{"id":"consumer-credit-victoria-act-1995","name":"Consumer Credit (Victoria) Act 1995","slug":"consumer-credit-victoria-act-1995","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173993,"registerId":"vic-consumer-credit-victoria-act-1995-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Consumer Credit (Victoria) Act 1995","content":"Version No. 040\n\n**Consumer Credit (Victoria) Act 1995**\n\n**No. 41 of 1995**\n\nVersion incorporating amendments as at  \n17 January 2013\n\n**table of provisions**\n\n*Section Page*\n\nPart 1—Preliminary 1\n\n1 Purpose 1\n\n2 Commencement 1\n\n4 Crown to be bound 1\n\nPart 5—Miscellaneous 5\n\n38AA Definitions 5\n\n38 Money to be paid to Victorian Consumer Law Fund 5\n\n39 Contract unenforceable if rate exceeds 48 per cent 5\n\n40 Mortgage void if rate under credit contract exceeds 30 per cent 6\n\nENDNOTES 8\n\n1. General Information 8\n\n2. Table of Amendments 9\n\n3. Explanatory Details 11\n\n**Version No.** **040**\n\n**Consumer Credit (Victoria) Act 1995**\n\n**No. 41 of 1995**\n\nVersion incorporating amendments as at  \n17 January 2013\n\n**The Parliament of Victoria enacts as follows:**\n\nPart 1—Preliminary\n\n\t1 Purpose\n\nThe purpose of this Act is to regulate the provision of credit.\n\n\t2 Commencement\n\n(1) This Part and sections 43, 44, 53, 54 and 58 come into operation on the day on which this Act receives the Royal Assent.\n\n(2) The remaining provisions of this Act come into operation on a day or days to be proclaimed.\n\nS. 3 amended by Nos 52/1998 s. 4, 101/1998 s. 36(1), 17/1999 s. 27, 44/2001 s. 3(Sch. item 24.1), 4/2008 s. 32(Sch. item 6), repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\n\t4 Crown to be bound\n\nThis Act binds the Crown, not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.\n\n_______________\n\nPart 2 (Heading and ss 5–7) repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nPart 3 (Heading and ss 8, 9) amended by Nos 52/1998 s. 5, 6/2008 s. 3, repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nPt 4 (Heading and ss 10–37) amended by Nos 52/1998 ss 6–11,  \n12 (as amended by No. 101/1998 s. 21(a)), 13, 14, 15, (as amended by No. 101/1998 s. 21(b)),  \n16–19, 101/1998 s. 36(2), 11/2001 s. 3(Sch. item 14), 44/2001 s. 3(Sch. item 24.2), 10/2004 s. 15(Sch. 1 item 1.1), 10/2005 s. 3(Sch. 1 item 5), 6/2008 ss 4 (as amended by No. 19/2009 s. 23), 5,  \n5A (as amended by No. 19/2009 s. 24), 20, repealed by 11/2010 s. 20(1).\n\n* * * * *\n\ns. 5\n\nPt 4A (Heading) repealed by No. 11/2010, s. 20(2).\n\nPt 4A (Headings and ss 37A–37U) inserted by No. 77/1998 s. 4.\n\n* * * * *\n\nPt 4A Div. 1 (Heading and ss 37A, 37B) inserted by No. 77/1998 s. 4, amended by No. 11/2010 s. 22(1), repealed by No. 11/2010 s. 20(2).\n\n* * * * *\n\ns. 37A\n\nPt 4A Div. 2 (Heading and ss 37C–37E) inserted by No. 77/1998 s. 4, repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nPt 4A Div. 3 (Heading and ss 37F–37I) inserted by No. 77/1998 s. 4, amended by No. 10/2004 s. 15(Sch. 1 item 1.2), repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nPt 4A Div. 4 (Heading and ss 37J–37M) inserted by No. 77/1998 s. 4, amended by No. 11/2010 s. 22(2), repealed by No. 11/2010 s. 20(2).\n\n* * * * *\n\ns. 37J\n\nPt 4A Div. 5 (Heading and ss 37N–37P) inserted by No. 77/1998 s. 4,  \nrepealed by No. 11/2010 s. 20(2).\n\n* * * * *\n\nPt 4A Div. 6 (Heading and ss 37Q–37U) inserted by No. 77/1998 s. 4,  \nrepealed by No. 11/2010 s. 20(2).\n\n* * * * *\n\nPart 5—Miscellaneous\n\nS. 38AA inserted by No. 11/2010 s. 22(3).\n\n\t38AA Definitions\n\ns. 38AA\n\nIn this Part—\n\n***Commonwealth commencement*** has the same meaning that commencement has in section 4 of the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 of the Commonwealth;\n\n***credit contract*** has the same meaning as in the National Credit Code;\n\n***credit provider*** has the same meaning as in the National Credit Code;\n\n***National Credit Code*** means the national credit code in Schedule 1 to the National Consumer Credit Protection Act 2009 of the Commonwealth.\n\nS. 38 (Heading) amended by No. 21/2012 s. 238(Sch. 5 item 5(1)).\n\nS. 38 substituted by No. 11/2010 s. 21, amended by No. 21/2012 s. 238(Sch. 5 item 5(2)).\n\n\t38 Money to be paid to Victorian Consumer Law Fund\n\nThe Victorian Consumer Law Fund established under the **Australian Consumer Law and Fair Trading Act 2012** is the fund into which are to be paid amounts of civil penalty awarded in proceedings commenced under a provision of the Consumer Credit (Victoria) Code before the Commonwealth commencement.\n\n\t39 Contract unenforceable if rate exceeds 48 per cent\n\n(1) A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48.