57Any interest may be contracted to be paid

57 Any interest may be contracted to be paid S. 57(1) amended by Nos 41/1995 s. 62(Sch. 1 item 8), 11/2010 s. 58. (1) Subject to the **Consumer Credit (Victoria) Act 1995** and the National Credit Code within the meaning of the National Consumer Credit Protection Act 2009 of the Commonwealth, there is no limit to the interest which a person may lawfully contract to pay. (2) If interest for the loan of money or on any other contract may be lawfully recovered or allowed in any proceeding in any court but the rate of interest has not been previously agreed between the parties, the party entitled to interest may not recover or be allowed in the proceeding interest above the rate for the time being fixed under section 2 of the **Penalty Interest Rates Act 1983**. No. 6387 s. 78.