NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 322 Enforcement of undertakings
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 322
Enforcement of undertakings(1) ASIC may accept a written undertaking given by a person in connection with a matter in relation to which ASIC has a function or power under the Commonwealth credit legislation.
(2) The person may withdraw or vary the undertaking at any time, but only with ASIC's consent.
(3) If ASIC considers that the person who gave the undertaking has breached any of its terms, ASIC may apply to the court for an order under subsection (4).
(4) If the court is satisfied that the person has breached a term of the undertaking, the court may make all or any of the following orders:
(a) an order directing the person to comply with that term of the undertaking;
(b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach;
(c) any order that the court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;
(d) any other order that the court considers appropriate.
This Part is about the terms that are defined in this Act (other than the National Credit Code). (For the terms that are defined in the National Credit Code, see section 204 of that Code.)
Division 2 has the Dictionary (see section 5). The Dictionary is a list of every term that is defined in this Act (other than the National Credit Code). A term will either be defined in the Dictionary itself, or in another provision of this Act. If another provision defines the term, the Dictionary will have a signpost to that definition.
Division 3 has definitions relating to the meaning of credit activity.
Division 4 has some other definitions that apply across this Act (other than the National Credit Code).
This Part deals with the application of this Act and the Transitional Act.
Division 2 is about the constitutional basis and geographical application of those Acts. It also deals with the application of those Acts to the Crown.
Division 3 deals with the interaction between those Acts and laws of the States and Territories.
This Part is about the licensing of persons to engage in credit activities. In general, a person cannot engage in a credit activity if the person does not hold an Australian credit licence.
Division 2 prohibits a person from engaging in credit activities without an Australian credit licence. However, the prohibition does not apply to employees and directors of licensees or related bodies corporate of licensees, or to credit representatives of licensees.
Division 3 deals with other prohibitions relating to the requirement to be licensed and to credit activities. These prohibitions relate to holding out and advertising, conducting business with unlicensed persons, and charging fees for unlicensed conduct.
This Part is about Australian credit licences.
Division 2 explains what an Australian credit licence is and the credit activities that are authorised by it.
Division 3 is about how to get an Australian credit licence, including how to apply for it and when ASIC may grant or refuse to grant it.
Division 4 is about the conditions that may be imposed on an Australian credit licence.
Division 5 is about conduct obligations of licensees.
Division 6 is about the suspension, cancellation or variation of an Australian credit licence.
This Part is about credit representatives of licensees (which are a particular type of representative of licensees). A person who is authorised as a credit representative of a licensee does not need to hold an Australian credit licence when engaging in credit activities on behalf of the licensee.
This Part also deals with information that ASIC may give to licensees about their representatives (such as their employees, directors and credit representatives, and persons who act on their behalf), and the liability of licensees for their representatives.
Division 2 deals with how a credit representative may be authorised to engage in credit activities on behalf of a licensee. It also deals with certain obligations of licensees in relation to the authorisation of their credit representatives.
Division 3 deals with information about representatives that ASIC may give to a licensee and the use of that information.
Division 4 deals with the liability of licensees for the conduct of their representatives.
This Part is about banning or disqualifying persons from:
(a) engaging in credit activities; or
(b) controlling others who engage in credit activities; or
(c) performing some or any functions involved in others engaging in credit activities.
The bans are orders made by ASIC under Division 2.
The disqualifications are orders made by the court under Division 3.
This Part is about financial records, trust accounts and matters relating to audit reports required under this Act.
Division 2 deals with the requirement for licensees to keep certain financial records, and provides for how those records must be kept.
Division 3 deals with trust accounts. Licensees that provide credit services and that receive money on behalf of others in the course of those services are required to maintain a trust account. Those licensees must also comply with requirements in relation to trust account money, trust account statements and trust account audit reports.
Division 4 has requirements relating to audit reports required by this Act, and the auditors that prepare those reports.
This Part is about exemptions from, and modifications of, the provisions of this Chapter.
Division 2 deals with how exemptions and modifications may be made by ASIC or by the regulations.
This Part has rules that apply to licensees that provide credit assistance in relation to credit contracts. These rules are aimed at better informing consumers and preventing them from being in unsuitable credit contracts. However, these rules do not apply to a licensee that will be the credit provider under the credit contract.
Division 2 requires a licensee to give its credit guide to a consumer. The credit guide has information about the licensee and some of the licensee's obligations under this Act.
