NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CA Prohibition on entering, or increasing the credit limit of, short - term credit contracts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CA

Prohibition

  (1)   A licensee must not:

  (a)   enter a short - term credit contract with a consumer who will be the debtor under the contract; or

  (b)   increase the credit limit of a short - term credit contract with a consumer who is the debtor 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.