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

4   After subsection 117(1)

Insert:

(1A) If:

(a) the credit contract is a small amount credit contract; and

(b) the consumer holds (whether alone or jointly with another person) an account with an ADI into which income payable to the consumer is credited;

the licensee must, in verifying the consumer's financial situation for the purposes of paragraph 115(1)(d), obtain and consider account statements that cover at least the immediately preceding period of 90 days.

(1B) Subsection (1A) does not limit paragraph (1)(c) of this section.