National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 6 - PENALTIES FOR DEFAULTS OF CREDIT PROVIDERS AND LESSORS
View history note
Hide history noteOn application being made by a debtor or a guarantor for an order in relation to a credit contract other than a small amount credit contract, the maximum penalty that may be imposed by the court for a contravention of a key requirement is an amount not exceeding the amount of:
(a) except as provided by paragraphs (b) and (c) - all interest charges payable under the contract from the date it was made; or
(b) in the case of a contravention of a key requirement relating to a statement of account of a continuing credit contract - all interest charges payable under the contract for the period to which the statement of account relates; or
(c) in the case of a contravention of a key requirement relating to prohibited monetary obligations - all interest charges accruing under the contract from the date the contravention occurred.
114(1A)
On application being made by a debtor or a guarantor for an order in relation to a small amount credit contract, the maximum penalty that may be imposed by the court for a contravention of a key requirement is an amount not exceeding the sum of the following amounts:
(a) the amount of the permitted establishment fee payable in relation to the contract;
(b) the total amount of the permitted monthly fees payable in relation to the contract based on the term of the contract when it was made.
114(2)
The court may, however, impose a greater penalty if the debtor or guarantor satisfies the court that the debtor has suffered a loss. The amount of the penalty is to be not less than the amount of the loss.
114(3)
For the purposes of paragraph (1)(a), the amount of future interest charges payable under a credit contract is to be calculated on the assumptions in sections 180 and 182.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
