Consumer Credit Legislation Amendment (Enhancements) Act 2012 (130 of 2012)

Schedule 1   Enhancements

Part 1   Protection of debtor in cases of hardship

National Consumer Credit Protection Act 2009

4   Subsection 74(2) of the National Credit Code

Repeal the subsection, substitute:

(2) The court may, after allowing the applicant, the credit provider and any guarantor a reasonable opportunity to be heard:

(a) by order change the credit contract (but not so as to reduce the amount ultimately payable by the debtor to the credit provider under the contract), and make such other orders as it thinks fit; or

(b) refuse to change the credit contract.