Commonwealth Consolidated Acts Commonwealth Consolidated ActsRequirement
(1) If a licensee makes available to consumers an application form that can be used to apply for a credit card contract under which the licensee would be the credit provider, the licensee must ensure that the application form includes a Key Facts Sheet for the contract that contains up - to - date information.
Civil penalty: 5,000 penalty units.
Offence
(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.
Criminal penalty: 50 penalty units.
Circumstances in which application form may, for limited period, include out - of - date Key Facts Sheet
(3) The regulations may prescribe circumstances in which a licensee may, for a period prescribed by the regulations, make available an application form that includes a Key Facts Sheet containing information that has ceased to be up - to - date.
Note: If a consumer applies using such an application form, the consumer must be given the up - to - date information: see paragraph 133BD(1)(b).
(4) If a licensee makes available an application form that includes a Key Facts Sheet containing information that has ceased to be up - to - date, it is a defence for the purposes of subsections (1) and (2) if the application form was made available as permitted by regulations made for the purpose of subsection (3).
Note: For the purpose of subsection (2), a defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code ).