\n\nS. 39(2) substituted by No. 11/2010 s. 22(4).\n\n(2) Nothing in this section affects or limits the powers of the Court under section 70 of the Consumer Credit (Victoria) Code or of a court under section 76 of the National Credit Code if the Court or court is satisfied that the annual percentage rate in respect of a credit contract although not exceeding, in the case of a credit contract in relation to which there is a mortgage, 30, and in the case of any other contract, 48, is excessive or that the transaction is unjust within the meaning of that section 70 or section 76, as the case requires, or is such that a court of equity would give relief.\n\n(3) A credit provider must not enter into a credit contract where the annual percentage rate in respect of the contract exceeds 48.\n\nPenalty applying to this subsection: 10 penalty units.\n\n\t40 Mortgage void if rate under credit contract exceeds 30 per cent\n\ns. 40\n\nA mortgage relating to a credit contract in respect of which the annual percentage rate exceeds 30 is void in so far as it relates to that contract.\n\nS. 40A inserted by No. 17/2007 s. 34, amended by No. 19/2009 s. 28, repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nS. 41 amended by Nos 52/1998 s. 20, 77/1998 s. 6, repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\n_______________\n\nPt 6 (Heading and ss 42–50) repealed by No. 11/2010 s. 20(1).\n\n* * * * *\n\nPt 7 (Headings and ss 51–62) repealed by No. 6/2008 s. 23.\n\n* * * * *\n\nSch. 1 amended by No. 84/1997 s. 11, repealed by No. 6/2008 s. 25.\n\n* * * * *\n\ns. 42\n\n\n\nENDNOTES\n\n1. General Information\n\n\nEndnotes\n\n*Minister's second reading speech—*\n\n*Legislative Assembly: 4 May 1995*\n\n*Legislative Council: 30 May 1995*\n\nThe long title for the Bill for this Act was \"A Bill to regulate the provision of consumer credit, to amend the **Credit (Administration) Act 1984** and the **Credit Act 1984** and for other purposes.\"\n\nThe **Consumer Credit (Victoria) Act 1995** was assented to on 14 June 1995 and came into operation as follows:\n\nSections 1–4, 43, 44, 53, 54 and 58 on 14 June 1995: section 2(1); section 42 on 28 September 1995: Government Gazette 28 September 1995 page 2731; section 52 on 5 March 1996: Government Gazette 29 February 1996 page 445; rest of Act on 1 November 1996: Government Gazette 29 August 1996 page 2274.\n\n1. Table of Amendments\n\n\nEndnotes\n\nThis Version incorporates amendments made to the **Consumer Credit (Victoria) Act 1995** by Acts and subordinate instruments.\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n**Law and Justice Legislation (Further Amendment) Act 1997, No. 84/1997**\n\n| Assent Date: | 2.12.97 |\n| --- | --- |\n| Commencement Date: | S. 11 on 1.11.96: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Tribunals and Licensing Authorities (Miscellaneous Amendments) Act 1998, No. 52/1998** (as amended by No. 101/1998)\n\n| Assent Date: | 2.6.98 |\n| --- | --- |\n| Commencement Date: | Ss 3–20 on 1.7.98: Government Gazette 18.6.98 p. 1512 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Consumer Credit (Finance Brokers) Act 1998, No. 77/1998[[1]](#endnote-2)**\n\n| Assent Date: | 10.11.98 |\n| --- | --- |\n| Commencement Date: | Ss 4, 6 on 1.7.99: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Licensing and Tribunal (Amendment) Act 1998, No. 101/1998**\n\n| Assent Date: | 1.12.98 |\n| --- | --- |\n| Commencement Date: | S. 36 on 1.2.99: Government Gazette 24.12.98 p. 3204 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Fair Trading (Inspectors Powers and Other Amendments) Act 1999, No. 17/1999**\n\n| Assent Date: | 18.5.99 |\n| --- | --- |\n| Commencement Date: | S. 27 on 1.9.99: Government Gazette 19.8.99 p. 1901 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001**\n\n| Assent Date: | 8.5.01 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 14) on 1.6.01: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Corporations (Consequential Amendments) Act 2001, No. 44/2001**\n\n| Assent Date: | 27.6.01 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 24) on 15.7.01: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Monetary Units Act 2004, No. 10/2004**\n\nEndnotes\n\n| Assent Date: | 11.5.04 |\n| --- | --- |\n| Commencement Date: | S. 15(Sch. 1 items 1.1, 1.2) on 1.7.04: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Statute Law Revision Act 2005, No. 10/2005**\n\n| Assent Date: | 27.4.05 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. 