Consumer Credit Legislation Amendment (Enhancements) Act 2012 (130 of 2012)

Schedule 1   Enhancements

Part 3   Representations about eligibility to enter credit contracts, consumer leases etc. without assessing unsuitability

National Consumer Credit Protection Act 2009

19   Section 151

Repeal the section, substitute:

151 Obligation to assess unsuitability

A licensee must not:

(a) enter a consumer lease with a consumer who will be the lessee under the lease; or

(b) make an unconditional representation to a consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;

on a day (the lease day ) unless the licensee has, within 90 days (or other period prescribed by the regulations) before the lease day:

(c) made an assessment that:

(i) is in accordance with section 152; and

(ii) covers a period in which the lease day occurs; and

(d) made the inquiries and verification in accordance with section 130.

Civil penalty: 2,000 penalty units.