National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2B - LICENSEES THAT ARE CREDIT PROVIDERS UNDER CREDIT CONTRACTS: ADDITIONAL RULES RELATING TO CREDIT CARD CONTRACTS  

Division 3 - Key Facts Sheets for credit card contract  

SECTION 133BD   CREDIT PROVIDER NOT TO ENTER INTO CREDIT CARD CONTRACT UNLESS KEY FACTS SHEET HAS BEEN PROVIDED ETC.  

Requirement

133BD(1)    
If a consumer applies to a licensee for a credit card contract under which the licensee would be the credit provider, the licensee must not enter into, or offer to enter into, the contract unless:

(a) the application is made using an application form that includes a Key Facts Sheet for the contract that contains up-to-date information; or

(b) the following conditions are satisfied:

(i) the application is made using an application form that includes a Key Facts Sheet for the contract that contains information that has ceased to be up-to-date;

(ii) the consumer has been provided with the up-to-date information in accordance with any requirements prescribed by the regulations; or

(c) the consumer has otherwise been provided with a Key Facts Sheet for the contract that contains up-to-date information in accordance with any requirements prescribed by the regulations.

Civil penalty: 5,000 penalty units.

Offence

133BD(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: 100 penalty units.