1 item 5) on 28.4.05: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Fair Trading and Consumer Acts Amendment Act 2007, No. 17/2007**\n\n| Assent Date: | 29.5.07 |\n| --- | --- |\n| Commencement Date: | S. 34 on 30.5.07: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Motor Car Traders Amendment Act 2008, No. 4/2008**\n\n| Assent Date: | 4.3.08 |\n| --- | --- |\n| Commencement Date: | S. 32(Sch. item 6) on 1.12.08: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Consumer Credit (Victoria) and Other Acts Amendment Act 2008, No. 6/2008** (as amended by No. 19/2009)\n\n| Assent Date: | 18.3.08 |\n| --- | --- |\n| Commencement Date: | Ss 3, 25 on 19.3.08: s. 2(1); ss 4, 5, 5A, 20, 23 on 1.7.09: s. 2(3); ss 4A, 6–19, 21, 22, 24 were never proclaimed, repealed by No. 30/2012 s. 3(Sch.) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Fair Trading and Other Acts Amendment Act 2009, No. 19/2009**\n\n| Assent Date: | 10.6.09 |\n| --- | --- |\n| Commencement Date: | S. 28 on 11.6.09: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Credit (Commonwealth Powers) Act 2010, No. 11/2010**\n\n| Assent Date: | 30.3.10 |\n| --- | --- |\n| Commencement Date: | Ss 20(1), 21, 22 on 1.7.10: Government Gazette 24.6.10 p. 1273; s. 20(2) on 1.1.11: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n**Australian Consumer Law and Fair Trading Act 2012, No. 21/2012**\n\n| Assent Date: | 8.5.12 |\n| --- | --- |\n| Commencement Date: | S. 238(Sch. 5 item 5) on 1.7.12: Special Gazette (No. 214) 28.6.12 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** |\n\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n1. Explanatory Details\n\n\nEndnotes\n\n1. Table of Amendments **(Consumer Credit (Finance Brokers) Act 1998)**: Section 5 of this Act was never proclaimed and was repealed, as from 1 February 1999, by section 35 of the **Licensing and Tribunal (Amendment) Act 1998**, No. 101/1998. [↑](#endnote-ref-2)","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Originally enacted as a comprehensive state consumer credit code (Parts 1–7 with schedules), the Act's scope has been drastically reduced by repeals—most significantly by the Credit (Commonwealth Powers) Act 2010. It now only retains interest rate caps (48% and 30%) and a provision directing civil penalties to a fund. The Act no longer regulates licensing, disclosure, hardship, or other credit functions, which are now under national law."},"complexity_factors":["Very few operative sections (only sections 38AA, 38, 39, 40) remain after extensive repeals.","Cross-references to Commonwealth National Credit Code definitions (credit contract, credit provider, annual percentage rate).","Historical complexity: many parts repealed over time, but this does not affect current substance.","Simple conditional logic: rate exceeds 48% leads to unenforceability, rate exceeds 30% with mortgage leads to void mortgage."],"plain_english_summary":"This Victorian law sets two main limits on interest rates for loans. First, if a loan's annual percentage rate (the total cost of credit per year) is above 48%, the contract (and any mortgage tied to it) cannot be enforced in court. Second, if a loan is secured by a mortgage (a claim over property) and the rate is above 30%, that mortgage is legally invalid. The law also says that any fines from the old state credit code go into the Victorian Consumer Law Fund. Most of the original Act was repealed when national credit laws took over, so only these rate caps and a fund rule remain. It affects lenders who must not offer loans above these rates, and borrowers who are protected from extremely high interest charges. The caps apply to credit contracts as defined by the National Credit Code under Commonwealth law."},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Insufficient legislative content was provided to assess whether the scope changed from the original intent. The document only contains version history and status information, not the substantive provisions of the Act. Based on general knowledge, the Act remained consistent with its original purpose as a state-level adoption of the national consumer credit code until it was effectively superseded by federal legislation."},"complexity_factors":["The document provided contains almost no substantive legislative content — only version history and metadata — severely limiting analysis","Consumer credit law generally involves interaction between state and federal legislative schemes, which adds inherent complexity","The Act is part of a cooperative national scheme, requiring cross-jurisdictional understanding","Historical context is needed to understand its relevance, as it has likely been superseded by federal legislation","Low score reflects the minimal text available rather than the underlying subject matter, which could rate higher with full content"],"plain_english_summary":"## Consumer Credit (Victoria) Act 1995\n\nThis Victorian law was enacted in 1995 to regulate consumer credit (lending money to everyday people, such as personal loans, credit cards, and hire-purchase agreements) in Victoria.