Division 3 requires a licensee to give a quote before providing credit assistance to a consumer. The quote must set out the maximum amount the consumer will be required to pay to the licensee. The licensee must not charge more than that amount.
Division 4 requires a licensee, before providing credit assistance to a consumer in relation to a credit contract, to make a preliminary assessment as to whether the contract will be unsuitable for the consumer. To do this, the licensee must make inquiries and verifications about the consumer's requirements, objectives and financial situation. The licensee must give the consumer a copy of the assessment if requested.
Division 5 requires a licensee, when providing credit assistance to a consumer in relation to a credit contract, to give the consumer a document that discloses certain information (for example, the indirect remuneration the licensee is likely to receive).
Division 6 prohibits a licensee from providing credit assistance to a consumer in relation to a credit contract if the contract will be unsuitable for the consumer.
Division 7 prohibits a licensee from providing credit assistance to a consumer in relation to short - term credit contracts, and imposes requirements on a licensee who makes representations about providing credit assistance in relation to small amount credit contracts. It also imposes requirements in relation to recording the preliminary assessment that a small amount credit contract is not unsuitable.
This Part has rules that apply to licensees that are credit providers. These rules are aimed at better informing consumers and preventing them from being in unsuitable credit contracts.
Division 2 requires a licensee to give its credit guide to a consumer. The credit guide has information about the licensee and some of the licensee's obligations under this Act.
Division 3 requires a licensee, before doing particular things (such as entering a credit contract), to make an assessment as to whether the contract will be unsuitable. To do this, the licensee must make inquiries and verifications about the consumer's requirements, objectives and financial situation. The licensee must give the consumer a copy of the assessment if requested.
Division 4 prohibits a licensee from entering or increasing the credit limit of a credit contract that is unsuitable for a consumer.
This Part has rules that apply to licensees that are credit providers under standard home loans. It applies in addition to the general rules in Part 3 - 2.
Division 2 imposes requirements aimed at ensuring a consumer can obtain a Key Facts Sheet for a standard home loan.
This Part has rules that apply to licensees that are credit providers under credit card contracts. It applies in addition to the general rules in Part 3 - 2.
Division 2 defines key concepts used in this Part (including credit card contract and credit card).
Division 3 imposes requirements aimed at ensuring a consumer obtains a Key Facts Sheet before entering into a credit card contract.
Division 4 imposes restrictions on a licensee making offers etc. to increase the credit limit of a credit card contract, and imposes requirements aimed at ensuring the consumer can reduce the credit limit of a credit card contract.
Division 5 provides for consumers to be notified if a credit card is used in excess of its credit limit, and restricts the charging of fees etc. for use of a credit card in excess of its credit limit.
Division 6 imposes requirements relating to the order of application of payments made under credit card contracts. Generally, a payment must be applied against higher interest rate debts first.
Division 7 imposes requirements relating to application of interest charges under credit card contracts.
Division 8 imposes requirements aimed at ensuring the consumer can terminate a credit card contract.
This Part has rules that apply to licensees who are, or are to be, credit providers under short - term credit contracts and small amount credit contracts. It applies in addition to the general rules in Part 3 - 2.
Division 2 prohibits a licensee from entering into, or increasing the credit limit of, short - term credit contracts. It also imposes requirements on a licensee who makes representations about entering into small amount credit contracts and prohibits a licensee from entering into, or offering to enter into, small amount credit contracts in certain circumstances. Division 2 imposes requirements in relation to recording the assessment that a small amount credit contract is not unsuitable and prohibits a licensee from making certain unsolicited communications in relation to small amount credit contracts. It also provides that the consumer is not liable to pay certain fees and charges under small amount credit contracts in certain circumstances.
This Part has rules that apply to licensees that are large ADIs or are of a prescribed kind.
Each licensee must supply certain information to eligible credit reporting bodies about all of the open credit accounts held with the licensee or with other members of the licensee's corporate group.
Each licensee must then supply updated information to those credit reporting bodies on an ongoing basis.
Conditions may need to be met before the credit reporting bodies who are supplied with this information can further disclose this information to credit providers.
This Part applies in addition to the Privacy Act 1988 .
This Part has rules that apply to licensees that provide credit services or are credit providers.
Before providing credit assistance, or entering into a credit contract, for a reverse mortgage, licensees must provide projections of the debtor's equity in the property that may be covered by the reverse mortgage.
