consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.8
Repeal section and substitute with new provision
1 Section 72 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.13
10 After section 180
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.16
Add 'or another Act' at the end of section 184.
11 Section 184
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.17
Omit specific action from credit contract
12 Section 125 (paragraph relating to Division 3)
Prohibits entering or increasing credit limit
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.25
124 Civil effect of contraventions
128 Obligation to assess unsuitability
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.30
Right to damages under sale contract against both supplier and linked credit provider
129 Right to damages under sale contract against both supplier and
Repeal heading and substitute with new text.
13 Division 3 of Part 3-2 (heading)
Limits on debtor’s right of action against linked credit provider
130 Limits on debtor’s right of action against linked credit provider
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.31
131 Liability of supplier to linked credit provider
132 Interest may be awarded
133 Subrogation of credit provider
14 Section 128 (heading)
Licensee must make an unconditional representation to a consumer
15 After paragraph 128(a)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.18
Licensee must not enter a consumer lease with an eligible consumer without assessment.
151 Obligation to assess unsuitability
Prohibits entering a lease with an eligible consumer without assessment.
Mandatory representation to consumer about credit limit increase
16 After paragraph 128(b)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.19
Responsible lending conduct is required for credit activities.
160A Guide to this Part
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.22
160D Prohibition on giving misleading information etc.
Giving misleading information is prohibited.
160D(1) Prohibition on giving misleading information etc.
Prohibits giving misleading information.
Giving false information in a credit activity is prohibited.
160D(2) Prohibition on giving misleading information etc.
Criminal penalty: 100 penalty units, or 2 years imprisonment, or both.
Prohibits giving false information in a credit activity.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.23
160E Requirements for giving authorisation to employer
Credit provider or lessor must give statement to employer
160E(1) Requirements for giving authorisation to employer
Credit provider or lessor must give employer a statement with the instrument.
160E(2) Requirements for giving authorisation to employer
Classification of credit contracts and consumer leases.
Credit provider/lessor must give debtor/lessee at least 7 days' notice before giving instrument to employer.
160E(3) Requirements for giving authorisation to employer
No regulations in force means subsection (3) does not apply.
160E(4) Requirements for giving authorisation to employer
Omit specific action from consumer lease
17 Section 148 (paragraph relating to Division 3)
18 Division 3 of Part 3-4 (heading)
180A Orders to remedy unfair or dishonest conduct by credit
Prohibition on unfair or dishonest conduct by credit service providers
180A(1) Orders to remedy unfair or dishonest conduct by credit
The conduct must have occurred within a certain temporal interval.
Temporal interval for prohibited conduct
(c) the conduct had one or more of the following results...
The court may not make an order if the defendant did not engage in such conduct.
Prohibition on unfair or dishonest conduct
(a) a person (the defendant) provided a credit service to a consumer (the plaintiff); and (b) the defendant engaged in conduct that...
(i) the plaintiff entered a credit contract, consumer lease, mortgage or guarantee that the plaintiff would not have entered apart from the conduct;
Order to take or refrain from specified action
180A(2) Orders to remedy unfair or dishonest conduct by credit
Obligation to take or refrain from specified action
Repeal section and substitute with new content.
19 Section 151
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.10
Omit 'on any such application', substitute 'to change the credit contract as a result of a hardship notice by the debtor'
2 Subsection 73(1) of the National Credit Code
Prohibits changing credit contracts without hardship notice
Replace paragraph 151(a) with paragraph 151(c)
20 Section 152
Omit paragraph 151(b), substitute paragraph 151(d)
21 Subsection 153(1)
Omit certain provisions related to licensing and information disclosure.
22 Section 27 (paragraph relating to Division 3)
23 Division 3 of Part 2-1 (heading)
24 Section 33
25 After Part 3-6
26 Section 124 of the National Credit Code (heading)
27 Subsection 124(1) of the National Credit Code
Prohibits omission of specified provision
Allow for an application by a person affected, ASIC on behalf of a person affected with consent, or ASIC alone.
28 Subsection 124(2) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.26
Substitute 'new contract document' for 'contract document'
29 Subsection 19(1) of the National Credit Code
Omit 'in accordance with the application', substitute 'as a result of a hardship notice by the debtor'
3 Subsection 74(1) of the National Credit Code
Replaces 'in accordance with the application' with 'as a result of a hardship notice by the debtor'
Prohibits 'in accordance with the application'
30 Section 32 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.27
Repeal paragraph and substitute with new obligation.
31 Paragraph 36(1)(c) of the National Credit Code
32 Fees or charges in relation to third parties
Substitute 'becomes due' for 'became due'
32 Paragraph 36(1)(d) of the National Credit Code
Debtor must pay third party amount to credit provider
32(1) Fees or charges in relation to third parties
third party amount payable or paid by credit provider
Fee or charge must not exceed third party amount if ascertainable
32(2) Fees or charges in relation to third parties
Refund difference if third party amount is less than fee or charge paid
32(3) Fees or charges in relation to third parties
then the credit provider must refund or credit the difference to the debtor.
Determine third party amount considering discounts and allowances
32(4) Fees or charges in relation to third parties
Omit specific phrase from National Credit Code
33 Subsection 38(4) of the National Credit Code
34 Subsection 38(5) of the National Credit Code
Omit specific provision, substitute with new one
35 Subsection 38(6) of the National Credit Code
Criminal penalty of 50 penalty units added
36 At the end of subsection 38(6) of the National Credit Code
Prohibits criminal penalty of 50 penalty units
Omit 'Subsection (8) is an offence', substitute 'Subsections (6) and (8) are offences'
37 Subsection 38(9) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.28
Repeal Division and substitute with new content.
38 Division 6 of Part 2 of the National Credit Code
Substitute 'existing credit contract' for 'credit contract'
39 Subsection 71(1) of the National Credit Code
State has a duty to update credit contracts
Imposes obligation to update credit contracts
Court may change credit contract after hearing parties.
4 Subsection 74(2) of the National Credit Code
Change, deferral, waiver, or postponement of credit contract not creating new contract.
40 Changes etc. under contracts
40 Subsection 83(1) of the National Credit Code (penalty)
Changes in credit contracts overlap with existing credit contracts.
Change, deferral, waiver, or postponement made in accordance with this Code.
Changes in credit contracts are inferred to be part of existing credit contracts.
Obligation to comply with changes in credit contracts.
Changes in credit contracts diffuse to existing credit contracts.
Changes in credit contracts are recurrently applied to existing credit contracts.
Omit “after the request”, substitute ‘after the day the request’.
41 Subsection 83(3) of the National Credit Code
Subsection (3) is an offence of strict liability.
42 Subsection 83(5) of the National Credit Code
Omit 'direct debit default notice under this section within 10 business days'
43 Subsection 87(2) of the National Credit Code
Prohibition of direct debit default notice
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.29
44 Subsection 87(3) of the National Credit Code
45 Paragraphs 88(5)(a) and (d) of the National Credit Code
Substitute 'reasonably believes' for 'believes on reasonable grounds'
46 Subsection 88(6) of the National Credit Code
Insertion of text after a default notice
47 Subsection 89(1) of the National Credit Code
Substitute words in National Credit Code
48 Paragraphs 93(1)(c), (2)(a) and (2)(d) of the National Credit
Substitute default notice/demand for payment with specific sections
49 Subsection 95(1) of the National Credit Code
Substitute hardship notice or postponement request
5 Subparagraphs 88(3)(f)(i) and (ii) of the National Credit
Substitute time frame for notice to mortgagor
50 Subsection 98(1) of the National Credit Code
Repeal section 206 of the National Credit Code
51 Section 206 of the National Credit Code
Repeals section 206 of the National Credit Code
Fix incorrect cross-reference in section 129.
52 Section 129
53 Subsection 130(1)
54 Paragraph 181(b)
55 Subparagraph 88(3)(g)(i) of the National Credit Code
Substitute 'tied continuing credit contract' with itself.
56 Subsection 127(2) of the National Credit Code
57 Section 129 of the National Credit Code (heading)
58 Section 130 of the National Credit Code (heading)
59 Section 131 of the National Credit Code (heading)
Insert clause after section 89 of the National Credit Code
6 After section 89 of the National Credit Code
60 Section 132 of the National Credit Code (heading)
61 Section 133 of the National Credit Code (heading)
62 Subsection 204(1) of the National Credit Code (definition
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.11
Postponement request for debtors, mortgagors or guarantors given default notices under section 88 or demand for payment under section 90
7 Subsection 94(1) of the National Credit Code
Temporal interval from default notice to demand for payment
Defines the temporal interval during which postponement requests are considered
Imposes a duty on the State to consider postponement requests from debtors, mortgagors or guarantors
72 Changes on grounds of hardship
72(1) Changes on grounds of hardship
Debtor's obligation to provide hardship notice
Debtor must provide specified information within 21 days of notice.
72(2) Changes on grounds of hardship
Imposes a duty on the credit provider to receive specified information from the debtor.
72(3) Changes on grounds of hardship
Credit provider must provide notice to debtor before end of period identified under subsection (5)
72(4) Changes on grounds of hardship
Credit provider must give notice within specified period after receiving hardship notice.
72(5) Changes on grounds of hardship
Must provide notice within specified period.
Provides for subsections to have effect in relation to credit contracts
72(6) Changes on grounds of hardship
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.12
Substitute words in subsection 94(2) of the National Credit Code.
