National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
The credit advertisement must clearly state the name of the consumer credit product, the amount of credit and the term to which each comparison rate applies.
162(2)
If the comparison rate is calculated for an amount of credit prescribed by a regulation for the purposes of this subsection, the credit advertisement must clearly state:
(a) that the comparison rate is for a secured loan if it has been calculated on the basis that a mortgage or guarantee is taken by the credit provider; or
(b) that the comparison rate is for an unsecured loan if it has not been so calculated.
Note:
See section 3 of the National Credit Act.
PART 10 - COMPARISON RATES Division 2 - Comparison rate in credit advertising 162 Information about comparison rate 162(1)The credit advertisement must clearly state the name of the consumer credit product, the amount of credit and the term to which each comparison rate applies.
162(2)
If the comparison rate is calculated for an amount of credit prescribed by a regulation for the purposes of this subsection, the credit advertisement must clearly state:
(a) that the comparison rate is for a secured loan if it has been calculated on the basis that a mortgage or guarantee is taken by the credit provider; or
(b) that the comparison rate is for an unsecured loan if it has not been so calculated.
The word " secured " or " unsecured " in connection with the amount of credit for which the comparison rate is calculated is a sufficient description for the purposes of this subsection.
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