Western Australian Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (WESTERN AUSTRALIA) CODE - SECT 37

37 .         Dating and adjustment of debits and credits in accounts

        (1)         For the purposes of this Code and the credit contract, a debit or a credit made by a credit provider to a debtor’s account is taken to have been made, and has effect, on the date assigned to the debit or credit, not on the date on which it is processed.

        (2)         A credit provider may subsequently adjust debits or credits to a debtor’s account, and the account balances, so as to accurately reflect the legal obligations of the debtor and the credit provider.

        (3)         However, subsections (1) and (2) do not permit a debit or a credit to be assigned a date other than the date on which it is processed, or the subsequent adjustment of a debit or a credit or account balance, if —

            (a)         the assignment or adjustment is not consistent with the credit contract; or

            (b)         the adjustment results in an interest charge that is more than the maximum amount permitted by the Code, as calculated on the basis of debits or credits to a debtor’s account consistent with the credit contract; or

            (c)         the assignment or adjustment results in a contravention of section 24; or

            (d)         the assignment of the date on which an interest charge is taken to be debited results in a debit being taken to be done before a time permitted under this Code.

        (4)         An adjustment by a credit provider under subsection (2) does not affect any liability of a credit provider under Part 6.

37 .         Deferrals, waivers and changes under contracts

        (1)         The provision of credit as a result of a change to an existing credit contract, or a deferral or waiver of an amount under an existing credit contract or a postponement relating to an existing credit contract, is not to be treated as creating a new credit contract for the purposes of this Code, if the change, deferral, waiver or postponement is made in accordance with this Code or the existing credit contract.

        (2)         In this section —

        existing credit contract includes existing consumer lease.

        Note:

                This Division applies to a mortgage (under which the mortgagor is a natural person or a strata corporation) which secures obligations under a credit contract or related guarantee, whether or not it also secures other obligations (see section 8).