Victorian Repealed Regulations

This legislation has been repealed.

Credit Regulations 1995 - SECT 7

Statutory rebate in relation to prescribed insurance charges

7. Statutory rebate in relation to prescribed insurance charges

     For the purposes of paragraph (b) of the definition of "statutory rebate" in section 5(1) of the Act-


   (a)  the prescribed insurance charges are-

   (i)  amounts referred to in item 1(e)(iv), (v) and (vii) of Schedule 2 to
        the Act;

   (ii) amounts referred to in item 1(b)(iii), (iv), and (vi) of Schedule 4 to
        the Act; and

   (iii) amounts referred to in item 1(k)(iii), (iv), and (vi) of Schedule 7
        to the Act; and

   (b)  the prescribed manner of ascertaining the statutory rebate is by
        applying the following formula-

where-

"Y" is the amount of the statutory rebate;

"P" is the amount of insurance charges;

"S" is the number of whole months in the unexpired portion of the period for
which insurance was agreed to be provided;

"T" is the number of whole months for which insurance was agreed to be
provided.