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STANDING COMMITTEE OF OFFICIALS OF CONSUMER AFFAIRS
CONSUMER CREDIT CODE
STATEMENT OF ENFORCEMENT POLICY
COMPARISON RATE SCHEDULES AND NOTICES
UNDER THE CONSUMER CREDIT CODE
The Consumer Credit (Queensland) Amendment Act 2002 inserts into the
Consumer Credit Code a new Part 9A, which provides for the mandatory disclosure
of comparison rates:
- in advertisements for fixed term credit which feature an annual percentage
rate, and
- in comparison rate schedules which are to be made available to consumers.
Questions have arisen regarding whether comparison rate schedules are notices
provided under the Consumer Credit Code, in which case the schedules would need
to comply with the Code requirements applying to notices.
As a comparison rate schedule is not aimed at a particular debtor but made
available to the public at large, there is no reason to view it as a notice
provided under the Consumer Credit Code.
The Standing Committee of Officials of Consumer Affairs (SCOCA) has therefore
endorsed the following enforcement approach by government consumer agencies
in relation to this issue:
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