National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-1 - LICENSEES THAT PROVIDE CREDIT ASSISTANCE IN RELATION TO CREDIT CONTRACTS  

Division 4 - Obligations of credit assistance providers before providing credit assistance for credit contracts  

SECTION 116   PRELIMINARY ASSESSMENT OF UNSUITABILITY OF THE CREDIT CONTRACT  

116(1)   [ Preliminary assessment for para 115(1)(c)]  

For the purposes of paragraph 115(1)(c), the licensee must make a preliminary assessment that:


(a) specifies the period the assessment covers; and


(b) assesses whether the credit contract will be unsuitable for the consumer if the contract is entered or the credit limit is increased in that period.

116(2)   [ Preliminary assessment for para 115(2)(a)]  

For the purposes of paragraph 115(2)(a), the licensee must make a preliminary assessment that:


(a) specifies the period the assessment covers; and


(b) assesses whether the credit contract will be unsuitable for the consumer if the consumer remains in the contract in that period.

Note:

The licensee is not required to make a preliminary assessment under this section if the credit assistance is not provided.

 

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