National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
If the annual percentage rate under a credit contract is currently fixed for a specified term (including the whole term) of the contract, the contract cannot be changed unilaterally by a credit provider so as to increase, or change the method of calculation of a fee or charge so as to increase, a fee or charge:
(a) payable by the debtor on early termination of the credit contract; or
(b) payable on prepayment of an amount under the credit contract.
70(2)
The regulations may prescribe circumstances in which such a change is permitted.
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 70 Prohibited increases in liabilities 70(1)If the annual percentage rate under a credit contract is currently fixed for a specified term (including the whole term) of the contract, the contract cannot be changed unilaterally by a credit provider so as to increase, or change the method of calculation of a fee or charge so as to increase, a fee or charge:
(a) payable by the debtor on early termination of the credit contract; or
(b) payable on prepayment of an amount under the credit contract.
70(2)
The regulations may prescribe circumstances in which such a change is permitted.
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