{"id":"sl-2009-59","name":"Fair Trading Regulation 2009","slug":"fair-trading-regulation-2009","collection":"regulation","jurisdiction":"act","status":"in_force","isInForce":true,"actNumber":"59 of 2009","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173366,"registerId":"act-sl-2009-59-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Fair Trading Regulation 2009","content":"Australian Capital Territory\nFair Trading Regulation 2009\nSL2009-59\nmade under the\nFair Trading (Australian Consumer Law) Act 1992\nRepublication No 2\nEffective: 1 January 2011\nRepublication date: 1 January 2011\nLast amendment made by A2010-54\nAuthorised by the ACT Parliamentary Counsel\n\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAbout this republication\nThe republished law\nThis is a republication of the Fair Trading Regulation 2009, made under the Fair Trading\n(Australian Consumer Law) Act 1992 (including any amendment made under the Legislation\nAct 2001, part 11.3 (Editorial changes)) as in force on 1 January 2011. It also includes any\ncommencement, amendment, repeal or expiry affecting the republished law to 1 January 2011.\nThe legislation history and amendment history of the republished law are set out in endnotes 3\nand 4.\nKinds of republications\nThe Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the\nACT legislation register at www.legislation.act.gov.au):\n authorised republications to which the Legislation Act 2001 applies\n unauthorised republications.\nThe status of this republication appears on the bottom of each page.\nEditorial changes\nThe Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial\namendments and other changes of a formal nature when preparing a law for republication.\nEditorial changes do not change the effect of the law, but have effect as if they had been made\nby an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).\nThe changes are made if the Parliamentary Counsel considers they are desirable to bring the law\ninto line, or more closely into line, with current legislative drafting practice.\nThis republication does not include amendments made under part 11.3 (see endnote 1).\nUncommenced provisions and amendments\nIf a provision of the republished law has not commenced or is affected by an uncommenced\namendment, the symbol U appears immediately before the provision heading. The text of the\nuncommenced provision or amendment appears only in the last endnote.\nModifications\nIf a provision of the republished law is affected by a current modification, the symbol M\nappears immediately before the provision heading. The text of the modifying provision appears\nin the endnotes. For the legal status of modifications, see Legislation Act 2001, section 95.\nPenalties\nAt the republication date, the value of a penalty unit for an offence against this law is $110 for\nan individual and $550 for a corporation (see Legislation Act 2001, s 133).\n\nR2\n01/01/11\nFair Trading Regulation 2009\nEffective: 01/01/11\ncontents 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nFair Trading Regulation 2009\nmade under the\nFair Trading (Australian Consumer Law) Act 1992\nContents\nPage\n1 Name of regulation 2\n2 Notes 2\n3 Maximum annual percentage rate—Act, s 63 2\n4 Working out maximum annual percentage rate 3\nEndnotes\n1 About the endnotes 6\n2 Abbreviation key 6\n3 Legislation history 7\n4 Amendment history 7\n5 Earlier republications 8\n\n\n\nR2\n01/01/11\nFair Trading Regulation 2009\nEffective: 01/01/11\npage 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nFair Trading Regulation 2009\nmade under the\nFair Trading (Australian Consumer Law) Act 1992\n\nSection 1\npage 2 Fair Trading Regulation 2009\nEffective: 01/01/11\nR2\n01/01/11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n1 Name of regulation\nThis regulation is the Fair Trading Regulation 2009.\n2 Notes\nA note included in these regulations is explanatory and is not part of\nthese regulations.\nNote See Legislation Act, s 127 (1), (4) and (5) for the legal status of notes.\n3 Maximum annual percentage rate—Act, s 63\n(1) The prescribed maximum annual percentage rate is 48% per annum\nfor all credit contracts to which the code applies.\n(2) Interest charges, and all credit fees and charges, under a credit\ncontract must be included in working out the maximum annual\npercentage rate under all credit contracts to which the code applies.