National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-4 - LICENSEES THAT ARE LESSORS UNDER CONSUMER LEASES  

Division 3 - Obligation to assess unsuitability  

SECTION 151  

151   OBLIGATION TO ASSESS UNSUITABILITY  

A licensee must not:

(a) enter a consumer lease with a consumer who will be the lessee under the lease; or

(b) make an unconditional representation to a consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;

on a day (the lease day ) unless the licensee has, within 90 days (or other period prescribed by the regulations) before the lease day:

(c) made an assessment that:

(i) is in accordance with section 152 ; and

(ii) covers a period in which the lease day occurs; and

(d) made the inquiries and verification in accordance with section 153 .

Civil penalty: 5,000 penalty units.