85Power of Treasurer to fix or annul rate of interest or table of instalments

85 Power of Treasurer to fix or annul rate of interest or table of instalments

(1)  The Treasurer, by notice published in the Gazette, may fix –

(a) the maximum annual rate of interest to be charged to any purchaser in respect of any purchase-money in accordance with this Act; and

(b) the annual rate of interest to be charged to any borrower in respect of any advance in accordance with this Act; and

(c) tables of the amounts of the monthly or quarterly instalments of principal and interest combined to be paid by borrowers in respect of advances under this Act, showing the amounts payable for the various terms of years during which repayment of an advance may be made –

and may, in the same manner, annul any rate or table so fixed.

(2)  A fixed rate or fixed table –

(a) comes into force 14 days after the date on which the notice fixing the rate or table is published in the Gazette; and

(b) continues in force until 14 days after the date on which a notice annulling the fixed rate, or fixed table, is published in the Gazette.