National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 (5 of 2021)

Schedule 2   Financial hardship and other amendments

Part 2   Related amendments

National Consumer Credit Protection Act 2009

19   Before subsection 67(1) of the National Credit Code

Insert:

Changes merely because financial hardship information exists

(1A) A provision of a continuing credit contract has no effect to the extent that a credit provider purports to rely on the provision to:

(a) refuse to provide any further credit to the debtor; or

(b) reduce the debtor's credit limit;

merely because financial hardship information (within the meaning of the Privacy Act 1988) about the debtor exists.

Credit contracts continue for any credit previously provided