National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 6 - PENALTIES FOR DEFAULTS OF CREDIT PROVIDERS AND LESSORS  

Division 1 - Penalties for breach of key disclosure and other requirements  

111   Key requirements  

111(1)    
For the purposes of this Division, a key requirement in connection with a credit contract (other than a continuing credit contract) is any one of the requirements of this Code contained in the following provisions:

(a)    subsection 17(3) ;

(b)    subsection 17(4) ;

(c)    subsection 17(5) ;

(d)    subsection 17(6) ;

(e)    paragraphs 17(8)(a) and (b) - but only in respect of retained credit fees and charges;

(f)    subsection 17(9) ;

(g)    subsection 17(11) ;

(h)    paragraphs 17(15)(a) and (b) ;

(ha)    

subsection 17(15A) ;

(i)    subsection 23(1) - but only at the time the credit contract is entered into;

(ia)    

section 31C ;

(j)    

subsection 32A(1) ;

(k)    

subsection 32AA(2) .

111(2)    
For the purposes of this Division, a key requirement in connection with a continuing credit contract is any one of the requirements of this Code contained in the following provisions:

(a) paragraph 17(3)(b);

(b) subsection 17(4);

(c) subsection 17(5);

(d) paragraphs 17(8)(a) and (b) - but only in respect of retained credit fees and charges;

(e) subsection 17(9);

(ea) subsection 17(15A);

(f) subsection 23(1);

(fa) subsection 32A(1);

(fb) subsection 32AA(2);

(g) subsection 34(6);

(h) section 35.

111(2A)    

For the purposes of this Division, a key requirement in connection with a consumer lease is any one of the requirements of this Code contained in the following provisions:

(a)    subsection 174(1A) ;

(b)    subsection 175AA(1) ;

(c)    subsection 175AA(2) ;

(d)    section 179VA .

111(3)    
A key requirement relating to a disclosure or a statement of account extends to the requirements set out in Part 2 as to the manner in which the disclosure or statement is to be made, but does not extend to any requirements set out in the regulations.