Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if, at the time when the licensee applies the relevant payment, the following conditions are satisfied:
(a) the consumer has requested the licensee to apply certain payments made under the credit card contract against a particular amount:
(i) owed by the consumer to the licensee under the contract; and
(ii) in relation to which any other requirements prescribed by the regulations are satisfied;
(b) the licensee has agreed to the request;
(c) the relevant payment is a payment to which the request relates;
(d) neither the request, nor the agreement to the request, has been withdrawn in accordance with this section.
(2) The licensee must apply the relevant payment against the amount referred to in paragraph (1)(a) in accordance with the request.
(3) The consumer may withdraw the request at any time.
(4) The licensee may withdraw the agreement to the request, but only if the consumer has consented to the withdrawal.
(5) The regulations may prescribe requirements to be complied with in relation to any of the following:
(a) making a request under paragraph (1)(a);
(b) agreeing to a request under paragraph (1)(b);
(c) withdrawing a request under subsection (3);
(d) withdrawing agreement to a request under subsection (4);
(e) consenting under subsection (4) to the withdrawal of agreement to a request.