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National Consumer Credit Protection Act 2009
No. 134, 2009
In force
Administered by
Department of the Treasury
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C2025C00373 C50
10 June 2025
-
29 June 2026
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Volume 1
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Chapter 1—Introduction
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Part 1 1—Introduction
1 Short title
2 Commencement
3 The National Credit Code
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Part 1 2—Definitions
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Division 1—Introduction
4 Guide to this Part
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Division 2—The Dictionary
5 The Dictionary
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Division 3—Definitions relating to the meaning of credit activity
6 Meaning of credit activity
7 Meaning of credit service
8 Meaning of credit assistance
9 Meaning of acts as an intermediary
10 Assignees of credit providers, lessors, mortgagees and beneficiaries of a guarantee
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Division 4—Other definitions
12 When a business is carried on in this jurisdiction
13 Meaning of misleading
14 Meaning of person—generally includes a partnership
15 Meaning of person—generally includes multiple trustees
15A Meaning of associate
15B Meaning of mortgage broker
15C Meaning of mortgage intermediary
16 Qualified privilege
16A Meaning of control
16B Meaning of Registrar
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Part 1 3—Application of this Act and the Transitional Act
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Division 1—Introduction
17 Guide to this Part
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Division 2—Constitutional basis and application of this Act and the Transitional Act
18 Constitutional basis for this Act and the Transitional Act
19 Meaning of referring State
20 Meaning of referred credit matter
21 General application of this Act and the Transitional Act
22 When Acts bind Crown
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Division 3—Interaction between the Commonwealth credit legislation and State and Territory laws
23 Concurrent operation intended
24 When Commonwealth credit legislation does not apply
25 Avoiding direct inconsistency between Commonwealth and State and Territory laws
26 Regulations to deal with interaction between laws
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Chapter 2—Licensing of persons who engage in credit activities
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Part 2 1—Requirement to be licensed to engage in credit activities
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Division 1—Introduction
27 Guide to this Part
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Division 2—Engaging in credit activities without a licence
28 Application of this Division
29 Prohibition on engaging in credit activities without a licence
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Division 3—Other prohibitions relating to the requirement to be licensed
30 Prohibitions on holding out and advertising etc.
31 Prohibition on conducting business with unlicensed persons
32 Prohibition on charging a fee etc.
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Part 2 2—Australian credit licences
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Division 1—Introduction
34 Guide to this Part
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Division 2—Australian credit licences
35 Australian credit licences
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Division 3—How to get an Australian credit licence
36 Applying for a licence
37 When a licence may be granted—applicants other than ADIs
37A Fit and proper person test
37B Fit and proper person test—matters to which ASIC must have regard
38 When a licence may be granted—ADIs
39 Regulations may prescribe streamlined process for other applicants
40 Licences must not be granted to certain applicants
41 Applicant must be given hearing before refusal of licence
42 Notice of grant or refusal of licence and date of effect
43 Australian credit licence numbers
44 Basis on which licence is granted
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Division 4—Conditions on an Australian credit licence
45 The conditions on the licence
46 Licence conditions—special procedures for APRA regulated bodies
46A ASIC may request information etc. in relation to an application for conditions to be varied
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Division 5—Obligations of licensees
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Subdivision A—General obligations
47 General conduct obligations of licensees
48 Requirements for compensation arrangements
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Subdivision B—Providing information and assistance to ASIC
49 Obligation to provide a statement or obtain an audit report if directed by ASIC
50 Obligation to give ASIC information required by the regulations
50A What are reportable situations?
50B Obligation to lodge a report—reportable situations in relation to the licensee
50C Obligation to lodge a report—reportable situations in relation to other licensees
50D ASIC must publish details of certain reports
51 Obligation to provide ASIC with assistance if reasonably requested
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Subdivision C—Notifying and remediating consumers affected by reportable situations
51A Reporting to consumers affected by a reportable situation
51B Obligation to investigate reportable situations that may affect consumers
51C Obligation to keep records of compliance
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Subdivision D—Miscellaneous
52 Obligation to cite Australian credit licence number
53 Obligation to lodge annual compliance certificate
53A Obligation to notify ASIC of change in control
53B Obligation to notify ASIC if licensee does not engage in credit activities
53C Knowledge and recklessness
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Division 6—When a licence can be suspended, cancelled or varied
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Subdivision A—Suspensions and cancellations
54 Suspension or cancellation without hearing
55 Suspension or cancellation after offering a hearing
56 Suspension and cancellation—special procedures for APRA regulated bodies
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Subdivision B—Variations
57 Varying licences
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Subdivision C—Miscellaneous rules about suspensions, cancellations and variations
