National Consumer Credit Protection Act 2009No. 134, 2009

In force

Administered by

Department of the Treasury

Superseded version

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View as made version

C2012C00684 C08

18 September 2012 - 28 February 2013

Table of contents

Chapter 1—Introduction
Part 1-1—Introduction
- 1 Short title [see Note 1]
- 2 Commencement
- 3 The National Credit Code
Part 1-2—Definitions
- Division 1—Introduction
  - 4 Guide to this Part
- Division 2—The Dictionary
  - 5 The Dictionary
- Division 3—Definitions relating to the meaning of credit activity
- Division 4—Other definitions
Part 1-3—Application of this Act and the Transitional Act
- Division 1—Introduction
  - 17 Guide to this Part
- Division 2—Constitutional basis and application of this Act and the Transitional Act
- Division 3—Interaction between the Commonwealth credit legislation and State and Territory laws
Chapter 2—Licensing of persons who engage in credit activities
Part 2-1—Requirement to be licensed to engage in credit activities
- Division 1—Introduction
  - 27 Guide to this Part
- Division 2—Engaging in credit activities without a licence
  - 28 Application of this Division
  - 29 Prohibition on engaging in credit activities without a licence
- Division 3—Other prohibitions relating to the requirement to be licensed and to credit activities
Part 2-2—Australian credit licences
- Division 1—Introduction
  - 34 Guide to this Part
- Division 2—Australian credit licences
  - 35 Australian credit licences
- Division 3—How to get an Australian credit licence
- Division 4—Conditions on an Australian credit licence
  - 45 The conditions on the licence
  - 46 Licence conditions—special procedures for APRA-regulated bodies
- Division 5—Obligations of licensees
- Division 6—When a licence can be suspended, cancelled or varied
Part 2-3—Credit representatives and other representatives of licensees
- Division 1—Introduction
  - 63 Guide to this Part
- Division 2—Authorisation of credit representatives
- Division 3—Information about representatives
  - 73 ASIC may give licensee information about representatives
- Division 4—Liability of licensees for representatives
Part 2-4—Banning or disqualification of persons from engaging in credit activities
- Division 1—Introduction
  - 79 Guide to this Part
- Division 2—Banning orders
- Division 3—Disqualification by the court
  - 86 Disqualification by the court
Part 2-5—Financial records, trust accounts and audit reports
- Division 1—Introduction
  - 87 Guide to this Part
- Division 2—Financial records of licensees
- Division 3—Trust accounts of credit service licensees
- Division 4—Matters relating to audit reports
Part 2-6—Exemptions and modifications relating to this Chapter
- Division 1—Introduction
  - 107 Guide to this Part
- Division 2—Exemptions and modifications relating to this Chapter
Chapter 3—Responsible lending conduct
Part 3-1—Licensees that provide credit assistance in relation to credit contracts
- Division 1—Introduction
  - 111 Guide to this Part
  - 112 Application of this Part
- Division 2—Credit guide of credit assistance providers
  - 113 Credit guide of credit assistance providers
- Division 3—Quote for providing credit assistance etc. in relation to credit contracts
  - 114 Quote for providing credit assistance etc.
- Division 4—Obligations of credit assistance providers before providing credit assistance for credit contracts
- Division 5—Fees, commissions etc. relating to credit contracts
  - 121 Fees, commissions etc. relating to credit contracts
  - 122 No profiting from fees etc. paid to third parties
- Division 6—Prohibition on suggesting, or assisting with, unsuitable credit contracts
  - 123 Prohibition on suggesting or assisting consumers to enter, or increase the credit limit under, unsuitable credit contracts
  - 124 Prohibition on suggesting to consumers to remain in unsuitable credit contracts
Part 3-2—Licensees that are credit providers under credit contracts: general rules
- Division 1—Introduction
  - 125 Guide to this Part
- Division 2—Credit guide of credit providers
  - 126 Credit guide of credit providers
  - 127 Credit guide of credit providers who are assignees
- Division 3—Obligations of credit providers before entering credit contracts or increasing credit limits
- Division 4—Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts
  - 133 Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts
Part 3-2A—Licensees that are credit providers under credit contracts: additional rules relating to standard home loans
- Division 1—Introduction
  - 133A Guide to this Part
- Division 2—Key Facts Sheets for standard home loans
Part 3-2B—Licensees that are credit providers under credit contracts: additional rules relating to credit card contracts
- Division 1—Introduction
  - 133B Guide to this Part
- Division 2—Credit card contracts and related concepts
  - 133BA Meaning of credit card contract etc.
- Division 3—Key Facts Sheets for credit card contract
- Division 4—Offers etc. to increase credit limit of credit card contract
- Division 5—Use of credit card in excess of credit limit
- Division 6—Order of application of payments made under credit card contracts
Part 3-3—Licensees that provide credit assistance in relation to consumer leases
