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

Schedule 3   Short-term and small amount credit contracts

National Consumer Credit Protection Act 2009

1   Subsection 5(1)

Insert:

short-term credit contract : a credit contract is a short-term credit contract if:

(a) the contract is not a continuing credit contract; and

(b) the credit provider under the contract is not an ADI; and

(c) the credit limit of the contract is $2,000 (or such other amount as is prescribed by the regulations) or less; and

(d) the term of the contract is 15 days or less; and

(e) the contract meets any other requirements prescribed by the regulations.