Licensees must also make reverse mortgage information statements available on their websites and on request.
Licensees must not inaccurately use terms like "reverse mortgage" in making representations about credit contracts and mortgages.
This Part has rules that apply to licensees that provide credit assistance in relation to consumer leases. These rules are aimed at better informing consumers and preventing them from being in unsuitable consumer leases. However, these rules do not apply to a licensee that will be the lessor under the consumer lease.
Division 2 requires a licensee to give its credit guide to a consumer. The credit guide has information about the licensee and some of the licensee's obligations under this Act.
Division 3 requires a licensee to give a quote before providing credit assistance to a consumer. The quote must set out the maximum amount the consumer will be required to pay to the licensee. The licensee must not charge more than that amount.
Division 4 requires a licensee, before providing credit assistance to a consumer in relation to a consumer lease, to make a preliminary assessment as to whether the lease will be unsuitable for the consumer. To do this, the licensee must make inquiries and verifications about the consumer's requirements, objectives and financial situation. The licensee must give the consumer a copy of the assessment if requested.
Division 5 requires a licensee, when providing credit assistance to a consumer in relation to a consumer lease, to give the consumer a document that discloses certain information (for example, the indirect remuneration the licensee is likely to receive).
Division 6 prohibits a licensee from providing credit assistance to a consumer in relation to a consumer lease if the lease will be unsuitable for the consumer.
Division 7 imposes requirements on a licensee who makes representations about providing credit assistance in relation to consumer leases for household goods. It also imposes requirements in relation to recording the preliminary assessment that a consumer lease is not unsuitable.
This Part has rules that apply to licensees that are lessors. These rules are aimed at better informing consumers and preventing them from being in unsuitable consumer leases.
Division 2 requires a licensee to give its credit guide to a consumer. The credit guide has information about the licensee and some of the licensee's obligations under this Act.
Division 3 requires a licensee, before doing particular things (such as entering a consumer lease), to make an assessment as to whether the lease will be unsuitable. To do this, the licensee must make inquiries and verifications about the consumer's requirements, objectives and financial situation. The licensee must give the consumer a copy of the assessment if requested.
Division 4 prohibits a licensee from entering a consumer lease that is unsuitable for a consumer.
Division 5 prohibits a licensee from entering into, or offering to enter into, a consumer lease for household goods in certain circumstances and imposes requirements on a licensee who makes representations about consumer leases for household goods. It also imposes requirements in relation to recording an assessment that a consumer lease is not unsuitable.
This Part has rules that apply to credit representatives when they act on behalf of a licensee under Part 3 - 1, 3 - 2, 3 - 3 or 3 - 4. These rules are aimed at better informing consumers.
Division 2 requires a credit representative to give its credit guide to a consumer. The credit guide has information about the credit representative.
This Part imposes obligations on mortgage brokers and mortgage intermediaries.
Mortgage brokers must act in the best interests of consumers when providing credit assistance in relation to credit contracts.
Where there is a conflict of interest, mortgage brokers must give priority to consumers in providing credit assistance in relation to credit contracts.
Mortgage brokers and mortgage intermediaries must not accept conflicted remuneration.
Employers, credit providers and mortgage intermediaries must not give conflicted remuneration to mortgage brokers or mortgage intermediaries.
The circumstances in which these bans on conflicted remuneration apply are to be set out in the regulations.
This Part has rules that apply to a person who is authorised to collect payments under a credit contract or consumer lease from a debtor or lessee. These rules are aimed at better informing consumers.
Division 2 requires the person to give the person's credit guide to the consumer. The credit guide has information about the person.
This Part has a number of miscellaneous rules that require responsible lending conduct when engaging in credit activities or particular types of credit activities. Some of these rules apply to a person even if the person is not required to be licensed.
Division 2 prohibits licensees from making particular representations when providing a credit service to a consumer.
Division 2A restricts the use and disclosure of certain documents and information.
Division 3 prohibits a person (whether licensed or not) from giving false or misleading information in the course of engaging in a credit activity.
Division 4 may require a credit provider or lessor (whether licensed or not) to give notice when, and in some cases before, giving an employer of a debtor or lessee an authorisation by the debtor or lessee to make deductions from amounts payable by the employer to the debtor or lessee.
Division 5 provides that ASIC may determine periods for the purpose of determining the unsuitability of credit card contracts.
Division 6 prohibits licensees that carry on a business of providing credit under small amount credit contracts from making certain kinds of referrals (called proscribed referrals) in certain circumstances.
