National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 (84 of 2011)

Schedule 1   Amendments

Part 2   Amendments relating to credit cards

National Consumer Credit Protection Act 2009

22   At the end of Division 3 of Part 2 of the National Credit Code

Add:

30B Regulations about credit card contracts

(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.

(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.

(3) The penalties for offences referred to in paragraph (2)(a) must not be more than 50 penalty units for an individual or 250 penalty units for a body corporate.

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

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