- Division 1—Introduction
  - 134 Guide to this Part
  - 135 Application of this Part
- Division 2—Credit guide of credit assistance providers
  - 136 Credit guide of credit assistance providers
- Division 3—Quote for providing credit assistance etc. in relation to consumer leases
  - 137 Quote for providing credit assistance etc.
- Division 4—Obligations of credit assistance providers before providing credit assistance for consumer leases
- Division 5—Fees, commissions etc. relating to consumer leases
  - 144 Fees, commissions etc. relating to consumer leases
  - 145 No profiting from fees etc. paid to third parties
- Division 6—Prohibition on suggesting, or assisting with, unsuitable consumer leases
  - 146 Prohibition on suggesting, or assisting with, unsuitable consumer leases
  - 147 Prohibition on suggesting to consumers to remain in unsuitable consumer leases
Part 3-4—Licensees that are lessors under consumer leases
- Division 1—Introduction
  - 148 Guide to this Part
- Division 2—Credit guide of lessors
  - 149 Credit guide of lessors
  - 150 Credit guide of lessors who are assignees
- Division 3—Obligations of lessors before entering consumer leases
- Division 4—Prohibition on entering unsuitable consumer leases
  - 156 Prohibition on entering unsuitable consumer leases
Part 3-5—Credit representatives
- Division 1—Introduction
  - 157 Guide to this Part
- Division 2—Credit guide of credit representatives
  - 158 Credit guide of credit representatives
Part 3-6—Debt collectors
- Division 1—Introduction
  - 159 Guide to this Part
- Division 2—Credit guide of debt collectors
  - 160 Credit guide of debt collectors
Part 3-7—Exemptions and modifications relating to this Chapter
- Division 1—Introduction
  - 161 Guide to this Part
- Division 2—Exemptions and modifications relating to this Chapter
Chapter 4—Remedies
Part 4-1—Civil penalty provisions
- Division 1—Introduction
  - 165 Guide to this Part
- Division 2—Declarations and pecuniary penalty orders for contraventions of civil penalty provisions
  - 166 Declaration of contravention of civil penalty provision
  - 167 Court may order person to pay pecuniary penalty for contravening civil penalty provision
- Division 3—General provisions relating to civil penalty provisions
Part 4-2—Power of the court to grant remedies
- Division 1—Introduction
  - 176 Guide to this Part
- Division 2—Power of the court to grant remedies
Part 4-3—Jurisdiction and procedure of courts
- Division 1—Introduction
  - 185 Guide to this Part
- Division 2—Civil proceedings
- Division 3—Criminal proceedings
  - Subdivision A—Application of this Division
    - 203 Application of this Division
  - Subdivision B—Conferral of criminal jurisdiction
- Division 4—Proceedings generally
Chapter 5—Administration
Part 5-1—Registers relating to credit activities
- Division 1—Introduction
  - 212 Guide to this Part
- Division 2—Registers relating to credit activities
  - 213 Credit registers
  - 214 Inspection and public availability of credit registers
Part 5-2—Documents lodged with ASIC or required by this Act
- Division 1—Introduction
  - 215 Guide to this Part
- Division 2—Lodgment of documents with ASIC
- Division 3—ASIC’s register of documents
- Division 4—Other provisions relating to documents lodged with ASIC or required under this Act
Part 5-3—Concealment or falsification of credit books
- Division 1—Introduction
  - 226 Guide to this Part
- Division 2—Prohibitions relating to the concealment or falsification of credit books
Part 5-4—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
- Division 1—Introduction
  - 230 Guide to this Part
- Division 2—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
Part 5-5—Other administrative matters
- Division 1—Introduction
  - 238 Guide to this Part
- Division 2—Other administrative matters
Chapter 6—Compliance and enforcement
Part 6-1—Investigations
- Division 1—Introduction
  - 246 Guide to this Part
- Division 2—Investigations
Part 6-2—Examination of persons
- Division 1—Introduction
  - 252 Guide to this Part
- Division 2—Examination of persons
Part 6-3—Inspection of books and audit information-gathering powers
- Division 1—Introduction
  - 262 Guide to this Part
- Division 2—Inspection of books and audit information-gathering powers
Part 6-4—Proceedings after an investigation
- Division 1—Introduction
  - 273 Guide to this Part
- Division 2—Proceedings after an investigation
  - 274 ASIC may prosecute
  - 275 ASIC may bring civil proceedings
Part 6-5—Hearings
- Division 1—Introduction
  - 276 Guide to this Part
- Division 2—Hearings
Part 6-6—Offences
- Division 1—Introduction
  - 289 Guide to this Part
- Division 2—Offences
Part 6-7—ASIC’s powers in relation to contraventions of this Chapter
- Division 1—Introduction
  - 298 Guide to this Part
- Division 2—ASIC’s powers in relation to contraventions of this Chapter
Part 6-8—Evidentiary use of certain material
- Division 1—Introduction
  - 302 Guide to this Part
- Division 2—Evidentiary use of certain material
Part 6-9—Miscellaneous provisions relating to compliance and enforcement
- Division 1—Introduction
  - 311 Guide to this Part
- Division 2—Miscellaneous provisions relating to compliance and enforcement
Chapter 7—Miscellaneous
Part 7-1—Miscellaneous
- Division 1—Introduction
