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 5 - Credit provider ' s obligation to account  

34   Information to be contained in statements of account  

34(1)    
A statement of account must contain the following matters.

Statement period

34(2)    
A statement of account must contain the dates on which the statement period begins and ends.

Balances

34(3)    
A statement of account must contain the opening and closing balances (indicating the amount owed by the debtor at the beginning and at the end of the statement period).

Credit provided

34(4)    
A statement of account must contain particulars of each amount of credit provided by the credit provider to the debtor during the statement period.

Identity of supplier

34(5)    

In the case of a credit card contract, a statement of account must contain the identity of the supplier if the credit was provided for any cash, goods or services supplied by another person.

Interest charges

34(6)    

In the case of a credit contract other than a small amount credit contract, a statement of account must contain:

(a) the amount of the interest charge debited to the debtor ' s account during the statement period and when the interest was debited; and

(b) the annual percentage rate or rates and, if required by Part 4, details of any change since the last statement period.

Note:

A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.

Fees and charges

34(7)    
A statement of account must contain particulars of any fees and charges debited to the debtor ' s account during the statement period.

Payments to or from account

34(8)    
A statement of account must contain:

(a) particulars of each amount paid by the debtor to the credit provider, or credited to the debtor, during the statement period; and

(b) particulars of any amount transferred to or from the account to which the statement relates or to or from any other account maintained under or for the purposes of the credit contract.

Amounts payable by debtor

34(9)    
If a minimum amount is payable by the debtor under a continuing credit contract, a statement of account must contain a statement of the amount and the date by which it is due.

Insurance payments

34(10)    
If payment to an insurer is made during the statement period under a credit-related insurance contract that is agreed to be financed under the credit contract, a statement of account must contain:

(a) the name of the insurer, the amount paid to the insurer and the kind of insurance; and

(b) if the credit provider is aware of any commission to be paid by the insurer in relation to the insurance contract - the amount of the commission expressed either as a monetary amount or as a proportion of the premium, if ascertainable when the statement is given;

(if not previously disclosed in accordance with this Code).

In the case of consumer credit insurance that includes a contract of general insurance within the meaning of the Insurance Contracts Act 1984 :

(c) it is sufficient compliance with paragraph (a) if the statement of account contains the name of the general insurer, the total amount payable to the insurers and the kind of insurance; and

(d) it is sufficient compliance with paragraph (b) if the statement of account contains the total amount of commission (expressed as a monetary amount or as a proportion of the premium) to be paid by the insurers.

Alterations

34(11)    
A statement of account must contain any correction of information in a previous statement of account.

Other

34(12)    
A statement of account must contain any other information required by the regulations.

Note:

Sections 180 to 182 set out the tolerances and assumptions applicable to matters required to be included in statements of accounts.