Schedule 1: Key information concerning consumer credit contract
You could also call this:
"Important details about your consumer credit contract"
When you enter a consumer credit contract, you need to know some key information. This includes the creditor's full name and address, and their trading name if it's different. You should also know the initial unpaid balance and how it's calculated. The contract should tell you about any advances, charges, or payments, and how they affect the balance. You should know the total advances, credit limit, and annual interest rate. If there's more than one interest rate, the contract should explain how each rate applies. The contract should also tell you about your rights, such as your right to cancel under section 27, and your right to apply for relief on grounds of unforeseen hardship under section 55. You should know how to make payments, and what happens if you default on a payment. The contract should also tell you about any security interest, and how it works. If you have a problem with the contract, you can use a dispute resolution scheme, and the contract should tell you how to do this. The creditor's registration number and name under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 should also be included.
Schedule 2: Information concerning consumer lease, or
"Important details about renting goods under a consumer lease"
1Key information concerning consumer credit contract Empowered by
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The following information is the key information concerning a consumer credit contract as is applicable:
Full name and address of creditor
the full name and full address of the creditor:
the trading name of the creditor (if different from its full name specified under paragraph (a)):
Initial unpaid balance
the unpaid balance as at the date that is specified in the disclosure statement as the effective date of the statement, accounting for every payment made by the debtor on or before that date:
the amount and a description of each advance, charge, or payment accounted for in the unpaid balance disclosed under paragraph (b):
Subsequent advance
the amount, a description, and timing of each advance to be made after the effective date of the disclosure statement, if ascertainable:
Total advances
the total of all advances made or to be made in connection with the contract, if ascertainable:
Credit limit
the credit limit:
Annual interest rate
the annual interest rate or rates under the contract (with the rate or rates being expressed in terms of a percentage):
if there is more than 1 rate, how each rate applies:
if an annual interest rate is fixed for the term or any part of the term of the contract, the period during which the annual interest rate is fixed:
if an annual interest rate is determined by referring to a base rate, particulars that describe how the annual interest rate is determined, including—
the name of the base rate or a description of it; and
the margin or margins (if any) above or below the base rate to be applied to determine the annual interest rate; and
where and when the base rate is published or, if it is not published, how the debtor may ascertain the rate; and
the current annual interest rate or rates:
Method of charging interest
the method of calculating interest charges payable under the contract and the frequency with which interest charges are debited under the contract:
Total interest charges
the total amount of interest charges payable under the contract, if ascertainable (but only if the contract would, on the assumptions prescribed by regulations, be paid out within 7 years of the date on which credit is first provided under the contract):
Interest free period
if the contract involves an interest free period, the following particulars:
the length of the interest free period:
when interest will begin to accrue:
Credit fees and charges
a description of the credit fees and charges (other than interest charges) that are, or may become, payable under the contract (unless the fee or charge is disclosed under paragraph (c)), including—
when each fee or charge is payable, if ascertainable; and
the amount of each fee or charge if ascertainable, but, if not, the method of calculation of the fee or charge:
if the contract is a high-cost consumer credit contract, a statement to that effect:
if the contract is a high-cost consumer credit contract or a related consumer credit contract, a statement of the effect of section 45E, which must include the maximum costs of borrowing, how the costs are calculated, and the total amount that is recoverable:
if the contract is a high-cost consumer credit contract, a statement of the rate of charge under the contract, as required to be calculated in accordance with section 45H and the regulations:
Payments required
if more than 1 payment is to be made—
the amount of the payments or the method of calculating the amount; and
if ascertainable, the number of the payments; and
if ascertainable, the total amount of the payments (but only if the contract would, on the assumptions prescribed by regulations, be paid out within 7 years of the date on which credit is first provided under the contract); and
when the first payment is due, if ascertainable, and the frequency of payments:
Full prepayment
how the reasonable estimate of the creditor's loss on full prepayment is calculated and whether a statutory procedure prescribed in regulations is used:
Security interest
a description of any security interest that is or may be taken in connection with the contract, including a clear explanation of—
the nature of the security interest; and
the property that is, or is proposed to be, subject to the security interest; and
the extent to which the debtor's obligations to the creditor are secured by the security interest, including whether, if the creditor's rights under the security were to be exercised, the debtor would, or may, remain indebted to the creditor (if there is a shortfall in the proceeds of the sale of the property that is subject to the security interest); and
what the consequences would be if the debtor were to give a security interest over the property referred to in subparagraph (ii) to a person other than the creditor and, as a result, the debtor were to be in breach of the contract, including whether the property that would be subject to the security interest would be liable to repossession:
Disabling devices
whether a disabling device is to be attached to consumer goods that are subject to a security interest referred to in paragraph (q) and, if so, a clear description of—
how the device functions; and
when the device might be activated; and
how, if the consumer goods are required in an emergency situation, the debtor may obtain the use of the goods:
Default interest charges and default fees
particulars that describe any default interest charges and default fees that may be payable under the contract including how and when default interest charges and default fees would become payable:
Debtor's right to cancel
a statement of the debtor's cancellation rights under section 27:
if the consumer credit contract is also a layby sale agreement,—
a statement of the debtor’s cancellation rights under section 36F(1) of the Fair Trading Act 1986; and
whether or not a cancellation charge under section 36F(3) of that Act will be imposed; and
if a cancellation charge will be imposed, the amount of the charge (if a fixed charge will be imposed) or a clear description of how the charge will be calculated:
Debtor's right to apply for relief on grounds of unforeseen hardship
a statement of the debtor's right under section 55, and advice as to how an application under that section may be made:
Continuing disclosure statements
the frequency with which continuing disclosure statements will be provided (assuming that section 21 does not apply):
Consent to electronic communications
if the creditor consents to receive notices or other communications from the debtor in electronic form, whether by means of an electronic communication or otherwise, a statement to that effect:
a statement that the scheme will not charge a fee to any complainant to investigate or resolve a complaint, if the consumer credit contract is a high-cost consumer credit contract or a related consumer credit contract:
Registration under Financial Service Providers (Registration and Dispute Resolution) Act 2008
the creditor's registration number under the register of financial service providers:
the name under which the creditor is registered on that register:
Other items
any other information or warnings prescribed by the regulations to be information that is key information concerning a credit contract.
Notes
Schedule 1 paragraph (aa): inserted, on , by section 80(1) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (na): inserted, on , by section 55(1) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Schedule 1 paragraph (nb): inserted, on , by section 55(1) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Schedule 1 paragraph (nc): inserted, on , by section 55(1) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Schedule 1 paragraph (q): replaced, on , by section 80(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (qa) heading: inserted, on , by section 80(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (qa): inserted, on , by section 80(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (s): replaced, on , by section 80(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (saa): inserted, on , by section 55(2) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Schedule 1 paragraph (sa) heading: inserted, on , by section 80(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (sa): inserted, on , by section 80(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (ua) heading: inserted, on , by section 80(4) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (ua): inserted, on , by section 80(4) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (uaa): inserted, on , by section 55(3) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Schedule 1 paragraph (ub) heading: inserted, on , by section 80(4) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (ub): inserted, on , by section 80(4) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Schedule 1 paragraph (uc): inserted, on , by section 80(4) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
