National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 9 - ADVERTISING AND RELATED CONDUCT  

153   Interest rates which may be disclosed  

153(1)    
A person must not disclose an interest rate:


(a) in an advertisement that states or implies that credit is available; or


(b) to a debtor before the debtor enters into a credit contract;

unless the interest rate is expressed as a nominal percentage rate per annum or is the comparison rate calculated as prescribed by the regulations and accompanied by the warnings set out in the regulations.

Criminal penalty: 100 penalty units.


153(2)    
Subsection (1) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .

 

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