National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 2 - CREDIT CONTRACTS  

Division 2 - Debtor ' s monetary obligations  

25   Loan to be in money or equivalent  

25(1)    
A credit provider must not under a credit contract pay an amount to or in accordance with the instructions of the debtor unless the payment is in cash or money ' s worth and is made in full without deducting an amount for interest charges under the contract.

Criminal penalty: 100 penalty units.

25(2)    
Subsection (1) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .

25(3)    
The regulations may provide that subsection (1) does not apply to the deduction of an amount for the first payment of interest charges under the contract.