Commonwealth Consolidated Acts Commonwealth Consolidated ActsRequirement
(1) If a consumer applies to a licensee for a credit card contract under which the licensee would be the credit provider, the licensee must not enter into, or offer to enter into, the contract unless:
(a) the application is made using an application form that includes a Key Facts Sheet for the contract that contains up - to - date information; or
(b) the following conditions are satisfied:
(i) the application is made using an application form that includes a Key Facts Sheet for the contract that contains information that has ceased to be up - to - date;
(ii) the consumer has been provided with the up - to - date information in accordance with any requirements prescribed by the regulations; or
(c) the consumer has otherwise been provided with a Key Facts Sheet for the contract that contains up - to - date information in accordance with any requirements prescribed by the regulations.
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: 100 penalty units.