8 Subsection 94(2) of the National Credit Code
89A Effect of hardship notices on enforcement
Credit provider must give default notice before enforcement proceedings if debtor gives hardship notice.
89A(1) Effect of hardship notices on enforcement
The hardship notice was given within the 4-month period.
Condition for giving default notice: hardship notice given within 4 months.
The current hardship notice was given in the 4 months before the day it was given.
The credit provider must give the default notice before beginning enforcement proceedings.
Obligation to give default notice before enforcement proceedings.
Credit provider is required to give a default notice under section 88.
Obligation to give default notice if debtor gives hardship notice.
The credit provider is required to give a default notice under section 88 before beginning enforcement proceedings.
Obligation to give default notice if credit provider reasonably believes basis is materially different.
The credit provider reasonably believes that the basis on which the current hardship notice was given is materially different from the bases on which the other hardship notices were given.
Credit provider must not begin enforcement proceedings without notice and 14-day period.
89A(2) Effect of hardship notices on enforcement
(2) The credit provider must not begin enforcement proceedings...
Credit provider may take possession of mortgaged goods under certain circumstances.
89A(3) Effect of hardship notices on enforcement
The credit provider's action overlaps with the debtor's or mortgagor's action.
The circumstances under which the credit provider may take possession of mortgaged goods overlap with the debtor's or mortgagor's actions.
(a) the debtor or mortgagor has removed or disposed of the mortgaged goods, or intends to remove or dispose of them,
The credit provider may take possession of mortgaged goods under certain circumstances.
Prohibits removal or disposal of mortgaged goods without permission.
Prohibits urgent action that would protect the goods.
(b) urgent action is necessary to protect the goods.
The credit provider's belief is a necessary condition for taking possession.
Permits the credit provider to take possession of mortgaged goods under certain circumstances.
(3) However, the credit provider may take possession of mortgaged goods if the credit provider reasonably believes that:
The credit provider's action repeats in urgent situations.
The circumstances under which the credit provider may take possession of mortgaged goods repeat in certain situations.
Strict liability for enforcement of hardship notices
89A(4) Effect of hardship notices on enforcement
(4) Subsection (2) is an offence of strict liability.
9 Subsections 94(3) and (4) of the National Credit Code
Credit provider must not begin enforcement proceedings unless notice is given and 14-day period has expired.
9(3) Subsections 94(3) and (4) of the National Credit Code
14-day period overlaps with remedying default period
9(4) Subsections 94(3) and (4) of the National Credit Code
The removal or disposal of mortgaged goods overlaps with urgent action to protect goods.
Overlaps with urgent action to protect goods.
(b) urgent action is necessary to protect the goods;
(a) the debtor or mortgagor has removed or disposed of the mortgaged goods, or intends to remove or dispose of them, without the credit provider’s permission;
Prohibits urgent action to protect goods without permission.
The removal or disposal of mortgaged goods diffuses to all parties involved in the contract.
Diffuses to all parties involved in the contract.
The removal or disposal of mortgaged goods is a recurring trace.
Recurring trace of removal or disposal of mortgaged goods.
Offences of strict liability for subsections (2) and (3)
9(5) Subsections 94(3) and (4) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.32
1 Subsection 5(1)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.35
10 Before Part 3-3
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.40
11 At the end of section 179
Prohibits entering into or increasing credit contracts for reverse mortgages that are not suitable for the debtor.
11(6) At the end of section 179
The credit contract was entered into within the period in which an assessment needed to be made.
(6) Subsection (7) applies if: (c) the court is satisfied that, at any time in the period in which an assessment needed to be made to comply with section 128 in relation to the illegal contract:
(6) Subsection (7) applies if: (a) the defendant is a credit provider who has contravened section 133 by entering into, or increasing the credit limit of, a credit contract (the illegal contract) that is not a credit contract for a reverse mortgage; and
The court is obligated to let the plaintiff reside in the place.
(6) Subsection (7) applies if: (d) the plaintiff, or ASIC on behalf of the plaintiff, applies for an order under this section to let the plaintiff reside in the place to prevent or reduce loss or damage suffered or likely to be suffered by the plaintiff vacating the place.
The debtor would have been eligible to enter into a credit contract for the reverse mortgage.
(6) Subsection (7) applies if: (ii) the debtor would have been eligible to enter into a credit contract for the reverse mortgage; and
Court must consider order to prevent loss or damage and make it unless adverse effect on other person is satisfied.
11(7) At the end of section 179
Provisions for occupation by person other than debtor
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.42
Debtor can nominate a person to occupy reverse mortgaged property.
12 After subsection 17(15) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.37
Defence for circumstances prescribed by regulations.
13 Section 13
Defence for not giving reverse mortgage information statement
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.39
Provisions applying to credit providers generally
13 After section 18 of the National Credit Code
Licensees must provide projections of debtor's equity in the property.
133DA Guide to this Part
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.36
133DB Giving projections of equity before providing credit
projections, printed copy of projections, information statement
Licensee must provide projections to consumer before making a preliminary assessment for a reverse mortgage.
133DB(1) Giving projections of equity before providing credit
Failure to provide projections of equity before providing credit is an offence.
133DB(2) Giving projections of equity before providing credit
Prohibition on not providing projections of equity before providing credit.
Defence for licensee if they reasonably believe another person has shown consumer projections or given them a copy.
133DB(3) Giving projections of equity before providing credit
Licensee has a defence if they reasonably believe...
Make reverse mortgage information statement available on website.
133DC Making reverse mortgage information statement available
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.38
133DD Making reverse mortgage information statement available in
Licensee must provide reverse mortgage information statement to consumer upon request.
133DD(1) Making reverse mortgage information statement available in
Obligation to provide information statement.
Must provide reverse mortgage information statement
133DD(2) Making reverse mortgage information statement available in
133DD(3) Making reverse mortgage information statement available in
...and (b) the person engages in conduct; and...
...the conduct contravenes the requirement.
Sequence of events leading to non-compliance
Licensee must provide reverse mortgage information statement under certain circumstances.
133DD(4) Making reverse mortgage information statement available in
Licensee must provide reverse mortgage information statement.
133DE Representations that use the term “reverse mortgage” etc.
Use of specific terms in credit representations is prohibited.
133DE(1) Representations that use the term “reverse mortgage” etc.
Use of certain terms in credit representations is prohibited.
133DE(2) Representations that use the term “reverse mortgage” etc.
Prohibition on using certain terms in credit representations.
Defence for representations using the term “reverse mortgage” etc.
133DE(3) Representations that use the term “reverse mortgage” etc.
13A Reverse mortgages
Conditions for a reverse mortgage arrangement to be considered valid.
13A(1) Reverse mortgages
Debtor's total liability must not exceed the maximum amount of credit.
13A(2) Reverse mortgages
Meet prerequisites for reverse mortgage arrangement
13A(3) Reverse mortgages
Declare specified kinds of arrangements involving a credit contract and a mortgage to be reverse mortgages.
13A(4) Reverse mortgages
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.45
Exemption from subsection (1) of section 18B
14 At the end of section 22 of the National Credit Code
Credit contract for reverse mortgage cannot prohibit early payment under certain circumstances.
15 At the end of section 26 of the National Credit Code
Cannot prohibit early payment under certain circumstances.
12 months for continuing credit contracts for reverse mortgages
16 After paragraph 33(2)(a) of the National Credit Code
12 months after a reverse mortgage not involving a continuing credit contract
17 After paragraph 33(2)(b) of the National Credit Code
Insert clause after section 67 of the National Credit Code
18 After section 67 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.51
185A Records of nominations of persons to occupy reverse
Credit provider must keep records of nominations and revocations.
185A(1) Records of nominations of persons to occupy reverse
Failure to comply with a requirement is an offence.
185A(2) Records of nominations of persons to occupy reverse
...the person’s conduct contravenes the requirement.
Temporal overlap between requirement and non-compliance
...the person engages in conduct; and...
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.43
18A Provisions that must not be included in credit contract for
Prohibits credit providers from entering into reverse mortgage contracts that allow enforcement proceedings for certain events.
18A(1) Provisions that must not be included in credit contract for
Cannot change credit contract for reverse mortgage to facilitate enforcement proceedings.
18A(2) Provisions that must not be included in credit contract for
Prohibition of changing credit contract for reverse mortgage.
Events that must not be included in credit contract for
18A(3) Provisions that must not be included in credit contract for
Protection of tenancy for a person other than the debtor in reverse mortgage credit contracts.
18B Disclosure if credit contract for reverse mortgage does not
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.44
18C Independent legal advice before entry into credit contract for
Regulation of entry into credit contract for reverse mortgage without legal advice.
18C(1) Independent legal advice before entry into credit contract for
Prohibition of entry into credit contract for reverse mortgage without legal advice.
Offences and civil penalties for contraventions of regulations
18C(2) Independent legal advice before entry into credit contract for
Regulations may provide for offences and civil penalties
(2) The regulations may provide for offences and civil penalties
Penalties for offences cannot exceed 50 penalty units for an individual or 250 penalty units for a body corporate.
18C(3) Independent legal advice before entry into credit contract for
Maximum civil penalties for individual and body corporate
18C(4) Independent legal advice before entry into credit contract for
must not be more than 500 penalty units for an individual or 2,500 penalty units for a body corporate.
