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  

29   Early debit or payment of interest charges prohibited  

29(1)    
A credit provider must not, at any time before the end of a day to which an interest charge applies, require payment of or debit the interest charge.

29(2)    
A credit contract may provide for an interest charge to become payable or be debited at any time after the day to which it applies.

29(3)    
The regulations may provide that subsection (1) does not apply to the first payment of interest charges under a credit contract.

29(4)    
This section does not apply to the debit of an interest charge under a credit contract before the end of the period to which the charge applies if:


(a) the charge is debited on the last day of the period; and


(b) the amount debited is not treated by the credit provider as part of the unpaid daily balance for that day for the purpose of calculating interest charges under the contract.

 

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