National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 2 - CREDIT CONTRACTS Division 3 - Interest charges 30 Default interest 30(1)A credit contract may not provide that an annual percentage rate applicable under a credit contract to any part of the unpaid balance will differ according to whether the debtor is in default under the contract.
30(2)
However, a credit contract may provide for such a differential rate if the higher rate is imposed only in the event of default in payment, in respect of the amount in default and while the default continues.
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