Prohibits exceeding maximum civil penalties
(4) The civil penalties described in subsection (2)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.46
19 Division 1 of Part 5 of the National Credit Code (heading)
2 At the end of Part 1 of the National Credit Code
Ending of reverse mortgage by credit provider
20 After section 86 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.48
21 Subsections 88(1) and (2) of the National Credit Code
Credit provider must give debtor a 30-day notice before enforcing a credit contract.
21(1) Subsections 88(1) and (2) of the National Credit Code
Credit provider must not begin enforcement proceedings without a default notice and remedy period.
21(2) Subsections 88(1) and (2) of the National Credit Code
Temporal interval for the remedy period.
(c) the default has not been remedied within that period.
...unless the conditions in (c) are met.
Prohibition of enforcement proceedings without a default notice and remedy period.
(2) A credit provider must not begin enforcement proceedings...
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.49
Notice purporting to be a default notice is not valid for reverse mortgage defaults
22 After subsection 88(7) of the National Credit Code
Default notice implies a default under the credit contract
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.50
23 At the end of Division 2 of Part 5 of the National Credit
24 After paragraph 111(1)(h) of the National Credit Code
25 After paragraph 111(2)(e) of the National Credit Code
Insert clause after section 185 of the National Credit Code
26 After section 185 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.33
References section 13A for reverse mortgage
3 Subsection 204(1) of the National Credit Code
Definition of reverse mortgage information statement
4 Subsection 5(1)
Debtors must reasonably expect to receive a lump sum before the contract ends and intend to discharge their obligations with that sum.
5 Subsection 204(1) of the National Credit Code
The term of the contract must be 2 years or less.
Debtors have an obligation to reasonably expect to receive a lump sum before the contract ends and intend to discharge their obligations with that sum.
Inserts Schedule 2, Reverse Mortgages into the National Credit Code
6 Subsection 204(1) of the National Credit Code
Voiding of changes to credit contracts for reverse mortgages
67A Changes to tenancy protection in credit contracts for reverse
Prohibition on changing credit contracts
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.34
7 Subsection 204(1) of the National Credit Code
Definition of reverse mortgaged property
8 Subsection 204(1) of the National Credit Code
dwelling or land is a superclass of reverse mortgaged property
reverse mortgaged property is a subclass of dwelling or land
86A Application of this Subdivision
Debtor's accrued liability exceeds the adjusted market value for the reverse mortgaged property.
86A(1) Application of this Subdivision
Adjusted market value calculation for reverse mortgaged property
86A(2) Application of this Subdivision
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.47
86B Discharge of debtor’s obligations under credit contract and
Debt obligations under credit contract discharged
86B(1) Discharge of debtor’s obligations under credit contract and
Debt obligations under credit contract are discharged.
86B(2) Discharge of debtor’s obligations under credit contract and
Credit provider must pay excess to debtor
86C Credit provider must pay debtor excess of receipt over adjusted
86D Credit provider must not demand or accept further payments
Credit provider must not demand or accept further payments
86D(1) Credit provider must not demand or accept further payments
86D(2) Credit provider must not demand or accept further payments
Prohibition of demanding or accepting further payments
Fraud or misrepresentation in reverse mortgage
86E Cases in which sections 86B, 86C and 86D do not apply
Overlaps with circumstances prescribed by regulations
Circumstances prescribed by the regulations exist
Relationship between this Subdivision and other provisions
86F Relationship between this Subdivision and other provisions
9 At the end of section 133
93A Extra requirements for enforcing reverse mortgage if debtor’s
Extra requirements for enforcing reverse mortgage if debtor’s obligations exceed the amount received.
93A(1) Extra requirements for enforcing reverse mortgage if debtor’s
(i) the amount received by the credit provider; (ii) the debtor’s accrued liability just before that amount was received; and (iii) the conditions in section 86E that are met
Credit provider must not begin enforcement proceedings unless notice is given to debtor or lawyer.
93A(2) Extra requirements for enforcing reverse mortgage if debtor’s
Prohibition on beginning enforcement proceedings without proper notice
(2) If section 88 requires the credit provider to give the debtor or mortgagor a default notice...
(iii) the conditions in section 86E that are met
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.52
Definition of short-term credit contract
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.56
10 Subsection 131(2) (penalty)
Presumption of substantial hardship in case of multiple debtors
11 After subsection 131(3)
Presumption of substantial hardship for consumer to comply with financial obligations under a contract.
12 After subsection 133(3)
The time frame is relevant to the presumption of substantial hardship
90-day period before contract entry or limit increase
The consumer has been a debtor under 2 or more other small amount credit contracts in the 90-day period
The network is used to infer the presumption of substantial hardship
Consumer debt history is represented as a network
Consumer could only comply with financial obligations with substantial hardship
Consumer is a debtor under another small amount credit contract
The pattern of debt is relevant to the presumption of substantial hardship
The consumer has been a debtor under multiple small amount credit contracts
The validation confirms the classification of substantial hardship
Validation of consumer data against schema
The consumer's debt history is validated against a schema
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.54
124A Prohibition on providing credit assistance in relation to
Prohibition on providing credit assistance in relation to short-term credit contracts.
124A(1) Prohibition on providing credit assistance in relation to
Restricts actions during short-term credit contracts.
(1) A licensee must not provide credit assistance to a consumer by: (a) suggesting that the consumer apply, or assisting the consumer to apply, for a short-term credit contract; or (b) suggesting that the consumer apply, or assisting the consumer to apply, for an increase to the credit limit of a particular short-term credit contract with a particular credit provider.
Prohibits the licensee from providing credit assistance.
Prohibition on providing credit assistance in relation to certain conduct.
124A(2) Prohibition on providing credit assistance in relation to
Defines the temporal interval for the prohibition.
Prohibits the provision of credit assistance.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.55
124B Licensee who makes representations about credit assistance in
Display information about credit assistance and ensure website compliance.
124B(1) Licensee who makes representations about credit assistance in
Engaging in conduct that contravenes a requirement is an offence.
124B(2) Licensee who makes representations about credit assistance in
Requires a relation between identifiable temporal intervals
Requires relation between temporal intervals
(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.
(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.
Requires an ordered or recurring trace of conduct
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.57
13 After Part 3-2B
Applicable to licensees who are, or are to be credit providers under short-term credit contracts and small amount credit contracts.
133C Guide to this Part
Indicates applicability to a specific group.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.58
133CA Prohibition on entering, or increasing the credit limit of,
Prohibition on entering or increasing credit limit of short-term credit contract with a consumer who is the debtor under the contract.
133CA(1) Prohibition on entering, or increasing the credit limit of,
Tracing the licensee's actions to determine if they have entered or increased the credit limit of a short-term credit contract with a consumer who is the debtor under the contract.
Prohibition on entering or increasing credit limit
133CA(2) Prohibition on entering, or increasing the credit limit of,
133CB Licensee who makes representations about small amount
Display information and ensure website compliance.
133CB(1) Licensee who makes representations about small amount
Obligation to display information and ensure website compliance.
133CB(2) Licensee who makes representations about small amount
The conduct overlaps with the requirement.
Requires overlap between conduct and requirement
(b) the person engages in conduct; and (c) the conduct contravenes the requirement.
Recognizes agents subject to requirements
The conduct contravenes the requirement.
The conduct repeats with the requirement.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.59
133CC Licensee must not enter into a small amount credit contract
Licensee must not enter into a small amount credit contract with a consumer who will be the debtor under the contract.
133CC(1) Licensee must not enter into a small amount credit contract
...if: (a) the consumer is included in a class of consumers prescribed by the regulations; and
(1) A licensee must not enter into, or offer to enter into, a small amount credit contract...
Implies that the licensee's action is prohibited if certain conditions are met.
Prohibits entering into a small amount credit contract with a consumer.
Imposes an obligation on the licensee to not enter into a small amount credit contract.
...with a consumer who will be the debtor under the contract.
Classifies the contract as a small amount credit contract.
...with a consumer who will be the debtor under the contract if: (a) the consumer is included in a class of consumers prescribed by the regulations; and
Defines the recurring trace for the prohibition.
Licensee must not enter into a small amount credit contract
133CC(2) Licensee must not enter into a small amount credit contract
Engaging in activity contravenes certain sections.
14 Paragraph 180(1)(b)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.60
15 After section 335
Definition of a small amount credit contract
2 Subsection 5(1)
Term of the contract meets the minimum duration requirement
Term of the contract is at least 16 days but not longer than 1 year
Contract does not secure debt obligations
Debtor’s obligations under the contract are not, and will not be, secured
Contract must comply with additional regulations
Contract meets any other requirements prescribed by the regulations
Contract term meets the maximum duration requirement
Division 7 prohibits a licensee from providing credit assistance to a consumer in relation to short-term credit contracts.
3 At the end of section 111
Prohibition of providing credit assistance
335A Review relating to small amount credit contracts
Review of certain provisions and establishment of a national database for small amount credit contracts
335A(1) Review relating to small amount credit contracts
Review must be undertaken as soon as practicable after 1 July 2015
as soon as practicable after 1 July 2015:
Establishment of a national database is optional
whether a national database of small amount credit contracts should be established:
The review must be undertaken by 3 persons who possess appropriate qualifications.
335A(2) Review relating to small amount credit contracts
The persons undertaking the review must provide a written report to the Minister.
335A(3) Review relating to small amount credit contracts
Minister must table report in each House of Parliament within 15 sitting days.
335A(4) Review relating to small amount credit contracts
The report must be submitted within a certain timeframe.
