National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
For the purposes of this Code and the credit contract, a debit or a credit made by a credit provider to a debtor ' s account is taken to have been made, and has effect, on the date assigned to the debit or credit, not on the date on which it is processed.
39(2)
A credit provider may subsequently adjust debits or credits to a debtor ' s account, and the account balances, so as to accurately reflect the legal obligations of the debtor and the credit provider.
39(3)
However, subsections (1) and (2) do not permit a debit or a credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or a credit or account balance, if:
(a) the assignment or adjustment is not consistent with the credit contract; or
(b) the adjustment results in an interest charge that is more than the maximum amount permitted by the Code, as calculated on the basis of debits or credits to a debtor ' s account consistent with the credit contract; or
(c) the assignment or adjustment results in a contravention of section 26; or
(d) the assignment of the date on which an interest charge is taken to be debited results in a debit being taken to be done before a time permitted under this Code.
39(4)
An adjustment by a credit provider under subsection (2) does not affect any liability of a credit provider under Part 6.
Note:
See section 3 of the National Credit Act.
PART 2 - CREDIT CONTRACTS Division 5 - Credit provider ' s obligation to account 39 Dating and adjustment of debits and credits in accounts 39(1)For the purposes of this Code and the credit contract, a debit or a credit made by a credit provider to a debtor ' s account is taken to have been made, and has effect, on the date assigned to the debit or credit, not on the date on which it is processed.
39(2)
A credit provider may subsequently adjust debits or credits to a debtor ' s account, and the account balances, so as to accurately reflect the legal obligations of the debtor and the credit provider.
39(3)
However, subsections (1) and (2) do not permit a debit or a credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or a credit or account balance, if:
(a) the assignment or adjustment is not consistent with the credit contract; or
(b) the adjustment results in an interest charge that is more than the maximum amount permitted by the Code, as calculated on the basis of debits or credits to a debtor ' s account consistent with the credit contract; or
(c) the assignment or adjustment results in a contravention of section 26; or
(d) the assignment of the date on which an interest charge is taken to be debited results in a debit being taken to be done before a time permitted under this Code.
39(4)
An adjustment by a credit provider under subsection (2) does not affect any liability of a credit provider under Part 6.
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