National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 2 - CREDIT CONTRACTS  

Division 3 - Interest charges  

27   Definitions relating to interest  

27(1)    
In this Code:

annual percentage rate
under a credit contract means a rate specified in the contract as an annual percentage rate.

daily percentage rate
means the rate determined by dividing the annual percentage rate by 365.

default rate
means a higher annual percentage rate permitted by section 30.

unpaid balance
under a credit contract at any time means the difference between all amounts credited and all amounts debited to the debtor under the contract at that time.

unpaid daily balance
for a day under a credit contract means the unpaid balance under the contract at the end of that day.

27(2)    
A credit contract may specify, for the purposes of payments or any other purposes under the contract, when a day ends. Different times of the day may be specified for different purposes.