335A(5) Review relating to small amount credit contracts
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.53
4 After subsection 117(1)
Licensee must obtain account statements for consumer's financial situation.
4(1A) After subsection 117(1)
Obligation to provide account statements
Subsection (1A) does not limit paragraph (1)(c) of this section.
4(1B) After subsection 117(1)
Subsection (1A) implies paragraph (1)(c)
Presumption of substantial hardship for consumer to comply with financial obligations under contract.
5 After subsection 118(3)
The consumer's financial obligations overlap with other credit contracts.
Temporal overlap between consumer's financial obligations and other credit contracts
The consumer has been a debtor under another small amount credit contract in the 90-day period before the time of the preliminary assessment.
The state recognizes consumer's financial situation as having substantial hardship.
Recognition of consumer's financial situation by the state
The state inserts a new subsection into the Act.
Consumer could only comply with financial obligations under the relevant contract with substantial hardship.
Consumer's financial obligations diffuse to other credit contracts.
Diffusion of consumer's financial obligations to other credit contracts
The consumer is a debtor under another small amount credit contract.
A recurring pattern of consumer's financial obligations and default exists.
Recurring pattern of consumer's financial obligations and default
The consumer has been a debtor under 2 or more other small amount credit contracts in the 90-day period before the time of the preliminary assessment.
Presumption of substantial hardship for consumer with multiple debt obligations
6 After subsection 123(3)
The consumer’s debt obligations overlap with each other
Temporal overlap between debt obligations
Consumer has been a debtor under 2 or more other small amount credit contracts in the 90-day period before the time the licensee provides the credit assistance
The system recognizes the consumer’s financial obligations
Recognition of consumer’s financial obligations
Consumer is a debtor under another small amount credit contract and Consumer is in default in payment of an amount under that other contract
It is presumed that the consumer could only comply with the consumer’s financial obligations under the relevant contract with substantial hardship
The consumer’s debt obligations diffuse into each other
There is a recurring pattern of debt obligations
7 At the end of Part 3-1
8 After subsection 130(1)
Licensee must obtain and consider account statements for consumer's financial situation.
8(1A) After subsection 130(1)
8(1B) After subsection 130(1)
9 At the end of subsection 131(1) (before the note)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.61
Modify contract wording in National Credit Code
1 Subsections 17(4) to (6) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.63
Insertion of '(1)' before 'The regulations'
10 Section 31 of the National Credit Code
Small amount credit contracts are exempt from subsection (1) of section 31.
11 At the end of section 31 of the National Credit Code
12 After section 31 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.65
13 After Division 4 of Part 2 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.70
Omit 'A statement', substitute 'In the case of a credit contract other than a small amount credit contract, a statement'
14 Subsection 34(6) of the National Credit Code
Substitute ‘In the case of a credit contract other than a small amount credit contract, a statement’
Replaces 'A statement' with 'In the case of a credit contract other than a small amount credit contract, a statement'
Insert clause after Division 5 of Part 2 of the National Credit Code
15 After Division 5 of Part 2 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.71
16 At the end of subsection 111(1) of the National Credit
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.72
17 After paragraph 111(2)(f) of the National Credit Code
Insertion of term in relation to credit contracts
18 Subsection 114(1) of the National Credit Code
Maximum penalty for contravention of key requirement in small amount credit contract
19 After subsection 114(1) of the National Credit Code
Temporal interval from application to commencement of order
Defines temporal interval for maximum penalty
Maximum penalty not exceeding sum of permitted establishment fee and monthly fees
Knowledge representation of key requirement
Represents knowledge about key requirement in small amount credit contract
Key requirement in relation to small amount credit contract
Prohibits contravention of key requirement
Application for order in relation to small amount credit contract
Recurring trace from application to commencement of order
Defines recurring trace for maximum penalty
Validates key requirement against schema
1A At the end of paragraph 335A(1)(a)
Adding sections to the National Credit Code
2 Section 23 of the National Credit Code (heading)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.109
2 Part 1 of Schedule 4 (heading)
Defines adjusted credit amount in relation to a small amount credit contract.
20 Subsection 204(1) of the National Credit Code
Definition of annual cost rate of a credit contract
21 Subsection 204(1) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.73
22 Subsection 204(1) of the National Credit Code
Definition of medium amount credit contract
22A Subsection 204(1) of the National Credit Code
23 Prohibited monetary obligations—general
23 Subsection 204(1) of the National Credit Code
23A Prohibited monetary obligations—small amount credit
Prohibited monetary obligations—small amount credit
23A(1) Prohibited monetary obligations—small amount credit
Applies to interest charges during the contract period
(1) A small amount credit contract must not impose a monetary liability on the debtor:
Forbids small amount credit contracts from imposing certain monetary liabilities
Forbids small amount credit contracts from imposing certain fees or charges
in respect of a fee or charge prohibited by this Code;
(c) in respect of an amount of a fee or charge exceeding the amount that may be charged consistently with this Code.
Voiding of provisions imposing prohibited monetary liabilities
23A(2) Prohibited monetary obligations—small amount credit
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.62
Offences related to prohibited monetary obligations—credit
24 Offences related to prohibited monetary obligations—credit
24 Subsection 204(1) of the National Credit Code
24A Offences related to prohibited monetary obligations—credit
Prohibition on providing credit assistance to consumers that may contravene subsection 23A(1).
24A(1) Offences related to prohibited monetary obligations—credit
Prohibition on providing credit assistance.
Prohibition on providing credit assistance to consumers in relation to prohibited monetary obligations.
24A(2) Offences related to prohibited monetary obligations—credit
25 Subsection 204(1) of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.74
26 Subsection 204(1) of the National Credit Code
Disregard certain amounts when calculating the first amount of credit under a small amount credit contract.
27 At the end of section 204 of the National Credit Code
Other amounts are also disregarded when calculating the first amount of credit.
The regulations prescribe other amounts to be disregarded.
The first amount of credit is reduced by the fee amount.
Division does not apply to small amount credit contracts.
27A Application of this Division
Insertion of a term in the National Credit Code
3 Subsection 23(1) of the National Credit Code
Substitute 'In this Schedule' for 'In this Part'
3 Item 1 of Schedule 4
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.64
31A Restrictions on fees and charges for small amount credit
No fees and charges for small amount credit contracts except certain kinds.
31A(1) Restrictions on fees and charges for small amount credit
No permitted establishment fee for refinance of credit
31A(1A) Restrictions on fees and charges for small amount credit
Maximum amount of permitted monthly fee must not exceed 20% of the adjusted credit amount.
31A(2) Restrictions on fees and charges for small amount credit
Maximum monthly fee for small amount credit contract
31A(3) Restrictions on fees and charges for small amount credit
31B Credit provider or prescribed person must not require or
Credit provider or prescribed person must not require payment by debtor for certain transactions.
31B(1) Credit provider or prescribed person must not require or
(1) A credit provider, or a person prescribed by the regulations, must not require...
No requirement or charge that may be imposed by the small amount credit contract under section 31A or prescribed by regulations.
31B(2) Credit provider or prescribed person must not require or
Credit provider or prescribed person must not require or
31B(3) Credit provider or prescribed person must not require or
32A Prohibitions relating to credit contracts if the annual cost rate
Prohibits entering into credit contracts with annual cost rates exceeding 48%.
32A(1) Prohibitions relating to credit contracts if the annual cost rate
Prohibits providing credit assistance if annual cost rate exceeds 48%.
32A(2) Prohibitions relating to credit contracts if the annual cost rate
Prohibition on charging fees for credit assistance
32A(3) Prohibitions relating to credit contracts if the annual cost rate
(a) the consumer is not liable (and is taken never to have been liable) to pay any fees or charges to the person in relation to:
(3) If a person provides credit assistance to a consumer that is prohibited by subsection (2):
Exemptions from prohibition on credit contracts
32A(4) Prohibitions relating to credit contracts if the annual cost rate
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.66
32AA Prohibition relating to the annual cost rate of credit
Prohibition on credit providers exceeding 48% annual cost rate if certain conditions occur after contract entry.
32AA(1) Prohibition relating to the annual cost rate of credit
...the credit provider contravenes this subsection if...
Temporal interval for calculating annual cost rate.
(i) the annual percentage rate under the contract increases;
...the credit provider contravenes this subsection.
Prohibition on exceeding 48% annual cost rate.
Recurring trace for monitoring credit contracts.
(ii) an amount referred to in subsection 32B(3)...
Prohibition on contravening subsection (1)
32AA(2) Prohibition relating to the annual cost rate of credit
A credit provider must not contravene subsection (1)
(2) A credit provider must not contravene subsection (1)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.67
32B Calculation of annual cost rate
32B(1) Calculation of annual cost rate
32B(2) Calculation of annual cost rate
Defines t as a multiple of the interval between contractual repayments
32B(3) Calculation of annual cost rate
Obligation to calculate credit cost amount
Exclude government fees from credit contract amounts.
32B(4) Calculation of annual cost rate
Exemptions from calculation of annual cost rate
32B(4A) Calculation of annual cost rate
Exempts specified amounts from calculation
Annual cost rate must be correct to at least the nearest one hundredth of 1% per annum.
32B(5) Calculation of annual cost rate
Reasonable approximations may be made in calculating annual cost rate.
32B(6) Calculation of annual cost rate
The tolerances and assumptions under sections 180 to 182 apply to the calculation of the annual cost rate.
