National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2 - LICENSEES THAT ARE CREDIT PROVIDERS UNDER CREDIT CONTRACTS: GENERAL RULES  

Division 2 - Credit guide of credit providers  

SECTION 126   CREDIT GUIDE OF CREDIT PROVIDERS  
Requirement to give credit guide

126(1)    

A licensee must, as soon as practicable after it becomes apparent to the licensee that it is likely to enter a credit contract with a consumer who will be the debtor under the contract, give the consumer the licensee ' s credit guide in accordance with subsection (2).

Civil penalty: 5,000 penalty units.

126(2)    
The licensee ' s credit guide must:

(a) be in writing; and

(b) be in the form (if any) prescribed by the regulations; and

(c) specify the licensee ' s name and contact details; and

(d) specify the licensee ' s Australian credit licence number; and

(e) give information about the licensee ' s procedure for resolving disputes with a consumer, including contact details for a consumer to access:

(i) the licensee ' s internal dispute resolution procedure; and

(ii) the AFCA scheme; and

(f) give information about the licensee ' s obligations under sections 132 and 133 ; and

(g) comply with any other requirements prescribed by the regulations.

126(3)    
The regulations may prescribe information that need not be included in the credit guide, despite subsection (2).

Manner of giving credit guide

126(4)    
The licensee must give the consumer the licensee ' s credit guide in the manner (if any) prescribed by the regulations.

Strict liability offence

126(5)    
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.

126(6)    
Subsection (5) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .