Western Australian Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (WESTERN AUSTRALIA) CODE - SECT 25

25 .         Definitions relating to interest

        (1)         In this Code—

        annual percentage rate under a credit contract means a rate specified in the contract as an annual percentage rate;

        daily percentage rate means the rate determined by dividing the annual percentage rate by 365;

        default rate means a higher annual percentage rate permitted by section 28;

        unpaid balance under a credit contract at any time means the difference between all amounts credited and all amounts debited to the debtor under the contract at that time;

        unpaid daily balance for a day under a credit contract means the unpaid balance under the contract at the end of that day.

        (2)         A credit contract may specify, for the purposes of payments or any other purposes under the contract, when a day ends.

                Different times of the day may be specified for different purposes.