32B(7) Calculation of annual cost rate
The provision applies to the calculation of the annual cost rate.
Debtor must pay minimum repayments and not be supplied with further goods or services or cash.
32B(8) Calculation of annual cost rate
Establishes minimum repayment obligation
39A Limit on the application of amount of credit provided under a
No part of the amount of credit may be applied to pay an amount to the credit provider or a person prescribed by the regulations.
39A(1) Limit on the application of amount of credit provided under a
Prohibits paying an amount within the specified time frame.
(1) No part of the amount of credit provided under a small amount credit contract may be applied to pay an amount (the prohibited credit amount) to:
Uses cognitive AI to enforce the prohibition on paying an amount to the credit provider or a person prescribed by the regulations.
Prohibits paying an amount to the credit provider or a person prescribed by the regulations.
Diffuses the prohibition on paying an amount to the credit provider or a person prescribed by the regulations.
39A(2) Limit on the application of amount of credit provided under a
Debtor not liable to repay prohibited credit amount.
39A(3) Limit on the application of amount of credit provided under a
39B Limit on amount that may be recovered if there is default under
Maximum amount recoverable in case of default
39B(1) Limit on amount that may be recovered if there is default under
Limitation on amount that may be recovered if there is default under the small amount credit contract.
39B(2) Limit on amount that may be recovered if there is default under
No enforcement expenses are exempt from the limit.
39B(3) Limit on amount that may be recovered if there is default under
39C Credit provider must do prescribed things if a default in
Credit provider must perform prescribed actions upon default in payment.
39C(1) Credit provider must do prescribed things if a default in
Credit provider must perform prescribed actions upon default.
39C(2) Credit provider must do prescribed things if a default in
Insert clause after section 23 of the National Credit Code
4 After section 23 of the National Credit Code
4 At the end of the Act
5 Section 24 of the National Credit Code (heading)
Credit provider must not enter into a small amount credit contract with prohibited terms.
6 After subsection 24(1) of the National Credit Code
After subsection 24(1) of the National Credit Code
Temporal relation between the prohibition and the credit contract.
Monetary liability prohibited by subsection 23A(1); or
Knowledge representation of the prohibition in the National Credit Code.
Credit provider must not enter into a small amount credit contract on terms imposing a monetary liability prohibited by subsection 23A(1); or
Prohibition of entering into a small amount credit contract with prohibited terms.
Recurring trace of prohibited terms in the credit contract.
Validation of the prohibition against entering into a small amount credit contract.
Omit 'Subsection (1) is an offence', substitute 'Subsections (1) and (1A) are offences'.
7 Subsection 24(2) of the National Credit Code
Insert clause after section 24 of the National Credit Code
8 After section 24 of the National Credit Code
Insert clause after section 27 of the National Credit Code
9 After section 27 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.75
1 Subsection 5(1) (definition of lessor)
1 Definition
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.77
10 Paragraph 200(1)(b)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.111
Applicability of subsection 17(15A) of the new Credit Code
10 Subsection 17(15A) of the new Credit Code
11 Subsection 76(8) of the National Credit Code
Section applies to entry into and changes to credit contracts on or after commencement of item.
11 Section 18A of the new Credit Code
12 Subsection 87(6) of the National Credit Code
Applicable to credit contracts entered into on or after the commencement of that item.
12 Subsection 26(6) of the new Credit Code
Repeal section 92 of the National Credit Code.
13 Section 92 of the National Credit Code
Amendments apply to credit contracts entered into before, on or after commencement.
13 Section 33 of the new Credit Code
Repeals section 92 of the National Credit Code.
14 Subsection 173(1) of the National Credit Code
Applicability of Section 67A of the new Credit Code
14 Section 67A of the new Credit Code
written lease document containing required information
14(1) Subsection 173(1) of the National Credit Code
Obligation to provide written lease document
A consumer lease may consist of one or more separate documents.
14(1A) Subsection 173(1) of the National Credit Code
Imposes a duty on the lessor to provide separate documents.
Compliance with section requires one signed document and reference to other documents.
15 After subsection 173(2) of the National Credit Code
Subdivision B of Division 1 of Part 5 of the new Credit Code applies to credit contracts and mortgages entered into on or after commencement.
15 Subdivision B of Division 1 of Part 5 of the new Credit
Subdivision B applies to credit contracts and mortgages.
Insert clause after section 173 of the National Credit Code
16 After section 173 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.112
Amendment applies to credit contracts and mortgages entered into before, on or after commencement of item.
16 Subsections 88(1) and (2) of the new Credit Code
Requires temporal relation between intervals
Item commencement is before or on contract/mortgage date
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.78
Insert clause after section 174 of the National Credit Code
17 After section 174 of the National Credit Code
Applicability of new Credit Code subsections to credit contracts and mortgages
17 Subsections 88(7A) and (7B) of the new Credit Code
173A Other forms of consumer lease
Authorise other ways of making a consumer lease without a written document.
173A(1) Other forms of consumer lease
173A(2) Other forms of consumer lease
174A Alteration of consumer lease document
Lessee must agree in writing to alteration of consumer lease document.
174A(1) Alteration of consumer lease document
Does not apply to alterations reducing lessee's liabilities
174A(2) Alteration of consumer lease document
Prohibited consumer lease fees or charges
175A Prohibited consumer lease fees or charges
175B Fees or charges in relation to third parties
Lessee must pay third party amount if lessor pays another person, body or agency.
175B(1) Fees or charges in relation to third parties
Lessee has an obligation to pay third party amount.
175B(2) Fees or charges in relation to third parties
175B(3) Fees or charges in relation to third parties
the difference must be refunded within a reasonable time frame.
(b) after the fee or charge is paid, the lessor ascertains the third party amount;
then the lessor must refund or credit the difference to the lessee.
(a) when the fee or charge is paid by the lessee to the lessor, the third party amount is not ascertainable;
(c) the third party amount is less than the amount of the fee or charge paid;
the difference must be refunded every time it occurs.
Determine third party amount by considering discounts and allowances received or receivable by the lessor.
175B(4) Fees or charges in relation to third parties
Obligation to determine third party amount
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.79
175C Statements of account
Lessor must provide periodic statements of account to Lessee.
175C(1) Statements of account
Maximum period for a statement of account is 12 months.
175C(2) Statements of account
The maximum period for a statement of account is within 12 months.
(2) The maximum period for a statement of account is 12 months.
The maximum period for a statement of account is 12 months.
Lessee does not need to provide a statement of account under certain circumstances.
175C(3) Statements of account
Lessee's obligation to provide a statement of account is waived if...
Default under the consumer lease during the statement period
Lessee's obligation to provide a statement of account is waived.
Strict liability offence for subsection (1)
175C(4) Statements of account
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.80
Must contain prescribed information in regulations.
175D Information to be contained in statements of account
Obligation to provide prescribed information.
175E Statement of amount owing and other matters
Provide statement of amounts owing and other matters to lessee upon request.
175E(1) Statement of amount owing and other matters
Statement must be given within a specified timeframe.
175E(2) Statement of amount owing and other matters
Statement must be given in writing if request is made in writing.
175E(3) Statement of amount owing and other matters
Must provide statement to a requesting lessee, not all joint lessees.
175E(4) Statement of amount owing and other matters
Must provide statement to a requesting lessee
No further written statement required if previously provided within 3 months.
175E(5) Statement of amount owing and other matters
Time overlap between request and previous statement.
This provision overlaps with a time interval related to the request and response.
Request given within 3 months of previous statement.
This provision implies a relationship between the request and the response.
If a statement was previously provided, then no further statement is required.
Previous statement provided within 3 months.
175E(6) Statement of amount owing and other matters
Court may order statement of account to be provided if not done so within the required time.
175F Court may order statement of account to be provided
May be obligated to provide statement of account.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.81
175G Disputed accounts
Lessor must provide written notice explaining liability to lessee.
175G(1) Disputed accounts
Lessor must provide written notice of agreed liability.
175G(2) Disputed accounts
Notice of dispute must be given to the lessor within 30 days after receiving a statement of account.
175G(3) Disputed accounts
Day X + 30 is later than day when notice must be given
Notice must be given within 30 days after receiving statement of account
Statement of account received by lessee on day X
Notice of dispute must be given to lessor
Day X + 30 is later than day when lessor receives notice
Lessor must receive notice within 30 days
Notice of dispute given to lessee on day X
Day X + T is later than day when lessor responds
Lessor must respond to notice within a reasonable time after receiving it
Notice of dispute must be given to the lessor within 3 months after lease ends.
175G(4) Disputed accounts
Must provide notice of dispute within 3 months after lease ends.
Must not begin enforcement proceedings within 30 days of written explanation or advice as to agreement.
175G(5) Disputed accounts
Court may determine disputed liability and make consequential orders.
175G(6) Disputed accounts
Lessor cannot begin enforcement proceedings without court leave.
175G(7) Disputed accounts
Offence of strict liability for subsections (5) and (7)
175G(8) Disputed accounts
Establishes temporal relation between subsections (5) and (7)
(8) Subsections (5) and (7) are offences of strict liability.
Represents knowledge about subsections (5) and (7)
Diffuses information about subsections (5) and (7)
Establishes recurring trace between subsections (5) and (7)
Does not affect disputes not dealt with under this section.
175G(9) Disputed accounts
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.82
175H End of lease statement
Lessor must provide lessee with end of lease statement within 90 days before fixed term end.
