apply to a contract for the hire of goods even if the hirer has a right or obligation to purchase the goods.

11(3)    
For the purpose of deciding whether the contract is a credit contract and, if it is a credit contract, of applying this Code (including Part 6) to it:

(a) a debt is to be regarded as having been incurred, and credit provided, in the circumstances mentioned in subsection (1); and

(b) the debtor is the person who is to make the payments; and

(c) the credit provider is the person who is to receive the payments; and

(d) the charge for providing the credit is the amount by which the amount payable to purchase the goods, together with any other amount payable under the contract, exceeds the cash price of the goods.

11(4)    
This section does not affect the application of this Code to a contract that is, apart from this section, a credit contract.