National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 1 - Ending of credit contract by debtor etc.  

Subdivision A - Paying out contract etc.  

83   Statement of pay out figure  

83(1)    

A credit provider must, at the written request of a debtor or guarantor, provide a written statement of the amount required to pay out a credit contract (other than a continuing credit contract) as at such date as the debtor or guarantor specifies. If so requested, the credit provider must also provide details of the items which make up that amount.

83(2)    
The statement must also contain a statement to the effect that the amount required to pay out the credit contract may change according to the date on which it is paid.

83(3)    

A credit provider must give a statement, complying with this section, within 7 days after the day the request is given to the credit provider.

Criminal penalty: 50 penalty units.

83(4)    
In the case of joint debtors or guarantors, the statement under this section need only be given to a debtor or guarantor who requests the statement and not, despite section 194, to each joint debtor or guarantor.

83(5)    

Subsection (3) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .