Financial Sector Reform Act 2022 (87 of 2022)

Schedule 4   Consumer credit reforms

Part 2   Consumer leases

National Consumer Credit Protection Act 2009

49   After subsection 174(1) of the National Credit Code

Insert:

(1A) A consumer lease for household goods must also contain:

(a) the base price of the goods hired under the consumer lease; and

(b) the difference between:

(i) the base price of the goods hired under the lease; and

(ii) the total amount payable by the lessee in connection with the lease (including any applicable taxes and any add-on fees, but not including an amount described in subsection 175AA(4)); and

(c) any other information required by the regulations.

Note: A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.