This Part is about exemptions from, and modifications of, the provisions of this Chapter.
Division 2 deals with how exemptions and modifications may be made by ASIC or by the regulations.
This Part is about civil penalty provisions. Civil penalty provisions impose obligations on certain persons. Civil remedies may be sought in relation to contraventions of these provisions.
Division 2 authorises the court to make a declaration that a person has contravened a civil penalty provision and order the person to pay a pecuniary penalty. Only ASIC may apply to the court for the declaration or order.
Division 3 has general provisions relating to civil penalty provisions, including rules about evidence and procedure.
This Part is about the remedies the court may grant.
Division 2 authorises the court to grant a range of remedies, including injunctions, compensation orders and other orders against those who engage in credit activities unlawfully.
This Part is about court jurisdiction and procedure.
Division 2 deals with civil proceedings. It confers jurisdiction on the Federal Court, the Federal Circuit and Family Court of Australia (Division 2) and State and Territory courts, subject to specified limits. It also contains rules about the transfer of civil proceedings between courts and other matters (such as when proceedings may be dealt with as small claims proceedings and when adverse cost orders can be made).
Division 3 deals with criminal proceedings. It confers criminal jurisdiction on the State and Territory courts and sets out the laws that are to be applied in relation to criminal proceedings.
Division 4 contains rules about proceedings generally (such as ASIC's power to intervene in proceedings and the power of courts to punish for contempt).
This Part provides for the Registrar's role under this Act.
The Minister appoints an existing Commonwealth body to be the Registrar. The Minister can give directions to the Registrar.
The Registrar performs functions and exercises powers in accordance with the data standards (and other Commonwealth laws). The data standards are disallowable instruments made by the Registrar. They may deal with such matters as how information is given to the Registrar (including electronically).
Information that the Registrar has can be disclosed to government agencies for the performance of their functions. Other disclosures (such as by public access to information) are dealt with by the disclosure framework, which is a disallowable instrument made by the Registrar.
Certain decisions made by the Registrar are reviewable by the Administrative Appeals Tribunal.
This Part also set out the Registrar's obligation to record information relating to credit activities.
This Part deals with the lodging of documents with ASIC. It also has offences relating to making false statements in documents.
Division 2 deals with how documents are lodged with ASIC and the approved forms in which the documents must be lodged. It also deals with ASIC's power to refuse to receive documents (in which case, the documents will not be treated as having been lodged with ASIC).
Division 3 deals with ASIC's register of documents that have been lodged with ASIC.
Division 4 has other provisions relating to documents (such as offences for making false statements in documents lodged with ASIC or required for the purposes of this Act).
This Part deals with the concealment or falsification of credit books.
Division 2 includes requirements not to conceal or falsify credit books, and a requirement to take precautions against the falsification of credit books.
This Part deals with fees imposed by the National Consumer Credit Protection (Fees) Act 2009.
Division 2 includes provisions relating to fees, including the payment of fees, the lodgment of documents or doing of acts without the payment of fees, and the waiver or refund of fees.
This Part is about investigations made by ASIC.
Division 2 includes powers of ASIC to make investigations. ASIC may make investigations in certain circumstances for the due administration of the Commonwealth credit legislation. The Minister may also direct ASIC to investigate matters in certain circumstances.
Division 2 also deals with reports about investigations.
This Part is about the examination of persons by ASIC.
Division 2 allows ASIC to examine a person if ASIC suspects or believes, on reasonable grounds, that the person can give information relevant to an investigation under Part 6 - 1.
Division 2 also includes rules relating to the procedure for examination of persons by ASIC.
This Part is about powers of ASIC in relation to the inspection of books and gathering of information about audits.
Division 2 includes powers of ASIC to inspect books, and to require persons to produce books or documents, or give information, in some circumstances.
This Part is about criminal and civil proceedings that ASIC may bring after it has conducted an investigation under this Chapter.
Division 2 deals with criminal proceedings. After an investigation of a person under this Chapter, ASIC may prosecute the person for an offence against the Commonwealth credit legislation (i.e. this Act or the National Credit Transitional Act). It may also require others to provide it with reasonable assistance in connection with the prosecution.
Division 2 also deals with civil proceedings. After an investigation of a person under this Chapter, ASIC may bring civil proceedings against a person in particular circumstances. However, under this Division, ASIC cannot bring civil proceedings under the Commonwealth credit legislation. This is because Part 4 - 2 (which deals with remedies) and the National Credit Code deal with when ASIC can bring those proceedings.
