Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 147A

Requirement

  (1)   If a licensee represents that the licensee provides, or is able to provide, credit assistance to consumers in relation to consumer leases for household goods, the licensee must:

  (a)   display information; and

  (b)   give information to consumers;

in accordance with any determination made by ASIC under subsection   (2).

Civil penalty:   5,000 penalty units.

  (2)   ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection   (1):

  (a)   the information that the licensees must display;

  (b)   how the licensees must display the information;

  (c)   when the licensees must display the information;

  (d)   the information that the licensees must give to consumers;

  (e)   how the licensees must give the information to consumers;

  (f)   when the licensees must give the information to consumers.

  (3)   In making a determination under subsection   (2), ASIC must take into account the risks associated with consumer leases for household goods and the alternatives that may be available to consumers.

Offence

  (4)   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.