National Consumer Credit Protection Act 2009
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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
