Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhen this section applies
(1) This section applies if:
(a) a consumer who is the debtor under a credit card contract has a credit limit reduction entitlement under the contract; and
(b) the consumer has requested to exercise the entitlement by reducing the credit limit of the contract.
Requirement
(2) The licensee who is the credit provider under the credit card contract must take reasonable steps to ensure that the request is given effect to as soon as practicable.
Civil penalty: 5,000 penalty units.
Offence
(3) A person commits an offence if:
(a) the person is subject to a requirement under subsection (2); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.