National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
The object of this Part is to assist consumers to identify the true cost of credit offered by credit providers.
157(2)
In order to achieve that object, this Part makes it mandatory for credit providers to include the comparison rate in advertisements for consumer credit (other than under continuing credit contracts) if an interest rate is advertised.
157(3)
The comparison rate will reflect the total cost of credit arising from interest charges and other prescribed credit fees and charges.
Note:
See section 3 of the National Credit Act.
PART 10 - COMPARISON RATES Division 1 - Preliminary 157 Object of Part 157(1)The object of this Part is to assist consumers to identify the true cost of credit offered by credit providers.
157(2)
In order to achieve that object, this Part makes it mandatory for credit providers to include the comparison rate in advertisements for consumer credit (other than under continuing credit contracts) if an interest rate is advertised.
157(3)
The comparison rate will reflect the total cost of credit arising from interest charges and other prescribed credit fees and charges.
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