Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)
Schedule 3 Amendment of the National Consumer Credit Protection Act 2009
Part 1 Amendments of the infrastructure provisions for civil penalties, offences and infringement notices
National Consumer Credit Protection Act 2009
28 Subsection 39B(1) of the National Credit Code
Repeal the subsection, substitute:
(1) If there is a default in payment under a small amount credit contract, the credit provider in relation to the contract must not (whether by repayments under the contract or otherwise) recover more than twice the adjusted credit amount in relation to the contract.
Civil penalty: 5,000 penalty units.
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