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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BFA Credit provider to provide online capacity to request reduction of credit limit

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BFA

Credit provider to provide online capacity to request reduction of credit limit

When this section applies

  (1)   This section applies if a consumer who is the debtor under a credit card contract has a credit limit reduction entitlement under the contract on a day (the online reduction day ).

Requirement

  (2)   The licensee who is the credit provider under the credit card contract must establish and maintain a website that satisfies all of the following paragraphs:

  (a)   the website tells the consumer that the consumer may use the website to request a reduction in the consumer's credit limit;

  (b)   the website:

  (i)   tells the consumer what information the consumer will need to enter in order to request a reduction in the consumer's credit limit; and

  (ii)   provides the consumer with instructions on how to request a reduction in the consumer's credit limit;

  (c)   if the consumer enters the information and follows those instructions, the consumer can use the website to request a reduction in the consumer's credit limit;

  (d)   the website is available on the online reduction day.

Civil penalty:   5,000 penalty units.

Defence

  (3)   For the purposes of subsection   (2), it is a defence if the website is reasonably unavailable on the online reduction day.

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