175H(1) End of lease statement
Exemption from subsection (1) under certain circumstances.
175H(2) End of lease statement
Strict liability offence for non-compliance with subsection (1)
175H(3) End of lease statement
Change, deferral, waiver, or postponement of an existing consumer lease is not treated as creating a new consumer lease.
175J Changes etc. under consumer leases
(a) there is a change to an existing consumer lease that results in further goods being provided; or (b) the change, deferral, waiver or postponement is made in accordance with this Code or the existing consumer lease;
Change, deferral, waiver, or postponement occurs within an existing consumer lease.
then the change, deferral, waiver or postponement is not to be treated as creating a new consumer lease or a credit contract for the purposes of this Code.
Change, deferral, waiver, or postponement is recognized as part of the consumer lease.
The change, deferral, waiver, or postponement is not to be treated as creating a new consumer lease.
Change, deferral, waiver, or postponement is made in accordance with this Code.
(iii) a postponement relating to an existing consumer lease;
Change, deferral, waiver, or postponement occurs repeatedly.
Change, deferral, waiver, or postponement conforms to the relevant rules.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.83
177A Changes by agreement
Lessor must provide written notice of changes to consumer lease terms within 30 days.
177A(1) Changes by agreement
Exempts lessee from obligations for up to 90 days
177A(2) Changes by agreement
Section does not apply to a change made under Subdivision B.
177A(3) Changes by agreement
Information about changes to the terms and conditions
The lessee must be informed of changes to the terms and conditions.
177A(4) Changes by agreement
The lessee has an obligation to be informed of changes.
Offence of strict liability for subsection (1)
177A(5) Changes by agreement
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.84
177B Changes on grounds of hardship
Lessee must provide notice of inability to meet obligations under consumer lease.
177B(1) Changes on grounds of hardship
Lessor must request lessee to provide specified information within 21 days.
177B(2) Changes on grounds of hardship
Lessor has an obligation to request lessee information.
Lessee must comply with the requirement.
177B(3) Changes on grounds of hardship
Notice in prescribed form with specified information
Notice to lessee of change in consumer lease agreement
177B(4) Changes on grounds of hardship
The lessor must give notice within a specified period.
177B(5) Changes on grounds of hardship
Allow regulations to modify references in subsections (2) and (5)
177B(6) Changes on grounds of hardship
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.85
177C Notice of change
Lessor must provide written notice to lessee within 30 days of agreement change.
177C(1) Notice of change
Notice must be given within 30 days after agreement date
not later than 30 days after the date of the agreement
Lessor must inform lessee of changes to terms and conditions.
177C(2) Notice of change
Notice of change is an offence of strict liability.
177C(3) Notice of change
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.86
177D Changes by court
Lessee may apply to court for lease term changes if lessor does not comply with hardship notice.
177D(1) Changes by court
Lessee has the right to apply for court intervention.
177D(2) Changes by court
Court may stay enforcement proceedings under the lease until application is determined.
177D(3) Changes by court
177E Lessor may apply for variation of change
Lessor may apply for variation of change
177E(1) Lessor may apply for variation of change
May apply for variation of stay or order
177E(2) Lessor may apply for variation of change
Court may vary or revoke order or stay on application
177E(3) Lessor may apply for variation of change
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.87
177F Court may reopen unjust transactions
177F(1) Court may reopen unjust transactions
Court must consider various factors when determining whether a consumer lease term is unjust.
177F(2) Court may reopen unjust transactions
The court MUST consider the specified factors.
The court is to have regard to the public interest and all the circumstances of the case.
The court MUST consider the public interest and circumstances of the case.
Court must consider public interest and circumstances of the case.
The court MUST protect the legitimate interests of a party to the lease.
The court is to have regard to all the circumstances of the case.
The court MUST ensure the lessee understood the nature and implications of the transaction.
Court must ensure lessee understands transaction implications.
The lessor took measures to ensure that the lessee understood the nature and implications of the transaction.
The court MUST consider whether the lessor knew, or could have ascertained by reasonable inquiry at the time, that the lessee could not pay in accordance with its terms.
Court must consider lessor's knowledge about lessee's ability to pay.
The lessor knew, or could have ascertained by reasonable inquiry at the time, that the lessee could not pay in accordance with its terms.
A person is taken to have represented a lessee if they assisted the lessee in negotiations.
177F(3) Court may reopen unjust transactions
The person is taken to have represented the lessee.
Assistance in negotiations implies representation of a lessee at some point.
Obligation to assist a lessee in negotiations.
No permission is required for assistance in negotiations.
Assistance in negotiations implies representation of a lessee repeatedly.
Court must consider unforeseeable circumstances when determining unjust consumer leases.
177F(4) Court may reopen unjust transactions
Obligation to consider unforeseeable circumstances
Court may consider conduct of parties in determining unjust lease relief.
177F(5) Court may reopen unjust transactions
The court has regard to the conduct of the parties since it was entered into or changed
Court may have regard to the conduct of the parties since it was entered into or changed
The court has regard to the conduct of the parties in relation to the lease since it was entered into or changed
CogAI logic for unjust lease determination
in respect of a consumer lease that it finds to be unjust
Court may have regard to the conduct of the parties in relation to the lease since it was entered into or changed
Obligation to consider conduct of parties
Court may grant relief in respect of a consumer lease
The court has regard to the conduct of the parties in determining whether to grant relief
Diffusion logic for unjust lease determination
Court may have regard to the conduct of the parties in determining whether to grant relief
The court has regard to the conduct of the parties in relation to the lease
Linear temporal logic for lease duration
Court may have regard to the conduct of the parties in relation to the lease
This section does not apply to a change to a consumer lease under this Subdivision.
177F(6) Court may reopen unjust transactions
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.89
Court may reopen a transaction and perform certain actions despite settlement or agreement.
177G Orders on reopening of transactions
Court can reopen a transaction and perform certain actions.
177H Applications by ASIC
Application under this Subdivision if in public interest
177H(1) Applications by ASIC
Make an application under this Subdivision
ASIC considers it is in the public interest
Standing to represent the public interest
177H(2) Applications by ASIC
Application may apply to any one or more consumer leases.
177H(3) Applications by ASIC
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.90
No application can be brought more than 2 years after the relevant consumer lease ends.
177J Time limit
Application must be brought within 2 years
177K Joinder of parties
Court may order third party to share in profits of unjust consumer lease.
177K(1) Joinder of parties
Court must join third party and give opportunity to appear and be heard.
177K(2) Joinder of parties
The court's obligation is contained within the temporal interval from the commencement of proceedings to the completion of proceedings.
(2) However, before making an order about the third party...
The court MUST join the third party and give the third party an opportunity to appear and be heard.
The State MUST join the third party and give the third party an opportunity to appear and be heard.
The court's obligation is contained within a temporal trace from the commencement of proceedings to the completion of proceedings.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.91
178A Termination before goods have been provided
Lessee may terminate lease by written notice if goods not provided.
178A(1) Termination before goods have been provided
Lessor may retain or require payment of fees incurred before termination.
178A(2) Termination before goods have been provided
179 Termination after goods have been provided
179A Statement of amount payable on termination
Provide written statement of termination amount upon request
179A(1) Statement of amount payable on termination
Statement of amount payable on termination
179A(2) Statement of amount payable on termination
Lessor must provide a statement within 7 days after request.
179A(3) Statement of amount payable on termination
Joint lessees do not need to be informed of the statement if one requests it.
179A(4) Statement of amount payable on termination
Joint lessees have an obligation to inform each other of the statement.
179A(5) Statement of amount payable on termination
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.92
179B Court may determine amount payable on termination if lessor
Statement of the amount payable to terminate a consumer lease
Court may determine amount payable on termination if lessor fails to provide statement.
179B(1) Court may determine amount payable on termination if lessor
Lessor has an obligation to provide statement.
Consumer lease discharge upon return of goods and payment within applicable period
179B(2) Court may determine amount payable on termination if lessor
Imposes duty on lessor to accept return and payment
179C One-off notice to be given the first time a direct debit default
Lessee must provide notice when direct debit default occurs for the first time.
179C(1) One-off notice to be given the first time a direct debit default
Lessee has an obligation to provide notice.
179C(2) One-off notice to be given the first time a direct debit default
Notice must contain prescribed information.
179C(3) One-off notice to be given the first time a direct debit default
Offence of strict liability for subsection (2)
179C(4) One-off notice to be given the first time a direct debit default
Notice to be given in case of direct debit default
179C(5) One-off notice to be given the first time a direct debit default
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.93
179D Requirements to be met before lessor can enforce consumer
Lessor cannot begin enforcement proceedings against lessee unless certain conditions are met.
179D(1) Requirements to be met before lessor can enforce consumer
and the default has not been remedied within that period
Temporal interval of 30 days for lessee to remedy default
Lessor must give lessee a default notice allowing at least 30 days to remedy the default
Enforcement proceedings are contingent on lessee's ability to remedy default
and have not been remedied within the given period
Lessee's default is represented as a condition for enforcement proceedings
Lessor must not begin enforcement proceedings
and the lessor has given the lessee a default notice, complying with this section
Default notice requirements propagate to enforcement proceedings
Lessor must comply with this section when giving lessee a default notice
179D(2) Requirements to be met before lessor can enforce consumer
Lessor's obligations when enforcing consumer lease
179D(3) Requirements to be met before lessor can enforce consumer
Lessor may not enforce consumer default without remediation attempt
179D(4) Requirements to be met before lessor can enforce consumer
Enforcement proceedings start after 30-day notice period
(b) the lessor may begin the enforcement proceedings after the period of 30 days from the date of the notice.
