Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 113

Requirement to give credit guide

  (1)   A licensee must, as soon as practicable after it becomes apparent to the licensee that it is likely to provide credit assistance to a consumer in relation to a credit contract, give the consumer the licensee's credit guide in accordance with subsection   (2).

Civil penalty:   5,000 penalty units.

  (2)   The licensee's credit guide must:

  (a)   be in writing; and

  (b)   be in the form (if any) prescribed by the regulations; and

  (c)   specify the licensee's name and contact details; and

  (d)   specify the licensee's Australian credit licence number; and

  (e)   give information about:

  (i)   any fees that are payable by a consumer to the licensee for the licensee's credit assistance; and

  (ii)   any charges that are payable by a consumer to the licensee for matters associated with providing the credit assistance; and

  (iii)   the method for working out the amount of the fees and charges; and

  (f)   give information about:

  (i)   if there are 6 or fewer credit providers that the licensee conducts business with when providing credit assistance in relation to credit contracts--the names of those credit providers; and

  (ii)   if there are more than 6 credit providers that the licensee conducts business with when providing credit assistance in relation to credit contracts--the names of the 6 credit providers with whom the licensee reasonably believes it conducts the most business; and

  (g)   give information about:

  (i)   any indirect remuneration that the licensee, or an employee, director or credit representative of the licensee, is likely to receive, directly or indirectly, from credit providers in relation to credit contracts for which the licensee has provided credit assistance; and

  (ii)   a reasonable estimate of the amounts of that indirect remuneration or the range of those amounts; and

  (iii)   the method for working out those amounts; and

  (h)   give information about the licensee's procedure for resolving disputes with a consumer, including contact details for a consumer to access:

  (i)   the licensee's internal dispute resolution procedure; and

  (ii)   the AFCA scheme; and

  (i)   give information about the licensee's obligations under sections   120 and 123; and

  (j)   comply with any other requirements prescribed by the regulations.

  (3)   The regulations may prescribe:

  (a)   information that need not be included in the credit guide, despite subsection   (2); and

  (b)   for the purposes of paragraph   (2)(g):

  (i)   the method for working out amounts of indirect remuneration; and

  (ii)   how indirect remuneration or amounts of indirect remuneration must be described.

Manner of giving credit guide

  (4)   The licensee must give the consumer the licensee's credit guide in the manner (if any) prescribed by the regulations.

Strict liability offence

  (5)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   50 penalty units.

  (6)   Subsection   (5) is an offence of strict liability.

Note:   For strict liability, see section   6.1 of the Criminal Code .