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 5A - Additional rules relating to small amount credit contracts  

39B   Limit on amount that may be recovered if there is default under a small amount credit contract  

39B(1)    

If there is a default in payment under a small amount credit contract, the credit provider in relation to the contract must not (whether by repayments under the contract or otherwise) recover more than twice the adjusted credit amount in relation to the contract.

Civil penalty: 5,000 penalty units.

39B(2)    
Any provision of the small amount credit contract that confers a greater right is void to the extent that it does so. If an amount is in fact recovered in excess of this limitation, it may be recovered back.

39B(3)    
This section does not apply to enforcement expenses.