Western Australian Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (WESTERN AUSTRALIA) CODE - SCHEDULE 1

section 3(1)

1 .         Definitions

        (1)         In this Code, unless the contrary intention appears —

        acceleration clause see section 84.

        amount of credit see section 4(2).

        annual percentage rate see section 25.

        cash price of goods or services to which a credit contract relates means the lowest price (unaffected by any discount between the credit provider and the supplier) that a cash purchaser might reasonably be expected to pay for them (either from the supplier or, if not available for cash from the supplier, from another supplier).

        commission includes any form of monetary consideration or any form of non-monetary consideration to which a monetary value can be assigned.

        compulsory insurance means —

            (a)         compulsory third-party personal injury insurance; or

            (b)         insurance of a nature declared by the regulations to be compulsory insurance for the purposes of this Code.

        consumer credit insurance means insurance that insures the capacity of the debtor to make repayments under the credit contract, including insurance against sickness of, injury to, or disability or death of, the debtor or against unemployment of the debtor, and also including life insurance (including insurance under a group policy) to cover any outstanding amount on the debtor’s death.

        consumer lease see section 147.

        continuing credit contract means a credit contract under which —

            (a)         multiple advances of credit are contemplated; and

            (b)         the amount of available credit ordinarily increases as the amount of credit is reduced.

        contract includes a series or combination of contracts, or contracts and arrangements.

        contract document means the document or documents setting out the terms of a contract.

        Court , in relation to a provision of this Code, means the court or tribunal which has by law jurisdiction under that provision.

        credit see section 4(1).

        credit contract see section 5.

        credit fees and charges means fees and charges payable in connection with a credit contract or mortgage, but does not include —

            (a)         interest charges (including default charges); or

            (b)         any fees or charges that are payable to or by a credit provider in connection with a credit contract in connection with which both credit and debit facilities are available if the fees or charges would be payable even if credit facilities were not available (not being annual fees or charges in connection with continuing credit contracts under which credit is ordinarily obtained only by the use of a card); or

            (c)         government charges, or duties, on receipts or withdrawals; or

            (d)         enforcement expenses.

        credit provider means a person that provides credit, and includes a prospective credit provider.

        credit-related insurance contract see section 132.

        daily percentage rate see section 25.

        date of a notice see section 173.

        debtor means a person (other than a guarantor) who is liable to pay for (or to repay) credit, and includes a prospective debtor.

        default notice see Part 5.

        default rate see section 25.

        dispose of property includes —

            (a)         sell the property; or

            (b)         part with possession of the property to the prejudice of the owner or a mortgagee of the property; or

            (c)         destroy the property.

        enforcement expenses , in relation to a mortgage, includes expenses incurred by the mortgagee in preserving or maintaining property subject to the mortgage (including insurance, rates and taxes payable for the property) but only if the expenses are incurred after a breach occurs and are authorised by the mortgage.

        enforcement proceedings , in relation to a credit contract or a guarantee or mortgage, means —

            (a)         proceedings in a court to recover a payment due under the contract or a guarantee; or

            (b)         taking possession of property under a mortgage or taking any other action to enforce a mortgage.

        goods includes —

            (a)         ships, aircraft or other vehicles; or

            (b)         animals, including fish; or

            (c)         minerals, trees or crops, whether on, under or attached to land or not;

        but does not include anything declared by the regulations not to be goods for the purposes of this Code.

        goods mortgage means a mortgage over goods.

        Government Consumer Agency means the person who, or body which, has by law the functions of the Government Consumer Agency under this Code.

        guarantee includes an indemnity (other than one arising under a contract of insurance).

        guarantee document means the document or documents setting out the terms of a guarantee.

        guarantor includes a prospective guarantor.

        insolvent means —

            (a)         in the case of a natural person—a person who is an insolvent under administration within the meaning of the Corporations Law; or

            (b)         in the case of a corporation—a corporation that is an externally-administered corporation within the meaning of the Corporations Law.

        jurisdiction means a State or Territory.

        key requirement see Part 6.

        land includes any interest in land.

        linked credit provider see section 117(1).

        merchant service agreement means an agreement between a credit provider and a supplier of goods and services under which the credit provider agrees to pay to the supplier amounts for goods or services supplied by the supplier and paid by means of credit cards, whether or not the credit cards are issued by the credit provider.

        mortgage includes —

            (a)         any interest in, or power over, property securing obligations of a debtor or guarantor; or

            (b)         a credit provider’s title to land or goods subject to a sale by instalments; or

            (c)         a mortgage taken to have been entered into under section 10(3) ;

        but does not include a consumer lease to which Part 10 applies.

        mortgage document means the document or documents setting out the terms of a mortgage by reference to which the mortgage is created.

        mortgagor includes a prospective mortgagor.

        penalty unit see section 179.

        purchaser means —

            (a)         in relation to goods—a person who purchases, or proposes to purchase, the goods; or

            (b)         in relation to services—a person who contracts, or proposes to contract, to obtain services.

        reference rate means a benchmark, index or other reference rate.

        regulation means a regulation made or in force for the purposes of this Code.

        retained credit fees and charges means credit fees and charges retained by the credit provider, other than credit fees and charges passed on to (or retained in reimbursement of an amount paid to) —

            (a)         a third party that is not a related body corporate (for the purposes of the Corporations Law) of the credit provider; or

            (b)         a financial institution that is such a related body corporate in respect of the provision of banking services that are provided to the credit provider by the financial institution on the same terms as those services are ordinarily provided to customers who are not related to or associated with the financial institution.

        sale contract see section 115.

        services includes —

            (a)         rights in relation to, and interests in, real property; or

            (b)         insurance; or

            (c)         professional services; or

            (d)         a right to services;

        but does not include the provision of credit or a right to credit or services provided under a consumer lease.

        strata corporation means —

            (a)         a body corporate incorporated in relation to land subdivided wholly or mainly for residential purposes under a law of this or some other jurisdiction providing for strata, cluster, precinct or other subdivision of land; or

            (b)         a body corporate whose issued shares confer a right to occupy land for residential purposes.

        supplier means a supplier of goods or services.

        supply includes agree to supply.

        termination of a contract includes the discharge or rescission of the contract.

        tied continuing credit contract see section 117(2).

        tied loan contract see section 117(3).

        unpaid balance see section 25.

        unpaid daily balance see section 25.

        (2)         For the purposes of this Code, a person is “associated” with a credit provider if —

            (a)         the person and the credit provider are related bodies corporate for the purposes of the Corporations Law; or

            (b)         the person is a supplier in respect of whom the credit provider is a linked credit provider; or

            (c)         the person is an officer, agent or employee of the credit provider, or of any such related body corporate or supplier, acting in that capacity.