Prohibits enforcement of consumer default without remediation attempt
Enforcement is contingent on remediation attempt
(4) If the lessor reasonably believes that a default is not capable of being remedied:
Enforcement is contingent on remediation attempt and 30-day notice period
Offence of strict liability for non-compliance with subsection (1)
179D(5) Requirements to be met before lessor can enforce consumer
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.95
179E Defaults may be remedied
Remedy default within specified period to reinstate lease
179E(1) Defaults may be remedied
Lessor's obligation to take action upon default
Default notice states intention to take action
Lessee does not remedy default if in default under the consumer lease
179E(2) Defaults may be remedied
179F Effect of hardship notices on enforcement
Lessor must give default notice under section 179D before beginning enforcement proceedings if lessee gives hardship notice under section 177B.
179F(1) Effect of hardship notices on enforcement
Lessor must give default notice under section 179D before beginning enforcement proceedings.
Lessor must not begin enforcement proceedings without notice and 14-day waiting period.
179F(2) Effect of hardship notices on enforcement
Lessor must give lessee notice and waiting period
Lessor may not refuse to take possession of goods if lessor reasonably believes lessee has removed or disposed of the goods or urgent action is necessary to protect the goods.
179F(3) Effect of hardship notices on enforcement
Prohibition of refusal to take possession
Lessor may not refuse to take possession
Strict liability offence for non-compliance with hardship notices.
179F(4) Effect of hardship notices on enforcement
The temporal interval of the offence overlaps with non-compliance with hardship notices.
Non-compliance with hardship notices overlaps with the temporal interval of the offence.
Prohibits non-compliance with hardship notices.
There is an obligation to comply with hardship notices.
Imposes obligation to comply with hardship notices.
There is an obligation to report non-compliance with hardship notices.
Imposes obligation to report non-compliance with hardship notices.
Non-compliance with hardship notices repeats in the context of the offence.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.96
179G Requirements to be met before lessor can enforce an
Acceleration clause can only operate if lessee is in default, lessor has given notice, and default cannot be remedied.
179G(1) Requirements to be met before lessor can enforce an
...(unless the lessor reasonably believes that the default is not capable of being remedied).
The text specifies a time period during which the default must be remedied.
(d) the default has not been remedied within the period specified in the default notice (unless the lessor reasonably believes that the default is not capable of being remedied).
(1) An acceleration clause of a consumer lease is to operate only if:...
Acceleration clause can only operate under specific conditions.
(a) the lessee is in default under the lease; and (b) the lessor has given to the lessee a default notice under section 179D;
...and (c) the default notice contains an additional statement of:...
The text specifies a condition for the operation of an acceleration clause.
(i) the manner in which the liabilities of the lessee under the consumer lease would be affected by the operation of the acceleration clause; and (ii) the amount required to terminate the lease (as accelerated);
Lessor is not required to give a default notice under section 179D or wait until the period specified in the default notice has elapsed before bringing an acceleration clause into operation.
179G(2) Requirements to be met before lessor can enforce an
Lessor is not required to give a default notice
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.97
179H Postponement of exercise of rights
Request for postponement of enforcement proceedings, actions under proceedings, or acceleration clause operation.
179H(1) Postponement of exercise of rights
Lessor must provide written notice within 21 days of receiving postponement request.
179H(2) Postponement of exercise of rights
Lessor cannot begin enforcement proceedings unless notice is given and 14-day period has expired.
179H(3) Postponement of exercise of rights
Unless notice is given and 14-day period has expired.
Temporal relation between postponement request and enforcement proceedings
Enforcement proceedings must not begin during the 14-day period after notice is given.
Permit for enforcement proceedings to begin
Enforcement proceedings can begin if notice is given and the 14-day period has expired.
Enforcement proceedings must not begin until the 14-day period after notice is given has ended.
Lessor's right to take possession of goods under certain circumstances
179H(4) Postponement of exercise of rights
The lessor may take possession of goods...
Offence of strict liability for subsections (2) and (3)
179H(5) Postponement of exercise of rights
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.98
179J Effect of negotiated postponement
Default notice not considered given if postponement negotiated.
179J(1) Effect of negotiated postponement
Lessor must provide written notice of postponement conditions within 30 days.
179J(2) Effect of negotiated postponement
179J(3) Effect of negotiated postponement
No notice required for lessor under subsection (2) if notice given under section 177A
179J(4) Effect of negotiated postponement
Notice given under section 177A relates to postponement
(4) A lessor that is required to give notice under section 177A...
...is not required to comply with subsection (2).
Lessor exempt from subsection (2) notice requirement if notice given under section 177A
Lessor has permission to waive subsection (2) notice requirement if notice given under section 177A
Lessor must provide default notice if conditions are not complied with.
179J(5) Effect of negotiated postponement
Lessor has an obligation to provide default notice.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.99
179K Postponement by court
Lessee may apply to court for postponement if unable to negotiate.
179K(1) Postponement by court
Lessee has the right to apply for postponement.
Court may order postponement after hearing.
179K(2) Postponement by court
Court may stay enforcement proceedings under consumer lease until application is determined.
179K(3) Postponement by court
179L Lessor may apply for variation of postponement order
Lessor may apply for variation of postponement order
179L(1) Lessor may apply for variation of postponement order
Court may vary, refuse to vary, or revoke postponement order on application.
179L(2) Lessor may apply for variation of postponement order
Court obligation to vary, refuse, or revoke order.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.100
179M Information as to location of goods hired under a consumer
Information about goods location and possession status
Lessee must inform lessor of goods location within 7 days.
179M(1) Information as to location of goods hired under a consumer
Lessee commits an offence for contravening a notice under this section.
179M(2) Information as to location of goods hired under a consumer
Prohibits lessee from contravening a notice under this section.
Offence of strict liability for non-compliance with subsection (2)
179M(3) Information as to location of goods hired under a consumer
(3) Subsection (2) is an offence of strict liability.
179N Entry to residential property to take possession of goods
Entry to residential property without consent is prohibited.
179N(1) Entry to residential property to take possession of goods
(1) A lessor, or an agent of a lessor, must not...
must not enter any part of premises used for residential purposes unless...
(b) the occupier of the premises has, after being informed in writing...
must enter any part of premises used for residential purposes if the occupier has given written consent
Consent for entry to residential property
179N(2) Entry to residential property to take possession of goods
Entering premises in contravention of this section is prohibited for the lessor.
179N(3) Entry to residential property to take possession of goods
The temporal interval is [entry, offence].
Temporal interval between entering premises and committing an offence.
(3) If premises are entered in contravention of this section by a lessor...
The entry is classified as prohibited for the lessor.
Classification of the entry as prohibited for the lessor.
Prohibition of entering premises in contravention of the section.
The recurring trace is [entry, offence].
Recurring trace of entering premises and committing an offence.
Offence of strict liability for entry to residential property
179N(4) Entry to residential property to take possession of goods
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.101
Court may order entry for taking possession of goods
179P Court may order entry
179Q Order for possession
179Q(1) Order for possession
Court may vary delivery place, time or period.
179Q(2) Order for possession
Committing an offence under this section is prohibited.
179Q(3) Order for possession
A person who contravenes an order under this section commits an offence.
(3) A person who contravenes an order under this section commits an offence. Criminal penalty: 30 penalty units.
A person who contravenes an order under this section is prohibited from committing an offence.
Prohibits committing an offence under this section.
If a person contravenes an order under this section, they commit an offence.
Implies that the action is prohibited if the condition is met.
Offence of strict liability for subsection (3)
179Q(4) Order for possession
(4) Subsection (3) is an offence of strict liability.
179R Recovery of enforcement expenses
Lessor cannot recover enforcement expenses exceeding those reasonably incurred.
179R(1) Recovery of enforcement expenses
Recovery is limited to a specific temporal interval.
Recovery is limited to enforcement expenses reasonably incurred during the lease.
Lessor cannot recover enforcement expenses.
Lessor must recover enforcement expenses.
Prohibits consumer lease provisions from conferring greater rights than specified.
179R(2) Recovery of enforcement expenses
Court determines amount of enforcement expenses liability
179R(3) Recovery of enforcement expenses
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.102
179S Linked lessors and tied consumer leases
179S(1) Linked lessors and tied consumer leases
The supplier has a contract, arrangement or understanding with the lessor
179S(2) Linked lessors and tied consumer leases
The tied consumer lease is entered into during the supplier's linked status
Temporal relationship between tied consumer lease and supplier's linked status
(2) A tied consumer lease is entered into between a lessor and a lessee where: (a) the lessee enters into the lease to hire goods supplied by the supplier to the lessor; and (b) at the time the lease is entered into the lessor is a linked lessor of the supplier.
A tied consumer lease is defined as a consumer lease entered into between a lessor and a lessee...
(2) A tied consumer lease is a consumer lease entered into between a lessor and a lessee...
A tied consumer lease is defined as a consumer lease entered into between a lessor and a lessee where: (a) the lessee enters into the lease to hire goods supplied by the supplier to the lessor; and (b) at the time the lease is entered into the lessor is a linked lessor of the supplier.
(2) A tied consumer lease is a consumer lease entered into between a lessor and a lessee where: (a) the lessee enters into the lease to hire goods supplied by the supplier to the lessor; and (b) at the time the lease is entered into the lessor is a linked lessor of the supplier.
