Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (138 of 2024)

Schedule 2   Buy now, pay later

Part 2   Responsible lending conduct

National Consumer Credit Protection Act 2009

18   Application provision - Part 3-2BA of the Act

Elections

(1) A licensee may, under subsection 133BXA(1) of the National Consumer Credit Protection Act 2009 (the Act ), make an election that covers a low cost credit contract whether the contract was entered into before, on or after the time (the commencement time ) when this Part commences.

When inquiries etc. must be made

(2) Section 133BXB of the Act applies for the purposes of applying section 128 of the Act in relation to conduct mentioned in paragraph 128(a), (aa), (b) or (ba) of the Act that occurs on or after the commencement time.

(3) To avoid doubt, a period of 90 days mentioned in paragraph 133BXB(b) of the Act may start before, on or after the commencement time.

When inquiries etc. are reasonable

(4) Section 133BXC of the Act applies in relation to:

(a) conduct mentioned in paragraph 133BXC(1)(a) or (b) of the Act that occurs on or after the commencement time; and

(b) determining whether a licensee has done a thing mentioned in paragraph 133BXC(2)(a), (b) or (c) of the Act, whether that thing is done before, on or after the commencement time.

Assessments etc. in relation to larger contracts

(5) Subsection 133BXD(2) of the Act applies in relation to entering a low cost credit contract if:

(a) the contract is entered on or after the commencement time; and

(b) the assessment, and the inquiries and verification, mentioned in that subsection are made on or after the commencement time.

(6) Subsections 133BXD(3) to (6) of the Act apply:

(a) in relation to entering a low cost credit contract, as mentioned in paragraph 133BXD(3)(a) of the Act, if:

(i) the contract is entered on or after the commencement time; and

(ii) the assessment, and the inquiries and verification, mentioned in that paragraph are made on or after the commencement time; and

(b) in relation to an increase to the credit limit of a low cost credit contract, as mentioned in subsection 133BXD(4) of the Act, if the increase occurs on or after the commencement time.

Presumptions

(7) Section 133BXE of the Act applies in relation to assessments mentioned in subsection 131(1) of the Act that are made on or after the commencement time.

(8) Section 133BXF of the Act applies in relation to conduct mentioned in paragraph 133(1)(a) or (b) of the Act that occurs on or after the commencement time.