National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2A - LICENSEES THAT ARE CREDIT PROVIDERS UNDER CREDIT CONTRACTS: ADDITIONAL RULES RELATING TO STANDARD HOME LOANS  

Division 2 - Key Facts Sheets for standard home loans  

SECTION 133AC   CREDIT PROVIDER ' S WEBSITE TO PROVIDE CAPACITY TO GENERATE KEY FACTS SHEET  

When this section applies

133AC(1)    
This section applies if a licensee has a website that can be used by a consumer to apply for, or make an inquiry about, one or more standard home loans of the licensee.

Requirement

133AC(2)    
The licensee must ensure that the website satisfies all of the following paragraphs:

(a) the website tells the consumer that the consumer may use the website to generate a Key Facts Sheet for the standard home loan, or for each of the standard home loans;

(b) the website:

(i) tells the consumer what information the consumer will need to enter in order to generate the Key Facts Sheet or Sheets; and

(ii) provides the consumer with instructions on how to generate the Key Facts Sheet or Sheets;

(c) if the consumer enters the information and follows those instructions, the consumer can use the website to generate the Key Facts Sheet or Sheets, containing up-to-date information, in a form that can be printed;

(d) the website complies with any other requirements prescribed by the regulations.

Civil penalty: 5,000 penalty units.

Offence

133AC(3)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (2); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 50 penalty units.