The Consumer Credit (Queensland) Special Provisions Regulation 2008 commences on 31 July 2008.

Any Consumer Credit Code regulated loans made in Queensland (or made interstate to Queensland residents) after that date will be subject to a maximum annual percentage rate of 48 per cent.

The cap also applies to existing contracts if they are changed after 31 July 2008.

In calculating the annual percentage rate of the credit contract, not only interest charges but all credit fees and charges (other than a government fee, charge or duty) under the credit contract are to be included.

In calculating interest any credit fees or charges arising from the establishment or maintenance of a temporary credit facility are not required to be included for calculating the annual percentage rate if—(a) the credit provider is an authorised deposit-taking institution; and
(b) the debtor has or had an existing credit contract or debit account with the authorised deposit-taking institution at the time the temporary credit facility is or was established; and
(c) the temporary credit facility is related to the existing credit contract or debit account.

"Temporary credit facility" includes, but is not limited to, an overdraft facility and a short term extension of the total amount of credit available under an existing credit contract.

UPDATE: Compliance guideline