---
title: "Check the period and contents of a credit statement of account"
url: "https://ailawframework.com/practice/debt-recovery-and-civil-enforcement/check-the-period-and-contents-of-a-credit-statement-of-account"
type: "task"
site: "AI Law Framework"
id: "A46-TM20261022-18"
practice_area: "Debt Recovery & Civil Enforcement"
tier: "yellow"
lawyer_review: "required"
last_reviewed: "2026-10-22"
---

# Check the period and contents of a credit statement of account

> From the contract type the lawyer marks, record the maximum statement period: 40 days for a credit card; 12 months for a continuing credit contract that is a reverse mortgage;…

Canonical page: https://ailawframework.com/practice/debt-recovery-and-civil-enforcement/check-the-period-and-contents-of-a-credit-statement-of-account  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Debt Recovery & Civil Enforcement](https://ailawframework.com/practice/debt-recovery-and-civil-enforcement.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | From the contract type the lawyer marks, record the maximum statement period: 40 days for a credit card; 12 months for a continuing credit contract that is a reverse mortgage; 40 days, or a longer agreed period not over 3 months, for any other continuing credit contract; 12 months for a reverse mortgage that is not a continuing credit contract; and 6 months in any other case. Record which exception the lawyer marks. Against the statement, tick the opening and closing balances, each amount of credit, the credit-card supplier where credit was for cash, goods or services from another person, interest and the annual percentage rate where subsection 34(6) applies, fees and charges, amounts paid or credited, transfers, and any minimum amount and due date on a continuing credit contract. If a financed credit-related insurance payment was made in the period, record the insurer's name, the amount and the kind of insurance. Do not prepare the statement. |
| What the lawyer must review | The lawyer decides whether a statement was required, whether an exception applies, and whether the statement is complete. The regulations, the outstanding-balance level in paragraph 33(3)(b), Part 4 and sections 180 to 182 were not opened. |
| Written for / versions | 1 jurisdiction versions below |

## Checking plan

**Source-by-source verification**

Trace relied-on content to independent sources and check for relevant material the output has missed.

- What the AI does: From the contract type the lawyer marks, record the maximum statement period: 40 days for a credit card; 12 months for a continuing credit contract that is a reverse mortgage; 40 days, or a longer agreed period not over 3 months, for any other continuing credit contract; 12 months for a reverse mortgage that is not a continuing credit contract; and 6 months in any other case. Record which exception the lawyer marks. Against the statement, tick the opening and closing balances, each amount of credit, the credit-card supplier where credit was for cash, goods or services from another person, interest and the annual percentage rate where subsection 34(6) applies, fees and charges, amounts paid or credited, transfers, and any minimum amount and due date on a continuing credit contract. If a financed credit-related insurance payment was made in the period, record the insurer's name, the amount and the kind of insurance. Do not prepare the statement.
- What the lawyer does: The lawyer decides whether a statement was required, whether an exception applies, and whether the statement is complete. The regulations, the outstanding-balance level in paragraph 33(3)(b), Part 4 and sections 180 to 182 were not opened.
- Who reviews: Responsible lawyer with competence in the matter
- Basis: Practical workflow informed by the linked primary sources; the traffic light and working checks are editorial guidance, not a court classification.
- Why: The level reflects what the work is, the consequence of an error, and how much of the output the lawyer must independently re-derive.

## Checks the lawyer makes

1. A credit provider that provides credit must give the debtor, or arrange for the debtor to be given, periodic statements of account. A separate statement may, but need not, be given for each facility under the contract.
2. The maximum period is 40 days for a credit card contract, 12 months for a continuing credit contract for a reverse mortgage, 40 days or an agreed period not over 3 months for any other continuing credit contract, 12 months for a reverse mortgage that is not continuing credit, and 6 months in any other case.
3. A statement need not be given if the annual percentage rate is fixed for the whole term with no provision for varying it; if nothing was debited or credited in the period, other than government charges or duties on receipts or withdrawals, and the amount outstanding is zero or below a level fixed by the regulations; if the debt was written off in the period and nothing further was debited or credited; if the debtor was in default under a contract that is not continuing credit and enforcement proceedings have commenced; if the debtor was in default under a continuing credit contract for the preceding 120 days, or for the statement period and the two immediately preceding periods, whichever is shorter, and before the period the provider exercised a right to stop further credit and gave none; if the debtor has died or is insolvent and the personal representative or trustee in bankruptcy has not asked for a statement; or, for a low cost credit contract, if the provider meets the requirements prescribed by the regulations. The regulations and the dollar level were not opened. Do not treat an outstanding balance above zero as exempt unless the lawyer supplies that level.
4. The statement must show the start and end dates, opening and closing balances, each amount of credit provided, and, for a credit card, the supplier's identity if the credit was for cash, goods or services supplied by another person.
5. For a contract other than a small amount credit contract, it must show the interest charge debited and when it was debited, and the annual percentage rate or rates and, if required by Part 4, details of any change since the last statement period. Part 4 was not opened. Subsection 34(6) applies to a low cost credit contract only if interest charges are payable.
6. It must also show fees and charges debited, each amount paid by or credited to the debtor, amounts transferred to or from the account or any other account under the contract, and, where a minimum amount is payable under a continuing credit contract, that amount and the date it is due. Where a financed credit-related insurance payment was made in the period, record the insurer's name, the amount and the kind of insurance. The rest of subsection 34(10) was not used. Sections 180 to 182 were not opened. Do not quote a penalty.

## Notes

- These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.

## Sources

- [National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009) ss 33, 34, 85, 107, 188 and 190](https://classic.austlii.edu.au/au/legis/cth/consol_act/nccpa2009377/sch1.html) (checked 2026-10-22)

## Jurisdiction versions

| Jurisdiction | Level |
| --- | --- |
| [United States](https://ailawframework.com/practice/debt-recovery-and-civil-enforcement/check-the-period-and-contents-of-a-credit-statement-of-account/united-states.md) | Yellow |

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*