Financial Sector Reform Act 2022 (87 of 2022)

Schedule 4   Consumer credit reforms

Part 2   Consumer leases

National Consumer Credit Protection Act 2009

32   Subsection 113(3) of the National Credit Code

Repeal the subsection, substitute:

Prudential standing

(3) The court, in considering the imposition of a penalty, must have regard primarily to the prudential standing of:

(a) any credit provider or lessor concerned; or

(b) any subsidiary of the credit provider or lessor (within the meaning of the Corporations Act 2001);

if the credit provider, lessor or subsidiary takes deposits or is a borrowing corporation (within the meaning of that Act). However, the court is to have regard to that prudential standing only if the credit provider or lessor requests the court to do so.