Commonwealth Consolidated Acts

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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CC

Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements

Requirement

             (1)  A licensee must not enter into, or offer to enter into, a small amount credit contract with a consumer who will be the debtor under the contract if:

                     (a)  the consumer is included in a class of consumers prescribed by the regulations; and

                     (b)  the repayments that would be required under the contract would not meet the requirements prescribed by the regulations.

Civil penalty:          5,000 penalty units.

Note:          For example, the regulations may provide that the amount of a repayment must not exceed a specified percentage of the consumer's income.

Offence

             (2)  A person commits an offence if:

                     (a)  the person is subject to a requirement under subsection (1); and

                     (b)  the person engages in conduct; and

                     (c)  the conduct contravenes the requirement.

Criminal penalty:    50 penalty units.

   



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