This Part is about hearings held by ASIC.
Division 2 gives ASIC the power to hold hearings for the purpose of the performance of its functions and powers under the Commonwealth credit legislation (other than Part 6 - 1).
Division 2 also includes rules and procedures for the conduct of hearings, including rules in relation to whether the hearing is conducted in private, and rules in relation to evidence and proceedings at hearings.
This Part is about the penalties applicable to offences against this Act.
Division 2 includes rules about the penalties applicable to offences committed by individuals or bodies corporate. These penalties are worked out in relation to the penalty specified for the offence.
This Part is about the use of infringement notices where ASIC reasonably believes that a provision has been contravened.
Division 2 authorises ASIC to give an infringement notice in relation to a contravention of certain provisions. A person who is given an infringement notice can choose to pay an amount as an alternative to having court proceedings brought against the person for the contravention. If the person does not choose to pay the amount, proceedings can be brought against the person for the contravention.
This Part is about offences for non - compliance with requirements of this Chapter, and other offences in relation to requirements made under this Chapter.
Division 2 includes offences for non - compliance with the requirements of this Chapter. It also includes other offences relating to compliance and enforcement, including offences relating to giving false information, obstructing the exercise of powers under this Chapter, and contempt of ASIC.
Division 2 also includes rules in relation to self - incrimination and legal professional privilege.
This Part is about powers of ASIC to in relation to non - compliance with this Chapter.
Division 2 is about orders that ASIC may make in relation to credit contracts, mortgages, guarantees and consumer leases.
This Part aims to reduce the risk that credit contracts, mortgages, guarantees or consumer leases (credit products) or proposed credit products result in significant detriment for consumers.
Division 2 provides ASIC with powers that it can use proactively to reduce the risk of significant detriment to consumers resulting from credit products.
This Part is about the evidentiary use and value of certain material.
Division 2 includes rules in relation to the evidentiary value of statements made at examinations, copies or extracts made from certain books, and reports of investigations made under Part 6 - 1.
National Consumer Credit Protection Act 2009
No. 134, 2009
Compilation No. 45
Compilation date: 1 January 2024
Includes amendments: Act No. 69, 2023
Registered: 12 January 2024
This compilation is in 2 volumes
Schedule 1
Each volume has its own contents
This compilation
This is a compilation of the National Consumer Credit Protection Act 2009 that shows the text of the law as amended and in force on 1 January 2024 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Division 1A--Avoidance schemes
323A Schemes for avoidance purposes
323B Whether it is reasonable to draw conclusion as to purpose
323C Presumption of avoidance for certain schemes in civil cases
323D Exemption by ASIC
Division 2--Liability of persons for conduct of their agents etc.
324 Liability for bodies corporate for conduct of their agents, employees etc.
325 Liability of persons (other than bodies corporate) for the conduct of their agents, employees etc.
326 Regulations for the purposes of this Division
Division 3--Review of ASIC's decisions
327 Review by Administrative Appeals Tribunal of decisions by ASIC under this Act
328 Notice of reviewable decision and review rights
330 Regulations--where proceedings may be brought
Division 5--Other miscellaneous provisions
332 Civil penalty provisions contravened or offences committed partly in and partly out of this jurisdiction
333 Contravention of Act does not generally affect validity of transactions etc.
337 Minister may delegate prescribed functions and powers under this Act
Schedule 1--National Credit Code
3 Meaning of credit and amount of credit
4 Meaning of credit contract
5 Provision of credit to which this Code applies
6 Provision of credit to which this Code does not apply
7 Mortgages to which this Code applies
8 Guarantees to which this Code applies
9 Goods leases with option to purchase to be regarded as sale by instalments
10 Deciding application of Code to particular contracts for the sale of land by instalments
11 Deciding application of Code to particular contracts for the sale of goods by instalments
12 Deciding application of Code to particular contracts for the sale of goods by instalments under related contracts
13 Presumptions relating to application of Code
Division 1--Negotiating and making credit contracts
14 Credit contract to be in form of written contract document
17 Matters that must be in contract document
18 Form and expression of contract document
18A Provisions that must not be included in credit contract for reverse mortgage
18B Disclosure if credit contract for reverse mortgage does not protect tenancy of person other than debtor
18C Independent legal advice before entry into credit contract for reverse mortgage
19 Alteration of contract document
20 Copy of contract for debtor
21 When debtor may terminate contract
Division 2--Debtor's monetary obligations
23 Prohibited monetary obligations--general
23A Prohibited monetary obligations--small amount credit contracts
24 Offences related to prohibited monetary obligations--credit providers
24A Offences related to prohibited monetary obligations--credit assistance providers
25 Loan to be in money or equivalent
26 Early payments and crediting of payments
26A Regulations about residential investment property
27 Definitions relating to interest
27A Application of this Division
29 Early debit or payment of interest charges prohibited
30A Regulations about residential investment property
30B Regulations about credit card contracts
31 Prohibited credit fees or charges
31A Restrictions on fees and charges for small amount credit contracts
31B Credit provider or prescribed person must not require or accept payment of a fee or charge in relation to a small amount credit contract etc.
