National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 4 - CHANGES TO OBLIGATIONS UNDER CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 1 - Unilateral changes by credit provider  

66   Credit fees and charges changes  
Notification of credit fees and charges changes

66(1)    
A credit provider must, not later than 20 days before a change in the amount of a credit fee or charge (including a new credit fee or charge), or a change in the frequency or time for payment of a credit fee or charge, under a credit contract takes effect, give to the debtor written notice setting out:

(a) particulars of the change; and

(b) any information required by the regulations.

Criminal penalty: 100 penalty units.

Notification by publication

66(2)    

Notice relating to a change in the amount of a credit fee or charge (including a new credit fee or charge) may be given by publishing the notice in a newspaper circulating throughout each State and Territory. A credit provider that gives notice in accordance with this subsection must give particulars of the change before or when the next statement of account is sent to the debtor after the change takes effect.

Criminal penalty: 100 penalty units.

Credit fee or charge reductions

66(3)    
Subsection (1) does not apply to a change that reduces the obligations of the debtor, or extends the time for payment, under the credit contract. The credit provider must, however, give particulars of any such change before or when the next statement of account is sent to the debtor after the change takes effect.

Criminal penalty: 100 penalty units.

Strict liability offences

66(4)    
Subsections (1), (2) and (3) are offences of strict liability.

Note:

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

Application

66(5)    
This section applies whether or not the change is a change to the terms of the contract.