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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BC Application form for credit card contract to include up - to - date Key Facts Sheet

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BC

Application form for credit card contract to include up - to - date Key Facts Sheet

Requirement

  (1)   If a licensee makes available to consumers an application form that can be used to apply for a credit card contract under which the licensee would be the credit provider, the licensee must ensure that the application form includes a Key Facts Sheet for the contract that contains up - to - date information.

Civil penalty:   5,000 penalty units.

Offence

  (2)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   50 penalty units.

Circumstances in which application form may, for limited period, include out - of - date Key Facts Sheet

  (3)   The regulations may prescribe circumstances in which a licensee may, for a period prescribed by the regulations, make available an application form that includes a Key Facts Sheet containing information that has ceased to be up - to - date.

Note:   If a consumer applies using such an application form, the consumer must be given the up - to - date information: see paragraph   133BD(1)(b).

  (4)   If a licensee makes available an application form that includes a Key Facts Sheet containing information that has ceased to be up - to - date, it is a defence for the purposes of subsections   (1) and (2) if the application form was made available as permitted by regulations made for the purpose of subsection   (3).

Note:   For the purpose of subsection   (2), a defendant bears an evidential burden in relation to the matter in this subsection   (see subsection   13.3(3) of the Criminal Code ).

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