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

2   Section 111 (paragraph beginning "Division 7")

Repeal the paragraph, substitute:

Division 7 prohibits a licensee from providing credit assistance to a consumer in relation to short-term credit contracts, and imposes requirements on a licensee who makes representations about providing credit assistance in relation to small amount credit contracts. It also imposes requirements in relation to recording the preliminary assessment that a small amount credit contract is not unsuitable.