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

Schedule 5   Consumer leases

National Consumer Credit Protection Act 2009

35   Subsection 204(1) of the National Credit Code

Insert:

on demand facility means a credit contract or mortgage under which:

(a) the total amount outstanding under the contract or mortgage is repayable at any time on demand by the credit provider; and

(b) there is no agreement, arrangement or understanding between the credit provider and the debtor or mortgagor that repayment will only be demanded on the occurrence or non-occurrence of a particular event.