Treasury Laws Amendment (Banking Measures No. 1) Act 2018 (9 of 2018)

Schedule 5   Credit card reforms

Part 1   When a credit card contract, or a credit limit increase, is unsuitable

National Consumer Credit Protection Act 2009

8   At the end of Part 3-6A

Add:

Division 5 - Periods for determining unsuitability in respect of credit card contracts

160F Periods for determining unsuitability in respect of credit card contracts

(1) ASIC may, by legislative instrument, determine a period for the purposes of the following provisions:

(a) paragraph 118(3AA)(b);

(b) paragraph 119(3A)(b);

(c) paragraph 123(3AA)(b);

(d) paragraph 124(3A)(b);

(e) paragraph 131(3AA)(b);

(f) paragraph 133(3AA)(b).

(2) Without limiting subsection (1), a legislative instrument referred to in that subsection may determine different periods in relation to the following:

(a) different classes of credit card contracts;

(b) different credit limits;

(c) different rates of interest.