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.103
179T Lessor liable for supplier’s misrepresentations about hired
Lessor liable for supplier's misrepresentations about hired goods or services.
179T(1) Lessor liable for supplier’s misrepresentations about hired
Obligation to provide accurate information
Lessor entitled to indemnification from person making misrepresentation
179T(2) Lessor liable for supplier’s misrepresentations about hired
Person making misrepresentation must provide indemnification
Lessor has an obligation to be indemnified
Person making misrepresentation has permission to make a representation
Person making misrepresentation is allowed to make a statement
179U False or misleading representations
Making false or misleading representations in consumer leases is prohibited.
179U(1) False or misleading representations
Prohibits making false or misleading representations.
Material to entry into a consumer lease or related transaction.
Defence to prosecution for false or misleading representations if reasonable belief
179U(2) False or misleading representations
The person charged had a reasonable belief
Reasonable belief is inferred from the person charged's actions
Person charged took action based on their reasonable belief
Not making false or misleading representations
Obligation to not make false or misleading representations
Person charged reasonably believed the representation was not false or misleading
The defence applies if the representation was not false or misleading at the time of prosecution
Person who suffers loss may recover from contravention
179U(3) False or misleading representations
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.104
179V Harassment
Attempt must be completed before harassment starts
Temporal relation between harassment and attempt
179W Application of certain Code provisions to consumer leases
Applicability of certain Code provisions to consumer leases
179W(1) Application of certain Code provisions to consumer leases
Application of certain Code provisions to consumer leases
179W(2) Application of certain Code provisions to consumer leases
Insert clause after section 175 of the National Credit Code
18 After section 175 of the National Credit Code
Section applies in relation to credit contracts and mortgages entered into on or after commencement of item.
18 Section 93A of the new Credit Code
Repeal section 176 of the National Credit Code.
19 Section 176 of the National Credit Code
Section applies in relation to credit contracts entered into on or after commencement of item.
19 Section 185A of the new Credit Code
Repeal definition of value of a credit contract
2 Subsection 5(1) (definition of value of a credit contract,
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.110
Amendments apply to representations made on or after commencement
2 Section 128 of the National Credit Act
20 Division 3 of Part 11 of the National Credit Code (heading)
Applicability of National Credit Act provisions to short-term credit contracts
20 Paragraphs 124A(1)(b) and 133CA(1)(b) of the National
Provisions apply during specified time period
Provisions apply to contracts entered into before, on or after commencement
on a specific date or at a specific time
21 Section 177 of the National Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.113
Applicability of sections to small amount credit contracts
21 Sections 23A, 31A, 31B, 39A, 39B and 39C and subsection
Credit contracts entered into on or after the commencement of Schedule 4 must comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb) of the new Credit Code.
21A Section 32AA and paragraphs 111(1)(k) and (2)(fb) of the
must comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb)
Credit contracts entered into on or after the commencement of Schedule 4 must comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb)
Commencement of Schedule 4 >= commencement of credit contract
Credit contracts entered into on or after the commencement of Schedule 4
are a right to comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb)
Credit contracts entered into on or after the commencement of Schedule 4 are a right to comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb)
Section 32AA and paragraphs 111(1)(k) and (2)(fb) of the new Credit Code
For all credit contracts entered into on or after the commencement of Schedule 4, must comply with Section 32AA and paragraphs 111(1)(k) and (2)(fb)
x is a credit contract entered into on or after the commencement of Schedule 4
22 After section 178 of the National Credit Code
Amendments apply to consumer leases entered into on or after Schedule commencement
22 Subsection 199(2) of the National Credit Act
23 Section 179 of the National Credit Code (heading)
Applicable amendments to consumer leases entered into on or after the commencement of Schedule 5.
23 Part 11 of the new Credit Code
Insert clause after section 179 of the National Credit Code
24 After section 179 of the National Credit Code
Definition of acceleration clause in credit contracts and consumer leases.
25 Subsection 204(1) of the National Credit Code (definition
in relation to a credit contract or mortgage—a term of a credit contract or mortgage providing...
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.105
Definition of Bulk Electronic Clearing System
27 Subsection 204(1) of the National Credit Code
Repeal definition of default notice and substitute with new definitions.
28 Subsection 204(1) of the National Credit Code (definition
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.106
Defines direct debit in relation to payment of an amount.
29 Subsection 204(1) of the National Credit Code
See section 199 for definition of credit contract, mortgage, guarantee or consumer lease value.
3 Subsection 5(1)
Section applies in relation to credit services provided on or after commencement of Schedule.
3 Section 180A of the National Credit Act
Defines enforcement proceedings for credit contracts, consumer leases, and mortgages.
30 Subsection 204(1) of the National Credit Code (definition
Substitutes a new definition for an existing one.
Requires insertion of hardship notice in credit contracts and consumer leases.
31 Subsection 204(1) of the National Credit Code
32 Subsection 204(1) of the National Credit Code
lessee means the lessee under a consumer lease
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.107
33 Subsection 204(1) of the National Credit Code
lessor means the lessor under a consumer lease to which Part 11 applies
34 Subsection 204(1) of the National Credit Code
Demand facility is prohibited under subsection 204(1) of the National Credit Code.
35 Subsection 204(1) of the National Credit Code
References other subsections for postponement request rules
36 Subsection 204(1) of the National Credit Code
Mandatory reference to subsection 179S(2)
37 Subsection 204(1) of the National Credit Code
Prohibition on unconscionable, harsh or oppressive lease terms
38 Subsection 204(1) of the National Credit Code
Prohibits unconscionable, harsh or oppressive lease terms
Substitute sections with new section numbers.
4 Paragraph 147(7)(b)
Amendments apply to credit contracts entered into on or after Schedule commencement
4 Sections 32 and 40 of the new Credit Code
5 Subsection 147(7) (note 1)
Amendments apply to credit contracts made on or after commencement of Schedule 1
5 Sections 72, 73, 74 and 88 of the new Credit Code
6 Subsection 147(7) (note 2)
Section applies in relation to credit contracts, mortgages and guarantees entered into on or after commencement of Schedule.
6 Section 89A of the new Credit Code
7 Subsection 199(2) (table items 2, 3, 6, 7, 9 and 12)
Amendments apply to credit contracts, mortgages, and guarantees entered into on or after commencement of Schedule.
7 Section 94 of the new Credit Code
$40,000 or higher amount prescribed by regulations
8 Subsection 199(2) (at the end of the table)
Amendments apply to applications made on or after commencement.
8 Section 124 of the new Credit Code
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.76
Omit specified terms from consumer leases
9 Subsection 199(3)
Applicability of National Credit Act subsections to credit contracts entered into on or after commencement.
9 Subsections 179(6) and (7) of the National Credit Act
1 Schedule 4 (heading)
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.114
Omit 'consumer goods', substitute 'goods'.
1 Subsection 96(1) of Schedule 2
10 Subsection 188(1) of Schedule 2
11 Subsection 189(1) of Schedule 2
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.115
12 Subsection 189(3) of Schedule 2
13 Subsection 190(1) of Schedule 2
14 Paragraph 190(2)(c) of Schedule 2
15 Subsection 191(1) of Schedule 2
Add Chapter 6—Application and transitional provisions
16 At the end of Schedule 2
2 Subsection 96(2) of Schedule 2
Amendments apply to lay-by agreements entered into on or after commencement
288 Application of amendments relating to lay-by agreements
Amendment applies to notices for repairs accepted after commencement
289 Application of amendment relating to repairs
Regulations made for subsection 103(1) of Schedule 2 to the Competition and Consumer Act 2010 continue in force.
290 Saving of regulations relating to repairs
Temporal relationship between commencement of item and regulations
Item 9 of Schedule 7 to the Consumer Credit Legislation Amendment (Enhancements) Act 2012.
Regulations made for subsection 103(1) of Schedule 2 to the Competition and Consumer Act 2010.
Continuation of regulations after amendment
Regulations continue in force (and may be dealt with) as if they were made for the purposes of that subsection as amended by that item.
recurring trace between regulations and amended subsection
Regulations that were in force immediately before the commencement of that item.
3 Subsection 96(3) of Schedule 2
4 Subsection 96(4) of Schedule 2
5 Subsection 97(1) of Schedule 2
6 Subsection 97(2) of Schedule 2
7 Subsection 97(3) of Schedule 2
8 Section 98 of Schedule 2
Substitute goods supplied to a consumer for 'consumer goods'
9 Subsection 103(1) of Schedule 2
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.5
1 Short title
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.6
1 March 2013
1 March 2013.
1 July 2013.
1 July 2013
1 Section 1
17 September
consumer-credit-legislation-amendment-enhancements-act-2012.pdf, p.7
18 September
2 Commencement
2 Section 2
2A Section 2A
2B Section 2B
2C Section 2C
The day after this Act receives the Royal Assent.
2D Section 2D
2E Section 2E
2F Section 2F
Reference to Schedule 2, items 21 and 22
2G Section 2G
2H Section 2H
2J Section 2J
2K Section 2K
3 Section 3
Amendments and repeals of Acts specified in a Schedule.
3 Schedule(s)
4 Section 4
4A Section 4A
5 Section 5
An Act to amend the law relating to consumer credit and consumer protection, and for related purposes
Consumer Credit Legislation Amendment (Enhancements) Act 2012