  - 323 Guide to this Part
- Division 2—Liability of persons for conduct of their agents etc.
- Division 3—Review of ASIC’s decisions
  - 327 Review by Administrative Appeals Tribunal of decisions by ASIC under this Act
  - 328 Notice of reviewable decision and review rights
- Division 4—Regulations
- Division 5—Other miscellaneous provisions
Schedule 1—National Credit Code
Part 1—Preliminary
- 1 Short title
- 2 Interpretation generally
- 3 Meaning of credit and amount of credit
- 4 Meaning of credit contract
- 5 Provision of credit to which this Code applies
- 6 Provision of credit to which this Code does not apply
- 7 Mortgages to which this Code applies
- 8 Guarantees to which this Code applies
- 9 Goods leases with option to purchase to be regarded as sale by instalments
- 10 Deciding application of Code to particular contracts for the sale of land by instalments
- 11 Deciding application of Code to particular contracts for the sale of goods by instalments
- 12 Deciding application of Code to particular contracts for the sale of goods by instalments under related contracts
- 13 Presumptions relating to application of Code
- 13A Reverse mortgages
Part 2—Credit contracts
- Division 1—Negotiating and making credit contracts
- Division 2—Debtor’s monetary obligations
- Division 3—Interest charges
- Division 4—Fees and charges
  - 31 Prohibited credit fees or charges
  - 32 Fees or charges passed on to other parties
- Division 5—Credit provider’s obligation to account
- Division 6—Certain transactions not to be treated as contracts
  - 40 Deferrals, waivers and changes under contracts
Part 3—Related mortgages and guarantees
- Division 1—Mortgages
- Division 2—Guarantees
Part 4—Changes to obligations under credit contracts, mortgages and guarantees
- Division 1—Unilateral changes by credit provider
- Division 2—Changes by agreement of parties
  - 71 Changes by agreement
- Division 3—Changes on grounds of hardship and unjust transactions
Part 5—Ending and enforcing credit contracts, mortgages and guarantees
- Division 1—Ending of credit contract by debtor etc.
- Division 2—Enforcement of credit contracts, mortgages and guarantees
- Division 3—Postponement of enforcement proceedings
- Division 4—Enforcement procedures for goods mortgaged
- Division 5—Enforcement expenses
  - 107 Recovery of enforcement expenses
- Division 6—Mortgagor’s remedies
Part 6—Penalties for defaults of credit providers
- Division 1—Penalties for breach of key disclosure and other requirements
- Division 2—Other penalties
  - 124 Civil effect of other contraventions
Part 7—Related sale contracts
- Division 1—Interpretation and application
- Division 2—Liability of credit providers for suppliers’ misrepresentations
  - 128 Credit provider liable with respect to supplier’s misrepresentations etc. about tied credit contract
- Division 3—Liability of credit providers in relation to goods
- Division 4—Termination of related transactions
- Division 5—Other provisions
  - 140 Requirement as to source of credit for goods or services
  - 141 Prohibition on payment for goods or services by postdated bills of exchange or notes which exceed cash price of goods or services
Part 8—Related insurance contracts
- 142 Interpretation and application
- 143 Requirement to take out insurance or to insure with particular insurer or on particular terms
- 144 Financing of insurance premiums over mortgaged property
- 145 Commission for consumer credit insurance
- 146 Supply of copy of credit-related insurance contract by insurer
- 147 Rejection of debtor’s proposal for insurance
- 148 Termination of consumer credit insurance contract if credit contract terminated
- 149 Termination of insurance contract over mortgaged property if credit contract terminated
Part 9—Advertising and related conduct
- 150 Advertising
- 151 Persons liable for advertisements
- 152 Defence
- 153 Interest rates which may be disclosed
- 154 False or misleading representations
- 155 Harassment
- 156 Canvassing of credit at home
Part 10—Comparison rates
- Division 1—Preliminary
- Division 2—Comparison rate in credit advertising
- Division 3—Comparison rate in other documents
  - 165 Comparison rates in documents other than credit advertising
- Division 4—Miscellaneous
Part 11—Consumer leases
- Division 1—Interpretation and application
- Division 2—Form of and information to be included in consumer leases
- Division 3—Other provisions applicable to consumer leases
Part 12—Miscellaneous
- Division 1—Tolerances and assumptions
- Division 2—Documentary provisions
- Division 3—General provisions
- Division 4—Provisions relating to offences
- Division 5—Exemptions from this Code
  - 203A Exemptions by ASIC
  - 203B Exemptions by the regulations
Part 13—Principal definitions
- 204 Principal definitions
Part 14—Miscellaneous provisions relating to interpretation
- Division 1—Preliminary
  - 205 Displacement of Part by contrary intention
- Division 2—General
- Division 3—Terms and references
- Division 4—Functions and powers
- Division 5—Distance, time and age
  - 218 Matters relating to distance, time and age
    - Notes to the STYLEREF ShortT \* MERGEFORMAT National Consumer Credit Protection Act 2009

National Consumer Credit Protection Act 2009No. 134, 2009

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