National Consumer Credit Protection Act 2009
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Hide history noteThis Part has rules that apply to licensees that are credit providers under credit card contracts. It applies in addition to the general rules in Part 3-2 .
Division 2 defines key concepts used in this Part (including credit card contract and credit card).
Division 3 imposes requirements aimed at ensuring a consumer obtains a Key Facts Sheet before entering into a credit card contract.
Division 4 imposes restrictions on a licensee making offers etc. to increase the credit limit of a credit card contract, and imposes requirements aimed at ensuring the consumer can reduce the credit limit of a credit card contract.
Division 5 provides for consumers to be notified if a credit card is used in excess of its credit limit, and restricts the charging of fees etc. for use of a credit card in excess of its credit limit.
Division 6 imposes requirements relating to the order of application of payments made under credit card contracts. Generally, a payment must be applied against higher interest rate debts first.
Division 7 imposes requirements relating to application of interest charges under credit card contracts.
Division 8 imposes requirements aimed at ensuring the consumer can terminate a credit card contract.
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