Western Australian Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (WESTERN AUSTRALIA) CODE - SECT 146M

146M .         Comparison rates to be listed in schedule

        (1)         The comparison rates required to be listed in a relevant comparison rate schedule for the purposes of section 146K are the comparison rates calculated for each of the designated amounts of credit and terms for the consumer credit product or products concerned.

        (2)         The designated amounts and terms are the amounts and terms prescribed by a regulation for the purposes of this section.

        (3)         The comparison rate schedule for any consumer credit product need not list any of the above amounts that are not generally available in connection with that consumer credit product. If an amount is generally available, it is to be listed in the comparison rate schedule whether or not it is generally available for the term prescribed under subsection (2) for that amount.

        (4)         In the case of a comparison rate that is calculated for an amount of credit prescribed by a regulation for the purposes of this subsection, the comparison rate schedule must clearly state —

            (a)         that the comparison rate is for a secured loan if it has been calculated on the basis that a mortgage or guarantee is taken by the credit provider; or

            (b)         that the comparison rate is for an unsecured loan if it has not been so calculated.

                The word “secured” or “unsecured” in connection with the amount of credit for which the comparison rate is calculated is a sufficient description for the purposes of this subsection.

        (5)         The comparison rate schedule must clearly state —

            (a)         the name of the consumer credit product, the amount of credit and the term applicable to each comparison rate listed in the schedule; and

            (b)         the annual percentage rate for each such amount of credit and term.