63Maximum annual percentage rate

63 Maximum annual percentage rate (1) A regulation may prescribe a maximum annual percentage rate for a credit contract to which the code applies. (2) A regulation may require interest charges, and all credit fees and charges, under a credit contract to be included in working out the maximum annual percentage rate under the contract. (3) The code, part 2, division 3 applies in relation to a prescribed maximum annual percentage rate as if the rate had been prescribed by the code. Note The effect of s (3) is that a contract is void to the extent that it imposes a monetary liability prohibited under s (1) and that any amount paid under the contract may be recovered. In addition, the credit provider commits an offence for entering into the contract.

Part 6 Maximum annual percentage rate and disclosure (4) This section does not affect the exercise of any powers under the code, part 4, division 3 in relation to a credit contract that is not void because of this section. Note The code, pt 4, div 3 allows (among other things) the reopening of unjust transactions. (5) This section applies to a credit contract whether the credit contract was established before, or is established after, the commencement of this section.