National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-1 - LICENSEES THAT PROVIDE CREDIT ASSISTANCE IN RELATION TO CREDIT CONTRACTS  

Division 7 - Special rules for short-term and small amount credit contracts  

SECTION 124B   LICENSEE WHO MAKES REPRESENTATIONS ABOUT CREDIT ASSISTANCE IN RELATION TO SMALL AMOUNT CREDIT CONTRACTS MUST DISPLAY AND GIVE INFORMATION  

Requirement

124B(1)    
If a licensee represents that the licensee provides, or is able to provide, credit assistance to consumers in relation to small amount credit contracts, the licensee must:

(a)    display information; and

(a)    

give information to consumers;

in accordance with any determination made by ASIC under subsection (2) .

Civil penalty: 5,000 penalty units.

124B(2)    
ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection (1) :

(a)    the information that the licensees must display;

(b)    how the licensees must display the information;

(c)    when the licensees must display the information;

(d)    the information that the licensees must give to consumers;

(e)    how the licensees must give the information to consumers;

(f)    when the licensees must give the information to consumers.

124B(3)    
In making the determination under subsection (2) , ASIC must take into account the risks associated with small amount credit contracts and the alternatives that may be available to consumers.

Offence

124B(4)    
A person commits an offence if:

(a)    the person is subject to a requirement under subsection (1) ; and

(b)    the person engages in conduct; and

(c)    the conduct contravenes the requirement.

Criminal penalty: 50 penalty units.