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

Schedule 5   Consumer leases

National Consumer Credit Protection Act 2009

29   Subsection 204(1) of the National Credit Code

Insert:

direct debit , in relation to the payment of an amount, means the debiting of an amount against an account with a financial institution that is processed through the Bulk Electronic Clearing System, as specified and authorised in writing by:

(a) in relation to the payment by a debtor of an amount for a credit contract - the debtor; and

(b) in relation to the payment by a lessee of an amount for a consumer lease - the lessee.