Financial Sector Reform Act 2022 (87 of 2022)

Schedule 4   Consumer credit reforms

Part 1   Small amount credit contracts

National Consumer Credit Protection Act 2009

13   At the end of section 133CC

Add:

Loss of certain fees and charges

(3) If a licensee enters into a small amount credit contract in contravention of subsection (1), then:

(a) the consumer is not liable (and is taken never to have been liable) to pay a fee or charge of a kind mentioned in paragraph 31A(1)(a), (b), (c) or (d) of the National Credit Code under that small amount credit contract (whether or not the liability is imposed consistently with the National Credit Code); and

(b) the consumer may recover as a debt due to the consumer any amounts paid by the consumer that, in accordance with paragraph (a) of this subsection, the consumer is not liable to pay (or is taken never to have been liable to pay).