National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 1 - Ending of credit contract by debtor etc.  

Subdivision A - Paying out contract etc.  

82   Debtor ' s or guarantor ' s right to pay out contract  

82(1)    
A debtor or guarantor is entitled to pay out the credit contract at any time.

82(2)    
The amount required to pay out a credit contract (other than a continuing credit contract) is the total of the following amounts:

(a)    the amount of credit;

(b)    

either:

(i) for a credit contract that is not a small amount credit contract - the interest charges and all other fees and charges payable by the debtor to the credit provider up to the date of termination; or

(ii) for a small amount credit contract - all fees and charges payable by the debtor to the credit provider up to the date of termination, excluding any unexpired monthly fee;

(c)    reasonable enforcement expenses;

(d)    early termination charges, if provided for in the contract;

less any payments made under the contract and any rebate of premium under section 148.