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

2   Subsection 5(1)

Insert:

small amount credit contract : a credit contract is a small amount 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 at least 16 days but not longer than 1 year (or such other number of years as is prescribed by the regulations); and

(e) the debtor's obligations under the contract are not, and will not be, secured; and

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