Commonwealth Consolidated Acts Commonwealth Consolidated ActsRegulations may require licensee to notify consumer of use of credit card in excess of credit limit
(1) The regulations may require a licensee who is the credit provider under a credit card contract to notify the consumer who is the debtor under the contract if the licensee becomes aware that the debtor has used a credit card that is linked to the contract to obtain cash, goods or services in excess of the credit limit for the contract.
(2) Without limiting subsection (1), regulations made for the purpose of that subsection may deal with:
(a) how and when the licensee must notify the consumer; and
(b) the matters that must be included in the notification.
Requirement to comply with the regulations
(3) A licensee must comply with regulations made for the purpose of subsection (1).
Civil penalty: 5,000 penalty units.
Offence
(4) A person commits an offence if:
(a) the person is subject to a requirement under subsection (3); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.