\n(3) The maximum annual percentage rate must be worked out in\naccordance with section 4.\n(4) Despite subsection (2), any credit fees or charges arising from the\nestablishment or maintenance of a temporary credit facility are not\nrequired to be included for working out the maximum annual\npercentage rate if—\n(a) the credit provider is an authorised deposit-taking institution;\nand\n(b) the debtor has or had an existing credit contract or debit\naccount with the authorised deposit-taking institution when the\ntemporary credit facility is or was established; and\n(c) the temporary credit facility is related to the existing credit\ncontract or debit account.\n\nSection 4\nR2\n01/01/11\nFair Trading Regulation 2009\nEffective: 01/01/11\npage 3\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(5) In this section:\ntemporary credit facility includes an overdraft facility and a\nshort-term extension of the total amount of credit available under an\nexisting credit contract.\nNote This section is made under the Act, s 63. The effect of a contravention\nof this section is set out in s 63. The maximum interest rate is not part of\nthe uniform provisions of the code in Australia.\n4 Working out maximum annual percentage rate\n(1) For working out the maximum annual percentage rate under a credit\ncontract, the rate must be worked out as a nominal rate for each\nyear, together with the compounding frequency, in accordance with\nthis section.\n(2) The maximum annual percentage rate is worked out as follows:\n(3) In subsection (2):\nn is the number of repayments per year to be made under the credit\ncontract annualised, except that—\n(a) if repayments are to be made weekly or fortnightly—n is to be\n52.18 or 26.09, respectively; and\n(b) if the contract does not provide for a constant interval between\nrepayments—n is to be derived from the interval selected for\nthe purposes of the definition of j (see subsection (4)).\nr is the solution of the following:\n%100nr\nj\njj\nj\nj\nr)(l\nCR\n0j\nt\nr)(l\nA\n0j\nt\n\n\n\n\n\n\n\n\nSection 4\npage 4 Fair Trading Regulation 2009\nEffective: 01/01/11\nR2\n01/01/11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(4) In subsection (3):\nj is the time, measured as a multiple (not necessarily integral) of the\ninterval between contractual repayments that will have elapsed since\nthe first amount of credit is provided under the credit contract,\nexcept that if the contract does not provide for a constant interval\nbetween repayments an interval of any kind is to be selected by the\ncredit provider as the unit of time.\nt is the time, measured as a multiple of the interval between\ncontractual repayments (or other interval so selected), that will\nelapse between the time when the first amount of credit is provided\nand the time when the last repayment is to be made under the\ncontract.\nAj is the amount of credit to be provided under the contract at time j\n(the value of j for the provision of the first amount of credit is taken\nto be zero).\nRj is the repayment to be made at time j.\nCj is the fee or charge (if any) payable by the debtor at time j (j is\ntaken to be zero for any such fee or charge payable before the time\nof the first amount of credit provided) in addition to the repayments\nRj, being a credit fee or charge that is ascertainable when the annual\npercentage rate is worked out.\n(5) The maximum annual percentage rate must be correct to at least the\nnearest 0.001% for each year.\n(6) In applying the formulas in this section, reasonable approximations\nmay be made if it would be impractical or unreasonably onerous to\nmake a precise calculation.\n(7) The tolerances and assumptions under the code, section 180 to\nsection 182 apply in working out the maximum annual percentage\nrate.\n\nSection 4\nR2\n01/01/11\nFair Trading Regulation 2009\nEffective: 01/01/11\npage 5\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(8) If the credit contract is a continuing credit contract (within the\nmeaning of the code), the following assumptions also apply in\nworking out the maximum annual percentage rate:\n(a) that the debtor has drawn down the maximum amount of credit\nthat the credit provider has agreed to provide under the\ncontract;\n(b) that the debtor will pay the minimum repayments stated in the\ncontract;\n(c) if credit is provided for payment by the credit provider to a\nthird person in relation to goods, services or cash supplied by\nthe third person to the debtor from time to time—that the\ndebtor will not be supplied with any more goods, services or\ncash;\n(d) if credit is provided for cash supplied by the credit provider to\nthe debtor—that the debtor will not be supplied with any more\ncash.