Financial Sector Reform Act 2022 (87 of 2022)

Schedule 4   Consumer credit reforms

Part 2   Consumer leases

National Consumer Credit Protection Act 2009

54   Subsection 204(1) of the National Credit Code

Insert:

add-on fee : see subsection 175AA(3).

base price : see subsection 175AA(6).

consumer lease for household goods means a consumer lease to which Part 11 applies where any of the goods hired under the lease are household goods, but does not include a consumer lease where the goods hired under the lease include:

(a) motor vehicles; or

(b) vehicles that:

(i) are not for use on a road; and

(ii) are of a kind intended primarily for use by persons with restricted mobility; or

(c) goods that are ordinarily used for accommodation (either permanently or temporarily).

credit assistance has the same meaning as in section 8 of the National Credit Act.

household goods means goods of a kind ordinarily acquired for domestic or household purposes.