National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-3 - LICENSEES THAT PROVIDE CREDIT ASSISTANCE IN RELATION TO CONSUMER LEASES  

Division 7 - Special rules for consumer leases for household goods  

SECTION 147A   LICENSEE WHO MAKES REPRESENTATIONS ABOUT CREDIT ASSISTANCE IN RELATION TO CONSUMER LEASES FOR HOUSEHOLD GOODS MUST DISPLAY AND GIVE INFORMATION  

Requirement

147A(1)    
If a licensee represents that the licensee provides, or is able to provide, credit assistance to consumers in relation to consumer leases for household goods, the licensee must:

(a)    display information; and

(b)    give information to consumers;

in accordance with any determination made by ASIC under subsection (2) .

Civil penalty: 5,000 penalty units.

147A(2)    
ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection (1) :

(a)    the information that the licensees must display;

(b)    how the licensees must display the information;

(c)    when the licensees must display the information;

(d)    the information that the licensees must give to consumers;

(e)    how the licensees must give the information to consumers;

(f)    when the licensees must give the information to consumers.

147A(3)    
In making a determination under subsection (2) , ASIC must take into account the risks associated with consumer leases for household goods and the alternatives that may be available to consumers.

Offence

147A(4)    
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.