National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2B - LICENSEES THAT ARE CREDIT PROVIDERS UNDER CREDIT CONTRACTS: ADDITIONAL RULES RELATING TO CREDIT CARD CONTRACTS  

Division 3 - Key Facts Sheets for credit card contract  

SECTION 133BC   APPLICATION FORM FOR CREDIT CARD CONTRACT TO INCLUDE UP-TO-DATE KEY FACTS SHEET  

Requirement

133BC(1)    

If a licensee makes available to consumers an application form that can be used to apply for a credit card contract under which the licensee would be the credit provider, the licensee must ensure that the application form includes a Key Facts Sheet for the contract that contains up-to-date information.

Civil penalty: 5,000 penalty units.

Offence

133BC(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 50 penalty units.

Circumstances in which application form may, for limited period, include out-of-date Key Facts Sheet

133BC(3)    
The regulations may prescribe circumstances in which a licensee may, for a period prescribed by the regulations, make available an application form that includes a Key Facts Sheet containing information that has ceased to be up-to-date.

Note:

If a consumer applies using such an application form, the consumer must be given the up-to-date information: see paragraph 133BD(1)(b) .

133BC(4)    
If a licensee makes available an application form that includes a Key Facts Sheet containing information that has ceased to be up-to-date, it is a defence for the purposes of subsections (1) and (2) if the application form was made available as permitted by regulations made for the purpose of subsection (3).

Note:

For the purpose of subsection (2), a defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code ).