National Consumer Credit Protection Amendment (Financial Sector Reform) Regulations 2023 (F2023L00540)

Schedule 1   Amendments

Part 1   Main amendments

National Consumer Credit Protection Regulations 2010

11   After regulation 104

Insert:

104A Disclosure of information in consumer leases for household goods

(1) For the purposes of paragraph 174(1A)(c) of the Code, other information a consumer lease for household goods must contain is as follows:

(a) an itemised list of each fee or charge (including any applicable taxes and any add-on fees) that forms part of the total amount payable by the lessee in connection with the consumer lease;

(b) for a consumer lease for a fixed term - sufficient information to enable the lessee to determine the amount of any fee or charge payable by the lessee to terminate the lease before the end of the fixed term;

(c) for a consumer lease for an indefinite period - sufficient information to enable the lessee to determine the amount of any fee or charge payable by the lessee to terminate the lease;

(d) in relation to the base price of goods hired under the consumer lease, as stated in the consumer lease:

(i) a statement specifying whether that base price is the agreed price of the goods, the amount under subregulation 105AA(3) or the amount under subregulation 105AA(4); and

(ii) if that base price is the amount under subregulation 105AA(3) - a statement specifying which of the amounts referred to in that subregulation is stated in the lease as the base price; and

(iii) if that base price is the amount under subregulation 105AA(4) - a statement specifying which of the amounts referred to in that subregulation is stated in the lease as the base price;

(e) the brand name (if any) and model number (if any) of goods hired under the lease, to the extent that it is reasonably practicable for the lessor to determine that information.

(2) For the purposes of paragraph (1)(a), and to avoid doubt, the total amount payable by the lessee in connection with the consumer lease includes the amounts of any fees or charges, or enforcement expenses, that are:

(a) of a kind referred to in subsection 175AA(4) of the Code; and

(b) payable by the lessee in connection with the lease.