National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
In addition to guaranteeing obligations under a credit contract or proposed credit contract to which a guarantee initially applies, a guarantee may contain a provision that makes credit provided under another future credit contract subject to the guarantee.
59(2)
Any such guarantee is unenforceable in relation to such a future credit contract unless the credit provider has:
(a) given the guarantor a copy of the contract document of that future credit contract; and
(b) subsequently obtained from the guarantor a written acceptance of the extension of the guarantee or obtained acceptance in some other form provided for by the regulations.
59(3)
Section 55 (Form of guarantee) and section 56 (Disclosure) do not apply to an extension of a guarantee under this section.
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 2 - Guarantees 59 Extension of guarantee 59(1)In addition to guaranteeing obligations under a credit contract or proposed credit contract to which a guarantee initially applies, a guarantee may contain a provision that makes credit provided under another future credit contract subject to the guarantee.
59(2)
Any such guarantee is unenforceable in relation to such a future credit contract unless the credit provider has:
(a) given the guarantor a copy of the contract document of that future credit contract; and
(b) subsequently obtained from the guarantor a written acceptance of the extension of the guarantee or obtained acceptance in some other form provided for by the regulations.
59(3)
Section 55 (Form of guarantee) and section 56 (Disclosure) do not apply to an extension of a guarantee under this section.
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