National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
The opening balance shown in each successive statement of account must not exceed the closing balance shown in the last statement of account.
35(2)
However, if no statement of account was given for the previous period, the next statement of account required to be given by this Code may have an opening balance that exceeds the closing balance for the previous statement and must provide the particulars referred to in subsections 34(4) to (12) in relation to any immediately preceding periods for which statements were not given.
Note:
See section 3 of the National Credit Act.
PART 2 - CREDIT CONTRACTS Division 5 - Credit provider ' s obligation to account 35 Opening balance must not exceed closing balance of previous statement 35(1)The opening balance shown in each successive statement of account must not exceed the closing balance shown in the last statement of account.
Note:
A penalty may be imposed for contravention of a key requirement in this section: see Part 6.
35(2)
However, if no statement of account was given for the previous period, the next statement of account required to be given by this Code may have an opening balance that exceeds the closing balance for the previous statement and must provide the particulars referred to in subsections 34(4) to (12) in relation to any immediately preceding periods for which statements were not given.
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