\n(9) For the maximum annual percentage rate—\n(a) the amount of credit is the amount (or the maximum amount)\nrequired by the debtor; and\n(b) the term for which credit is provided is the term (or the\nmaximum term) required by the debtor.\n\nEndnotes\n1 About the endnotes\npage 6 Fair Trading Regulation 2009\nEffective: 01/01/11\nR2\n01/01/11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nEndnotes\n1 About the endnotes\nAmending and modifying laws are annotated in the legislation history and the\namendment history. Current modifications are not included in the republished\nlaw but are set out in the endnotes.\nNot all editorial amendments made under the Legislation Act 2001, part 11.3 are\nannotated in the amendment history. Full details of any amendments can be\nobtained from the Parliamentary Counsel’s Office.\nUncommenced amending laws and expiries are listed in the legislation history and\nthe amendment history. These details are underlined. Uncommenced provisions\nand amendments are not included in the republished law but are set out in the last\nendnote.\nIf all the provisions of the law have been renumbered, a table of renumbered\nprovisions gives details of previous and current numbering.\nThe endnotes also include a table of earlier republications.\n2 Abbreviation key\nA = Act NI = Notifiable instrument\nAF = Approved form o = order\nam = amended om = omitted/repealed\namdt = amendment ord = ordinance\nAR = Assembly resolution orig = original\nch = chapter par = paragraph/subparagraph\nCN = Commencement notice pres = present\ndef = definition prev = previous\nDI = Disallowable instrument (prev...) = previously\ndict = dictionary pt = part\ndisallowed = disallowed by the Legislative r = rule/subrule\nAssembly reloc = relocated\ndiv = division renum = renumbered\nexp = expires/expired R[X] = Republication No\nGaz = gazette RI = reissue\nhdg = heading s = section/subsection\nIA = Interpretation Act 1967 sch = schedule\nins = inserted/added sdiv = subdivision\nLA = Legislation Act 2001 SL = Subordinate law\nLR = legislation register sub = substituted\nLRA = Legislation (Republication) Act 1996 underlining = whole or part not commenced\nmod = modified/modification or to be expired\n\nEndnotes\nLegislation history 3\nR2\n01/01/11\nFair Trading Regulation 2009\nEffective: 01/01/11\npage 7\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n3 Legislation history\nThis regulation was made as part of the Justice and Community Safety Legislation\nAmendment Act 2009 (No 3) (see A2009-44, s 4 and sch 2).\nFair Trading Regulation 2009 SL2009-59\ntaken to have been notified LR 24 November 2009 (A2009-44,\ns 4 (3) (a))\ns 1 taken to have commenced 24 November 2009 (LA s 75 (1))\nremainder commenced 22 December 2009 (A2009-44, s 4 (3) (b))\nas amended by\nFair Trading (Australian Consumer Law) Amendment Act 2010\nA2010-54 sch 3 pt 3.7\nnotified LR 16 December 2010\ns 1, s 2 commenced 16 December 2010 (LA s 75 (1))\nsch 3 pt 3.7 commenced 1 January 2011 (s 2 (1))\n4 Amendment history\nMaximum annual percentage rate—Act, s 63\ns 3 hdg am A2010-54 amdt 3.20\ns 3 am A2010-54 amdt 3.20\nWorking out maximum annual percentage rate\ns 4 am A2010-54 amdt 3.21\n\nEndnotes\n5 Earlier republications\npage 8 Fair Trading Regulation 2009\nEffective: 01/01/11\nR2\n01/01/11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n5 Earlier republications\nSome earlier republications were not numbered. The number in column 1 refers to\nthe publication order.\nSince 12 September 2001 every authorised republication has been published in\nelectronic pdf format on the ACT legislation register. A selection of authorised\nrepublications have also been published in printed format. These republications\nare marked with an asterisk (*) in column 1. Electronic and printed versions of an\nauthorised republication are identical.