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

Schedule 4   Caps on costs etc. for credit contracts

National Consumer Credit Protection Act 2009

19   After subsection 114(1) of the National Credit Code

Insert:

(1A) On application being made by a debtor or a guarantor for an order in relation to a small amount credit contract, the maximum penalty that may be imposed by the court for a contravention of a key requirement is an amount not exceeding the sum of the following amounts:

(a) the amount of the permitted establishment fee payable in relation to the contract;

(b) the total amount of the permitted monthly fees payable in relation to the contract based on the term of the contract when it was made.