\n\n**What it likely did:**\n- Applied a national consumer credit code to Victoria, ensuring lenders had to be honest and fair with borrowers\n- Required lenders to provide clear information about interest rates, fees, and loan terms\n- Protected borrowers from unfair contract terms and predatory lending practices\n- Set out remedies (legal fixes) available to consumers who were treated unfairly\n\n**Who it affected:**\n- Victorian residents borrowing money for personal, household, or domestic purposes\n- Banks, credit unions, finance companies, and other lenders operating in Victoria\n\n**Why it matters:**\n- It was part of a cooperative national scheme to standardise consumer credit protections across Australia\n- It has since been largely superseded (replaced) by the *National Consumer Credit Protection Act 2009* (a federal law), which took over regulation of consumer credit nationally\n\n**Note:** The legislation record provided contains very limited substantive content — mostly version history and status metadata — making a detailed analysis of its specific provisions impossible from the text supplied."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":true,"description":"The legislation has shrunk dramatically from its original scope. When enacted in 1995, this was a comprehensive consumer credit regime covering licensing, disclosure requirements, contract terms, enforcement, and dispute resolution. The 2010 Credit (Commonwealth Powers) Act transferred almost all consumer credit regulation to federal law under the National Consumer Credit Protection Act 2009. What remains is a narrow 'residual' Act containing only: (1) interest rate caps that Victoria chose to retain, and (2) transitional provisions for old cases. The original purpose of broadly 'regulating the provision of credit' has been abandoned in favour of a minimal backstop role."},"complexity_factors":["Extremely short operative text: only 3 substantive sections remain (38, 39, 40) plus a definitions section (38AA)","Minimal cross-referencing: only references to the National Credit Code (Commonwealth) and the Victorian Consumer Law Fund","No conditional logic or nested exceptions in the remaining provisions","Simple, absolute prohibitions (48% cap, 30% mortgage cap) with straightforward consequences","Most of the original Act has been repealed, leaving a legislative 'shell' with minimal active content","Only 4 defined terms in the interpretation section (38AA)"],"plain_english_summary":"This Act is a heavily stripped-back version of what was once Victoria's main consumer credit law. Today, it does three things:\n\n**1. Caps interest rates on loans**\n- If a lender charges more than **48% per year** on a loan, the contract is unenforceable (meaning the borrower doesn't have to pay it back, and the lender can't sue for it).\n- If a lender charges more than **30% per year** on a loan secured by a mortgage (like a house or car), that mortgage is void (meaning the lender can't take the property if the borrower defaults).\n- Lenders who break the 48% cap face a criminal penalty of 10 penalty units.\n\n**2. Preserves court powers**\nEven if a loan is under these caps, courts can still step in if the interest rate is \"excessive\" or the deal is \"unjust\" under other laws.\n\n**3. Directs penalty money to a fund**\nAny civil penalties (fines) from old cases brought under Victoria's former credit laws get paid into the **Victorian Consumer Law Fund**.\n\n**Why it looks so empty:**\nMost of this Act has been **repealed** (deleted). In 2010, Victoria handed over most consumer credit regulation to the Commonwealth (federal government) under the *National Consumer Credit Protection Act 2009*. What remains are just the interest rate caps and some housekeeping rules that Victoria kept.\n\n**Who it affects:**\n- Anyone lending money in Victoria (must stay under the 48%/30% caps)\n- Borrowers who might be charged excessive interest\n- The Victorian Consumer Law Fund (receives old penalty money)"}},"importantCases":[],"_links":{"self":"/api/acts/consumer-credit-victoria-act-1995","history":"/api/acts/consumer-credit-victoria-act-1995/history","analysis":"/api/acts/consumer-credit-victoria-act-1995/analysis","conflicts":"/api/acts/consumer-credit-victoria-act-1995/conflicts","importantCases":"/api/acts/consumer-credit-victoria-act-1995/important-cases","documents":"/api/acts/consumer-credit-victoria-act-1995/documents"}}