31C Prohibition on unexpired monthly fees in relation to small amount credit contracts
32 Fees or charges in relation to third parties
Division 4A--Annual cost rate of certain credit contracts
32A Prohibitions relating to credit contracts if the annual cost rate exceeds 48%
32AA Prohibition relating to the annual cost rate of credit contracts--later increases of the annual percentage rate etc.
32B Calculation of annual cost rate
Division 5--Credit provider's obligation to account
33 Statements of account
34 Information to be contained in statements of account
35 Opening balance must not exceed closing balance of previous statement
36 Statement of amount owing and other matters
37 Court may order statement to be provided
39 Dating and adjustment of debits and credits in accounts
Division 5A--Additional rules relating to small amount credit contracts
39A Limit on the application of amount of credit provided under a small amount credit contract
39B Limit on amount that may be recovered if there is default under a small amount credit contract
39C Credit provider must do prescribed things if a default in payment by direct debit occurs
Division 6--Certain transactions not to be treated as new contracts
40 Changes etc. under contracts
Part 3--Related mortgages and guarantees
42 Form of mortgage
43 Copy of mortgage for mortgagor
44 Mortgages over all property void
45 Restriction on mortgage of future property
46 Mortgages and continuing credit contracts
47 All accounts mortgages
48 Third party mortgages prohibited
49 Maximum amount which may be secured
51 Assignment or disposal of mortgaged property by mortgagor
52 Conditions on consent to assignment or disposal of property subject to mortgage
55 Form of guarantee
57 Copies of documents for guarantor
58 Guarantor may withdraw before credit is provided
59 Extension of guarantee
60 Limitation of guarantor's liability
61 Increase in guarantor's liabilities
Part 4--Changes to obligations under credit contracts, mortgages and guarantees
Division 1--Unilateral changes by credit provider
66 Credit fees and charges changes
67 Changes to credit limits etc. in continuing credit contracts
67A Changes to tenancy protection in credit contracts for reverse mortgages
68 Other unilateral changes by credit provider
69 Particulars of matters as changed only required to be given under this Division in certain cases
70 Prohibited increases in liabilities
Division 2--Changes by agreement of parties
Division 3--Changes on grounds of hardship and unjust transactions
72 Changes on grounds of hardship
75 Credit provider may apply for variation of change
76 Court may reopen unjust transactions
77 Orders on reopening of transactions
78 Court may review unconscionable interest and other charges
79 Applications by ASIC
Part 5--Ending and enforcing credit contracts, mortgages and guarantees
Division 1--Ending of credit contract by debtor etc.
Subdivision A--Paying out contract etc.
