{"id":"credit-regulation-of-loan-contracts-regulations-1993","name":"Credit (Regulation of Loan Contracts) Regulations 1993","slug":"credit-regulation-of-loan-contracts-regulations-1993","collection":"regulation","jurisdiction":"wa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":174407,"registerId":"wa-credit-regulation-of-loan-contracts-regulations-1993-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Credit (Regulation of Loan Contracts) Regulations 1993","content":"![Crest]()Western Australia\n\nCredit Act 1984\n\nCredit (Regulation of Loan Contracts) Regulations 1993\n\nWestern Australia\n\nCredit (Regulation of Loan Contracts) Regulations 1993\n\nContents\n\n1. Citation 1\n\n2. Annual or acceptable rate of loan contracts 1\n\nNotes\n\nCompilation table 2\n\n  \n\nWestern Australia\n\nCredit Act 1984\n\nCredit (Regulation of Loan Contracts) Regulations 1993\n\n##### 1. Citation\n\nThese regulations may be cited as the *Credit (Regulation of Loan Contracts) Regulations 1993* 1.\n\n##### 2. Annual or acceptable rate of loan contracts\n\nIn the case of a loan contract made after 1 February 1993, for the purposes of section 30(2)(b) and (c) of the Act the lesser rate prescribed shall be 8%.\n\nNotes\n\n1 This is a reprint as at 2 April 2004 of the *Credit (Regulation of Loan Contracts) Regulations 1993*. The following table contains information about those regulations and any reprint.\n\nCompilation table\n\n| **Citation** | **Gazettal** | **Commencement** |\n| --- | --- | --- |\n| *Credit (Regulation of Loan Contracts) Regulations 1993* | 29 Jan 1993 p. 858 | 29 Jan 1993 |\n| **Reprint 1: The *Credit (Regulation of Loan Contracts) Regulations 1993* as at 2 Apr 2004** | | |\n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The regulation does not expand or narrow the Act’s substantive coverage; it simply prescribes the lesser comparative rate as 8% for loan contracts made after 1 February 1993 for the purposes of section 30(2)(b) and (c). No additional classes, exemptions or procedural requirements are introduced in this instrument."},"complexity_factors":["Single substantive provision (regulation 2) prescribing a numeric rate (8%)","Direct cross-reference to the primary statute (section 30(2)(b) and (c) of the Credit Act 1984) — requires consulting the Act to understand full legal effect","Temporal application limited to loan contracts made after 1 February 1993 (date-specific drafting)","Low procedural or administrative detail (no licensing, reporting, or enforcement mechanisms in the regulation itself)","Rule is mechanistic but potentially time-sensitive: a fixed percentage can become outdated and requires amendment to change","Limited delegated discretion — the regulation fixes a number rather than leaving a range or test"],"plain_english_summary":"These regulations set the \"lesser rate\" used under section 30(2)(b) and (c) of the Credit Act 1984 at 8% for loan contracts made after 1 February 1993 (reg. 2). That 8% figure is the fixed benchmark regulators, courts, lenders and borrowers use to assess whether a contract’s annual or acceptable rate meets the Act’s tests; lenders must compare contract rates to this comparator and disputes or compliance outcomes turn on that fixed percentage."},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of prescribing a specific interest rate benchmark for loan contract regulation. It has not expanded beyond this narrow technical function since its creation in 1993."},"complexity_factors":["Only 2 operative provisions (citation and rate setting)","No defined terms section","No cross-references to other legislation beyond a single reference to section 30(2)(b) and (c) of the parent Act","No conditional logic, exceptions, or nested provisions","Total length is approximately 200 words","Single substantive rule: set the rate at 8%"],"plain_english_summary":"This is a short piece of Western Australian law that sets a single, specific rule about interest rates on loans.\n\n**What it does:**\n- It fixes the \"annual rate\" or \"acceptable rate\" of interest at **8%** for loan contracts made after 1 February 1993.\n- This rate is used to determine whether a loan contract is \"unjust\" under section 30 of Western Australia's Credit Act 1984.\n\n**Who it affects:**\n- **Borrowers** in Western Australia who took out loans after February 1993.\n- **Lenders** (banks, finance companies, credit providers) who must ensure their interest rates comply with this benchmark when courts assess whether a contract is unfair.\n\n**Why it matters:**\n- If a lender charges interest significantly above this 8% rate, a court may find the loan contract \"unjust\" and change or cancel it to protect the borrower from unfair terms.\n- It acts as a safety net to stop predatory lending practices by giving courts a clear numerical benchmark for what counts as reasonable interest."},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed. The legislative text was not available for review. No comparison between original intent and final form is possible from the retrieved content."},"complexity_factors":["No legislative text was retrievable — the source URL returned an error page only","Cannot assess structural, interpretive, or substantive complexity without access to the actual content","Score of 1 reflects the absence of any analysable material, not simplicity of the law itself"],"plain_english_summary":"The Credit (Regulation of Loan Contracts) Regulations 1993 were WA regulations setting rules for loan contracts — how they were structured, disclosed and administered — and therefore affected lenders and borrowers in Western Australia. The text is currently unavailable online; given the 1993 date, they were likely superseded by later national consumer credit reforms, so check WA legislation site or Parliamentary Counsel for repeal or replacement."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993","history":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993/history","analysis":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993/analysis","conflicts":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993/conflicts","importantCases":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993/important-cases","documents":"/api/acts/credit-regulation-of-loan-contracts-regulations-1993/documents"}}