Victorian Consolidated Legislation

Consumer Credit (Victoria) Act 1995 - SECT 26

Undertakings by credit provider

26. Undertakings by credit provider



(1) If it appears to the Director that a registered credit provider has, in
the course of carrying on a business of providing credit, repeatedly engaged
in unjust conduct, the Director may request the credit provider to execute a
deed in terms approved by the Director under which the credit provider
undertakes any one or more of the following-

   (a)  to refrain from specified conduct; or

   (b)  to engage in specified conduct; or

   (c)  to take specified action to rectify the consequences of past conduct.

(2) A copy of the deed must be given to the Director as soon as practicable
after it is executed.

(3) The Director must give a copy to the Registrar of any undertaking given by
a credit provider.

(4) The Registrar must make an entry in the Register of each undertaking given
by a credit provider.

(5) A registered credit provider must comply with any undertakings given by
the credit provider under this section.

Penalty: 60 penalty units.

(6) For the purposes of this section, unjust conduct means conduct which-

   (a)  is dishonest or unfair; or

   (b)  consists of any act or omission which is a breach of a contract,
        whether or not any action or proceedings in respect of the breach are
        on foot; or

   (c)  is a breach of the Consumer Credit (Victoria) Code or of this Act.