CREDIT ACT 1984 - SECT 133 No-claim bonus

CREDIT ACT 1984 - SECT 133

    (1)     Where in respect of the insurance of property to which a regulated contract relates or of property subject to a regulated mortgage the insurer allows a no-claim rebate or a rebate of a similar nature, the debtor or mortgagor is entitled to the benefit of the rebate.

    (2)     A credit provider or mortgagee who receives the benefit of a rebate referred to in subsection (1) to which a debtor or mortgagor is entitled shall give the benefit of the rebate to the debtor or mortgagor.

Penalty:     10 penalty units.