Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 3   Rationalisation of ending ASIC instruments

Part 5   Notice requirements in the hardship provisions of the National Credit Code

Division 1   Amendments

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

39   After item 5 of Part 2 of Schedule 5

Insert:

5A Sections 72 and 73 of the new Credit Code

Item applies to credit contracts and consumer leases entered into before 1 March 2013

(1) This item applies in relation to a credit provider and a debtor under a credit contract (within the meaning of the new Credit Code):

(a) entered into before 1 March 2013; and

(b) for which the debtor applied to the credit provider in accordance with former subsections 72(1) and (2) of the new Credit Code (as in force before 1 March 2013).

(2) This item also applies in relation to a lessor and a lessee under a consumer lease (within the meaning of the new Credit Code):

(a) entered into before 1 March 2013; and

(b) for which the lessee applied to the lessor in accordance with former subsections 72(1) and (2), and former section 177, of the new Credit Code (as in force before 1 March 2013);

in a corresponding way to the way this item applies to a credit provider and debtor under a credit contract.

Note: Former section 177 of the new Credit Code (as in force before 1 March 2013) has the effect that former sections 72 and 73 of that Code apply to consumer leases in the same way as they apply to credit contracts.

Notice requirements for changes to a credit contract or a consumer lease on grounds of hardship do not apply in certain circumstances

(4) Former subsection 72(3) of the new Credit Code (as in force before 1 March 2013) does not apply if the credit provider and the debtor agree to a change to the credit contract that defers or otherwise reduces the obligations of the debtor under that contract for a period not exceeding 90 days.

(5) Former subsection 73(1) of the new Credit Code (as in force before 1 March 2013) does not apply if the credit provider and the debtor agree to a change to the credit contract that defers or otherwise reduces the obligations of the debtor under that contract for a period not exceeding 90 days.