National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 2 - CREDIT CONTRACTS Division 3 - Interest charges 27 Definitions relating to interest 27(1)In this Code:
annual percentage rate
under a credit contract means a rate specified in the contract as an annual percentage rate.
daily percentage rate
means the rate determined by dividing the annual percentage rate by 365.
default rate
means a higher annual percentage rate permitted by section 30.
unpaid balance
under a credit contract at any time means the difference between all amounts credited and all amounts debited to the debtor under the contract at that time.
unpaid daily balance
for a day under a credit contract means the unpaid balance under the contract at the end of that day.
27(2)
A credit contract may specify, for the purposes of payments or any other purposes under the contract, when a day ends. Different times of the day may be specified for different purposes.