NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BFB Credit provider not to suggest the consumer not reduce the credit limit
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BFB
Credit provider not to suggest the consumer not reduce the credit limit(a) a consumer who is the debtor under a credit card contract has a credit limit reduction entitlement under the contract; and
(b) the consumer has requested to exercise the entitlement by reducing the credit limit of the contract.
(2) The licensee who is the credit provider under the credit card contract must not do any of the following:
(a) suggest that the consumer apply for an increase to the credit limit of the contract;
(b) suggest that the consumer not reduce the credit limit of the contract;
(c) if the consumer's request is to reduce the credit limit of the contract by a specified amount--suggest that the consumer instead reduce the credit limit by a smaller amount.
Civil penalty: 5,000 penalty units.
(3) A person commits an offence if:
(a) the person is subject to a requirement under subsection (2); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.