National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 2 - CREDIT CONTRACTS  

Division 3 - Interest charges  

30B   Regulations about credit card contracts  

30B(1)    
The regulations may make provision in relation to any of the following matters relating to interest charges under credit card contracts:

(a) the day from which a daily percentage rate may be applied, and the balance (or the part of a balance) to which it may be applied;

(b) how matters relating to interest charges may be described in:

(i) credit card contracts; and

(ii) other documents or advertisements published or broadcast by or on behalf of licensees who are credit providers under credit card contracts.

30B(2)    
Regulations made for the purpose of subsection (1) may:

(a) provide for offences against the regulations; and

(b) provide for civil penalties for contraventions of the regulations.

30B(3)    

The penalties for offences referred to in paragraph (2)(a) must not be more than 50 penalty units for an individual or 500 penalty units for a body corporate.

30B(4)    

The civil penalty for a contravention of a regulation made for the purposes of subsection (1) by an individual is 5,000 penalty units. However, section 167B of the National Credit Act applies in the same way as it would apply if the regulation contravened were a civil penalty provision under that Act.

30B(5)    
This Division has effect subject to regulations made for the purpose of subsection (1).