Commonwealth Consolidated Acts

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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 301E

Significant detriment to consumers

             (1)  In considering whether a credit product has resulted in, or will or is likely to result in, significant detriment to consumers for the purposes of this Part, the following must be taken into account:

                     (a)  the nature and extent of the detriment;

                     (b)  without limiting paragraph (a), the actual or potential financial loss to consumers resulting from the product;

                     (c)  the impact that the detriment has had, or will or is likely to have, on consumers;

                     (d)  any other matter prescribed by regulations made for the purposes of this paragraph.

             (2)  Subsection (1) does not limit the matters to be taken into account in considering whether a credit product has resulted in, or will or is likely to result in, significant detriment to consumers for the purposes of this Part.

             (3)  A credit product may result in significant detriment to consumers even if a person has complied with the disclosure requirements in the National Credit Code in relation to the product.



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