National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2C - LICENSEES THAT ARE CREDIT PROVIDERS UNDER CREDIT CONTRACTS: ADDITIONAL RULES RELATING TO SHORT-TERM AND SMALL AMOUNT CREDIT CONTRACTS  

Division 2 - Short-term and small amount credit contracts  

SECTION 133CB   LICENSEE WHO MAKES REPRESENTATIONS IN RELATION TO SMALL AMOUNT CREDIT CONTRACTS MUST DISPLAY AND GIVE INFORMATION  

Requirement

133CB(1)    
If a licensee represents that the licensee enters into, or is able to enter into, small amount credit contracts with consumers under which the licensee would be the credit provider, the licensee must:

(a)    display information; and

(b)    

give information to consumers;

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

Civil penalty: 5,000 penalty units.

133CB(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.

133CB(3)    
In making a 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

133CB(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.