National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

PART 12 - MISCELLANEOUS  

Division 1 - Tolerances and assumptions  

180   Tolerances and assumptions relating to information  
Disclosures generally

180(1)    
Information disclosed in a precontractual statement, contract document, mortgage document or guarantee, statement, notice or consumer lease, or otherwise disclosed for the purposes of this Code, is taken to be correctly disclosed if:

(a) it is within tolerances allowed by the regulations; and

(b) the disclosure is made as at a date stated in it.

Disclosure of interest charges

180(2)    
Disclosures for the purposes of this Code relating to interest charges may be made on the following assumptions (and such other assumptions under this section as are applicable):

(a) that, in the case of an annual percentage rate or default rate, there will be no variation in the rate as disclosed over the whole term of the contract or any shorter term for which it applies;

(b) if a change to a variable rate is provided for by the contract, that the variable rate applicable over the term for which it applies is the same as the equivalent variable rate as at the date disclosure is made;

(c) that the debtor will make the repayments required by the contract at the times required by the contract.

Disclosure of repayments

180(3)    
Disclosures for the purposes of this Code relating to repayments may be made on the assumption that the debtor will pay the repayments required by the contract at the times required by the contract and on such other assumptions under this section as are applicable.

Disclosures of credit fees and charges

180(4)    
Disclosures relating to credit fees and charges for the purposes of this Code may be made on the following assumptions (and on such other assumptions under this section as are applicable):

(a) that there will be no change in the credit fees and charges as so disclosed and no new fees or charges imposed;

(b) that the debtor will pay the fees and charges required by the contract at the times required by the contract.

Disclosures in consumer leases

180(5)    
Disclosures for the purposes of this Code relating to consideration, charges and payments in a consumer lease may be made on the assumptions that there will be no change in the matters disclosed and no new charges imposed.

When information is ascertainable

180(6)    
Information required to be disclosed for the purposes of this Code, which is not otherwise ascertainable, is taken to be ascertainable if it is ascertainable, as at the date the disclosure is made, on the basis of assumptions set out in this section or in the regulations.

Disclosure of names

180(7)    
Information disclosed for the purposes of this Code as to a name is taken to be correctly disclosed if the information is sufficient to identify the person concerned.