National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

PART 1 - PRELIMINARY  

12   Deciding application of Code to particular contracts for the sale of goods by instalments under related contracts  

12(1)    
For the purpose of this section, a contract is a related contract to a contract for the sale of goods (the goods contract ) if:

(a) the sale of goods is financed, wholly or partly, by the provision of credit under the contract; and

(b) the credit provider under the contract is:

(i) the supplier of goods under the goods contract; or

(ii) a related body corporate within the meaning of the Corporations Act 2001 of the supplier of the goods under the goods contract; and

(c) the amount payable under the contract is payable by instalments.

12(2)    
For the purpose of deciding whether a related contract to a goods contract is a credit contract and, if it is a credit contract, of applying this Code (including Part 6) to it, 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 related contract, exceeds the cash price of the goods.

12(3)    
This section does not affect the application of this Code to a contract that is, apart from this section, a credit contract.