National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 1A - EXTENDING THE APPLICATION OF THIS CODE  

13E   Meaning of low cost credit contract  

13E(1)    
A contract is a low cost credit contract if:

(a)    credit is, or may be, provided under the contract; and

(b)    the contract is:

(i) a buy now pay later contract; or

(ii) a contract prescribed by the regulations for the purposes of this subparagraph; and

(c)    the period during which credit is, or may be, provided under the contract is no longer than the period (if any) prescribed by the regulations for the purposes of this paragraph; and

(d)    the contract satisfies any requirements prescribed by the regulations for the purposes of this paragraph that relate to fees or charges that are, or may be, payable under the contract; and

(e)    the contract satisfies any other requirements prescribed by the regulations for the purposes of this paragraph.

Fees and charges

13E(2)    
To avoid doubt, regulations made for the purposes of paragraph (1)(d) may prescribe that a specified fee or charge, or a fee or charge of a specified kind, must, or must not, be payable under the contract.

13E(3)    
For the purposes of this section, fees or charges:

(a)    include a charge referred to in paragraph (a) of the definition of credit fees and charges in subsection 204(1) ; and

(b)    do not include a fee, charge, duty or expense referred to in paragraph (b), (c) or (d) of that definition.