NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BT Credit provider not to enter into credit card contract unless it allows for termination of contracts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BT

Requirement

  (1)   A licensee must not enter into, or offer to enter into, a credit card contract under which the licensee would be the credit provider, if the consumer who would be the debtor under the contract would not have a credit card termination entitlement under the contract.

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.

Meaning of credit card termination entitlement

  (3)   A consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract if the consumer is entitled, under the contract, to terminate the credit card contract.