82 Debtor's or guarantor's right to pay out contract
83 Statement of pay out figure
84 Court may determine pay out figure if credit provider does not provide a pay out figure
85 Surrender of mortgaged goods and goods subject to sale by instalments
86 Compensation to debtor or mortgagor
Subdivision B--Ending of reverse mortgage by credit provider receiving value of reverse mortgaged property
86A Application of this Subdivision
86B Discharge of debtor's obligations under credit contract and discharge of mortgage
86C Credit provider must pay debtor excess of receipt over adjusted market value for reverse mortgaged property
86D Credit provider must not demand or accept further payments
86E Cases in which sections 86B, 86C and 86D do not apply
86F Relationship between this Subdivision and other provisions
Subdivision C--Notice of first direct debit default
87 One - off notice to be given the first time a direct debit default occurs
Division 2--Enforcement of credit contracts, mortgages and guarantees
88 Requirements to be met before credit provider can enforce credit contract or mortgage against defaulting debtor or mortgagor
89A Effect of hardship notices on enforcement
90 Requirements to be met before credit provider can enforce guarantee against guarantor
91 Requirements to be met before credit provider can repossess mortgaged goods
93 Requirements to be met before credit provider can enforce an acceleration clause
93A Extra requirements for enforcing reverse mortgage if debtor's liability exceeded value of reverse mortgaged property
Division 3--Postponement of enforcement proceedings
94 Postponement of exercise of rights
95 Effect of negotiated postponement
97 Credit provider may apply for variation of postponement order
Division 4--Enforcement procedures for goods mortgaged
98 Information as to location of mortgaged goods
99 Entry to residential property to take possession of goods
102 Procedures to be followed by credit provider after taking possession of goods
103 Mortgagor may nominate purchaser of goods taken by credit provider
104 Sale of goods by credit provider
105 Matters for which account can be debited after mortgagee sale of goods
106 Compensation to mortgagor
Division 5--Enforcement expenses
107 Recovery of enforcement expenses
Division 6--Mortgagor's remedies
108 Mortgagor may apply to regain possession of mortgaged goods
109 Order for possession for mortgagor
110 Ancillary or consequential orders
Part 6--Penalties for defaults of credit providers and lessors
Division 1--Penalties for breach of key disclosure and other requirements
112 Application for order relating to key requirements
113 Penalty may be imposed for contravention of key requirement
114 Penalty if application made by debtor or guarantor
114A Penalty if application made by lessee
115 Payment of penalty to debtor, lessee or guarantor
116 Penalty if application made by credit provider, lessor or ASIC
117 Payment of penalty
118 Compensation for debtor, lessee or guarantor
119 General provisions relating to applications by credit providers, lessors or ASIC
120 ASIC may represent interests of debtors and lessees
121 Directions pending court's decision
123 Time limit for application for orders under this Division
124 Civil effect of contraventions
Part 7--Related sale contracts
Division 1--Interpretation and application
126 Sale contracts to which this Part applies
127 Linked credit providers and tied credit contracts
Division 2--Liability of credit providers for suppliers' misrepresentations
128 Credit provider liable with respect to supplier's misrepresentations etc. about tied credit contract
Division 3--Liability of credit providers in relation to goods
129 Right to damages under sale contract against both supplier and linked credit provider
130 Limits on debtor's right of action against linked credit provider
131 Liability of supplier to linked credit provider
133 Subrogation of credit provider
Division 4--Termination of related transactions
134 Termination of sale contract which is conditional on obtaining credit
135 Termination of (or recredit under) tied credit contract if sale contract terminated
136 Termination of linked maintenance services contract if credit contract terminated
137 Termination of contract under this Part to be in writing
138 Powers of court with respect to termination of contract under this Part
139 Part 5 not to apply to termination of contract under this Part
140 Requirement as to source of credit for goods or services
141 Prohibition on payment for goods or services by postdated bills of exchange or notes which exceed cash price of goods or services
Part 8--Related insurance contracts
142 Interpretation and application
143 Requirement to take out insurance or to insure with particular insurer or on particular terms
144 Financing of insurance premiums over mortgaged property
145 Commission for consumer credit insurance
146 Supply of copy of credit - related insurance contract by insurer
147 Rejection of debtor's proposal for insurance
148 Termination of consumer credit insurance contract if credit contract terminated
149 Termination of insurance contract over mortgaged property if credit contract terminated
Part 9--Advertising and related conduct
151 Persons liable for advertisements
153 Interest rates which may be disclosed
154 False or misleading representations
156 Canvassing of credit at home
158 Part not to apply to continuing credit contracts
159 Definitions
Division 2--Comparison rate in credit advertising
160 Comparison rate mandatory in advertisements containing annual percentage rate
161 The relevant comparison rate
162 Information about comparison rate
163 Warning about comparison rate
164 Other requirements for comparison rate
