National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 10 - COMPARISON RATES  

Division 2 - Comparison rate in credit advertising  

164   Other requirements for comparison rate  

164(1)    
A comparison rate in any credit advertisement must be identified as a comparison rate.

164(2)    
A comparison rate in any credit advertisement must not be less prominent than:


(a) any annual percentage rate stated in the advertisement; and


(b) the amount of any repayment stated in the advertisement.

164(3)    
The following applies to credit advertisements on television, the internet or other electronic display medium:


(a) if the annual percentage rate is in spoken form and not displayed on the screen in text, the comparison rate must also be in spoken form;


(b) if the annual percentage rate is displayed on the screen in text, the comparison rate must also be displayed on the screen in text and may be in spoken form;


(c) if the comparison rate is in spoken form, the warning and other information may be either in spoken form or displayed on the screen in text;


(d) if the comparison rate is displayed on the screen in text, the warning and other information must also be displayed on the screen in text.

 

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