National Consumer Credit Protection Act 2009

CHAPTER 6 - COMPLIANCE AND ENFORCEMENT  

PART 6-7A - PRODUCT INTERVENTION ORDERS  

Division 2 - Product intervention orders  

SECTION 301E   SIGNIFICANT DETRIMENT TO CONSUMERS  

301E(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.

301E(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.

301E(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.