Division 3--Comparison rate in other documents
165 Comparison rates in documents other than credit advertising
166 Calculation of comparison rates
167 Compliance grace period following changes in interest or fees
168 Regulations--exemptions and other matters
Division 1--Interpretation and application
169 Meaning of consumer lease
170 Consumer leases to which this Part applies
171 Consumer leases to which this Part does not apply
172 Presumptions relating to application of this Part
Division 2--Form of and information to be included in consumer leases
173 Form of consumer lease
173A Other forms of consumer lease
174 Disclosures in consumer leases
174A Alteration of consumer lease document
175 Copy of lease etc. for lessee
175A Prohibited consumer lease fees or charges
175AA Cap on fees and charges for consumer leases
175AB Imposing fees or charges above the permitted cap--offence
175AC Lessee may recover fees and charges exceeding base price if cap is breached
175B Fees or charges in relation to third parties
Division 5--Lessor's obligation to account
Subdivision A--Ongoing statements of account
175C Statements of account
175D Information to be contained in statements of account
175E Statement of amount owing and other matters
175F Court may order statement of account to be provided
Subdivision B--End of lease statements
175H End of lease statement
Division 6--Certain transactions not to be treated as new consumer leases
175J Changes etc. under consumer leases
Division 7--Changes to obligations under consumer leases
Subdivision A--Changes by agreement of parties
Subdivision B--Changes on grounds of hardship and unjust transactions
177B Changes on grounds of hardship
177E Lessor may apply for variation of change
177F Court may reopen unjust transactions
177G Orders on reopening of transactions
177H Applications by ASIC
Division 8--Repossession, termination and enforcement of consumer leases
Subdivision A--Repossession of goods under consumer lease
Subdivision B--Termination of consumer lease by lessee
178A Termination before goods have been provided
179 Termination after goods have been provided
179A Statement of amount payable on termination
179B Court may determine amount payable on termination if lessor does not
179C One - off notice to be given the first time a direct debit default occurs
Subdivision C--Enforcement of consumer leases
179D Requirements to be met before lessor can enforce consumer lease against defaulting lessee
179F Effect of hardship notices on enforcement
179G Requirements to be met before lessor can enforce an acceleration clause
179GA Limit on amount that may be recovered if there is default under a consumer lease
Subdivision D--Postponement of enforcement proceedings
179H Postponement of exercise of rights
179J Effect of negotiated postponement
179L Lessor may apply for variation of postponement order
Subdivision E--Enforcement procedures for goods hired under a consumer lease
179M Information as to location of goods hired under a consumer lease
179N Entry to residential property to take possession of goods
Subdivision F--Enforcement expenses
179R Recovery of enforcement expenses
Division 9--Linked lessors and tied consumer leases
Subdivision A--Interpretation and application
179S Linked lessors and tied consumer leases
Subdivision B--Liability of lessors for suppliers' misrepresentations
179T Lessor liable for supplier's misrepresentations about hired goods
Division 10--Conduct relating to consumer leases
179U False or misleading representations
179VA Canvassing of consumer leases for household goods
179VB Using postal, telegraphic, telephonic or other like services to enter into a consumer lease for an indefinite period
179VC Entering into a consumer lease for an indefinite period in the course of constitutional trade and commerce
Division 11--Other Code provisions applicable to consumer leases
179W Application of certain Code provisions to consumer leases
Division 1--Tolerances and assumptions
180 Tolerances and assumptions relating to information
181 Tolerances relating to contracts and other documents
Division 2--Documentary provisions
185 Copies of contracts and other documents
185A Records of nominations of persons to occupy reverse mortgaged properties
187 Electronic transactions and documents
Division 3--General provisions
188 Assignment by credit provider
189 Assignment by debtor, mortgagor or guarantor
194 Giving notice or other document
195 Manner of giving notice or other document
196 Date of notice or other document
199 Conduct of agents and related matters
Division 4--Provisions relating to offences
200 Offences by officers, agents or employees
203 Application of section 4K of the Crimes Act 1914
Division 5--Exemptions from this Code
203A Exemptions by ASIC
203B Exemptions by the regulations
Part 13--Principal definitions
204 Principal definitions
Part 14--Miscellaneous provisions relating to interpretation
205 Displacement of Part by contrary intention
207 References to particular Acts and to enactments
Division 3--Terms and references
209 Provisions relating to defined terms and gender and number
210 Meaning of may and must etc.
211 Effect of express references to bodies corporate and individuals
212 Reference to certain provisions of Code
213 Reference to provisions of this Code or an Act is inclusive
Division 4--Functions and powers
214 Power to make instrument or decision includes power to amend or repeal
215 Matters for which statutory instruments may make provision
216 Presumption of validity and power to make
217 Exercise of powers between enactment and commencement
Division 5--Distance, time and age
218 Matters relating to distance, time and age
Endnote 3--Legislation history
Endnote 4--Amendment history