\nRepublication\nNo and date\nEffective Last\namendment\nmade by\nRepublication\nfor\nR1\n22 Dec 2009\n22 Dec 2009–\n31 Dec 2010\nnot amended new regulation\n© Australian Capital Territory 2011","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The regulation remains tightly focused on its original purpose of prescribing the maximum annual percentage rate for credit contracts and the methodology for calculating it. The 2010 amendments refined the calculation methodology and clarified the temporary credit facility exception, but did not expand the scope beyond interest rate capping."},"complexity_factors":["Mathematical formula in section 4 requiring iterative solution of polynomial equations with summation notation (Σ)","Multiple defined variables (n, r, j, t, Aj, Rj, Cj) with conditional definitions (e.g., weekly/fortnightly repayments trigger specific numerical constants 52.18 and 26.09)","Nested conditional logic in section 3(4) establishing a three-part test for the temporary credit facility exception","Cross-references to external legislation including the Fair Trading (Australian Consumer Law) Act 1992, the National Credit Code (implied by references to 'the code'), and the Legislation Act 2001","Assumption-based calculations in section 4(8) requiring hypothetical modelling of debtor behaviour (maximum drawdown, minimum repayments, cessation of future supplies)","Precision requirement to nearest 0.001% creating computational burden","Interaction between nominal rates, compounding frequency, and tolerance provisions from the National Credit Code (sections 180-182)"],"plain_english_summary":"This regulation caps the total annual cost of consumer credit in the ACT at 48%—including interest, fees and charges—using a prescribed calculation to ensure consistency. It protects household borrowers from predatory rates and forces lenders (payday lenders, finance companies, retailers and most banks) to include all costs in the APR, with a narrow exception allowing certain overdraft fees by authorised deposit-taking institutions to be treated differently."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The regulation was amended after its original 2009 enactment: sections 3 and 4 were amended by the Fair Trading (Australian Consumer Law) Amendment Act 2010 (see endnote 3–4). Those amendments adjusted the regulation’s substantive content—prescribing the 48% cap, detailed calculation method, and the ADI exception—so the republished regulation differs from the 2009 original in those respects."},"complexity_factors":["Numeric cap plus technical calculation: sets a fixed 48% APR but requires solving a nominal-rate equation (r) via the formula in s4(3)–(4).","Repayment frequency adjustments: annualisation conventions for weekly and fortnightly payments (n = 52.18 or 26.09) and rules where intervals vary (s4(3)(a), s4(4)).","Inclusion and limited exclusion of fees: requires including interest and all credit fees/charges when working out APR, with a narrow exception for certain temporary credit facilities provided by authorised deposit-taking institutions (s3(2)–(4)).","Continuing credit assumptions: specific drawdown and repayment assumptions for continuing credit contracts that affect the APR calculation (s4(8)–(9)).","Accuracy and tolerances: result must be correct to 0.001% with permitted reasonable approximations and application of the code’s tolerances (s4(5)–(7); code ss 180–182).","Practical computation burden: solving for r and identifying ascertainable fees at calculation time can be computationally and administratively onerous for providers (s4(3)–(4), s3(2))."],"plain_english_summary":"This regulation sets a 48% per annum maximum annual percentage rate (APR) for credit contracts to which the code applies and prescribes the precise method for calculating that APR (including interest, credit fees and charges) (s3–s4). It affects credit providers and debtors in the ACT: providers must include most fees in the APR calculation, though authorised deposit-taking institutions’ temporary overdrafts or short-term extensions tied to an existing account are excepted (s3(2)–(4)); detailed formulas, assumptions and tolerances govern computation (s4)."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/fair-trading-regulation-2009","history":"/api/acts/fair-trading-regulation-2009/history","analysis":"/api/acts/fair-trading-regulation-2009/analysis","conflicts":"/api/acts/fair-trading-regulation-2009/conflicts","importantCases":"/api/acts/fair-trading-regulation-2009/important-cases","documents":"/api/acts/fair-trading-regulation-2009/documents"}}