58 Effect of suspension
59 Revocation of suspension
60 Date of effect, notice and publication of variation, cancellation or suspension etc.
61 Statement of reasons
62 ASIC may allow licence to continue in force
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Part 2 3—Credit representatives and other representatives of licensees
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Division 1—Introduction
63 Guide to this Part
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Division 2—Authorisation of credit representatives
64 Licensee may authorise credit representatives
65 Credit representative that is a body corporate may sub authorise natural persons as credit representatives
66 Credit representative of 2 or more licensees
67 A person cannot be a credit representative in relation to credit activities authorised by a person’s licence
68 Variation and revocation of authorisations and sub authorisations
69 Obligation not to give authorisation that has no effect
70 Obligation to vary or revoke authorisation that ceases to have effect
71 Obligation to notify ASIC etc. about credit representatives
72 Credit representative numbers
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Division 3—Information about representatives
73 ASIC may give licensee information about representatives
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Division 4—Liability of licensees for representatives
74 Application of this Division
75 Responsibility if representative of only one licensee
76 Representatives of multiple licensees
77 Responsibility extends to loss or damage suffered by client
78 Effect of this Division
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Part 2 4—Banning or disqualification of persons from engaging in credit activities
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Division 1—Introduction
79 Guide to this Part
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Division 2—Banning orders
80 ASIC’s power to make a banning order
81 What a banning order prohibits
82 Effect of banning orders
83 Variation or cancellation of banning orders
84 Date of effect, notice and publication of banning order, variation or cancellation
85 Statement of reasons
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Division 3—Disqualification by the court
86 Disqualification by the court
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Part 2 5—Financial records, trust accounts and audit reports
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Division 1—Introduction
87 Guide to this Part
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Division 2—Financial records of licensees
88 Obligation to keep financial records
89 How financial records are to be kept
90 Language of financial records
91 Location of financial records
92 Information to be shown in financial records
93 Regulations may impose additional requirements
94 Financial records taken to be made with licensee’s authority
95 Obligation to retain financial records for 7 years
96 Financial records are prima facie evidence of matters
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Division 3—Trust accounts of credit service licensees
97 Application of this Division
98 Obligation for credit service licensees to maintain trust account
99 Obligations in relation to trust account money
100 Obligation to lodge trust account statement and trust account audit report
101 Time of lodgment of trust account statement and trust account audit report
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Division 4—Matters relating to audit reports
102 Auditor’s right of access to records, information etc.
103 Auditor’s fees and expenses
104 Auditor to report on certain matters
105 Qualified privilege for auditor etc.
106 Regulations in relation to audit reports etc.
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Part 2 6—Exemptions and modifications relating to this Chapter
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Division 1—Introduction
107 Guide to this Part
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Division 2—Exemptions and modifications relating to this Chapter
108 Provisions to which this Part applies
109 Exemptions and modifications by ASIC
110 Exemptions and modifications by the regulations
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Chapter 3—Responsible lending conduct
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Part 3 1—Licensees that provide credit assistance in relation to credit contracts
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Division 1—Introduction
111 Guide to this Part
112 Application of this Part
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Division 2—Credit guide of credit assistance providers
113 Credit guide of credit assistance providers
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Division 3—Quote for providing credit assistance etc. in relation to credit contracts
114 Quote for providing credit assistance etc.
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Division 4—Obligations of credit assistance providers before providing credit assistance for credit contracts
115A Scope of this Division
115 Obligations of credit assistance providers before providing credit assistance for credit contracts
116 Preliminary assessment of unsuitability of the credit contract
117 Reasonable inquiries etc. about the consumer
118 When the credit contract must be assessed as unsuitable—entering contract or increasing the credit limit
119 When the credit contract must be assessed as unsuitable—remaining in credit contract
120 Providing the consumer with the preliminary assessment
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Division 5—Fees, indirect remuneration etc. relating to credit contracts
121 Fees, indirect remuneration etc. relating to credit contracts
122 No profiting from fees etc. paid to third parties
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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
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Division 7—Special rules for short term and small amount credit contracts
124A Prohibition on providing credit assistance in relation to short term credit contracts
124B Licensee who makes representations about credit assistance in relation to small amount credit contracts must display and give information
124C Written documentation required in relation to the preliminary assessment for a small amount credit contract
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Part 3 2—Licensees that are credit providers under credit contracts: general rules
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Division 1—Introduction
125 Guide to this Part
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Division 2—Credit guide of credit providers
126 Credit guide of credit providers
127 Credit guide of credit providers who are assignees
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Division 3—Obligation to assess unsuitability
128 Obligation to assess unsuitability
129 Assessment of unsuitability of the credit contract
130 Reasonable inquiries etc. about the consumer
131 When credit contract must be assessed as unsuitable
132 Giving the consumer the assessment
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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
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Part 3 2A—Licensees that are credit providers under credit contracts: additional rules relating to standard home loans
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Division 1—Introduction
133A Guide to this Part
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Division 2—Key Facts Sheets for standard home loans
133AA What is a standard home loan?
133AB What is a Key Facts Sheet for a standard home loan?
133AC Credit provider’s website to provide capacity to generate Key Facts Sheet
133AD Credit provider to provide Key Facts Sheet in other situations
133AE What if more information is needed from the consumer?
133AF Defences to obligation to provide a Key Facts Sheet
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Part 3 2B—Licensees that are credit providers under credit contracts: additional rules relating to credit card contracts
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Division 1—Introduction
133B Guide to this Part
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Division 2—Credit card contracts and related concepts
133BA Meaning of credit card contract etc.
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Division 3—Key Facts Sheets for credit card contract
133BB What is a Key Facts Sheet for a credit card contract?
133BC Application form for credit card contract to include up to date Key Facts Sheet
133BD Credit provider not to enter into credit card contract unless Key Facts Sheet has been provided etc.
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Division 4—Offers etc. to increase, and entitlement to reduce, credit limit of credit card contract
133BE Credit provider not to offer etc. to increase credit limit of credit card contract
133BF Credit provider not to enter into credit card contract unless it allows credit limit to be reduced
133BFA Credit provider to provide online capacity to request reduction of credit limit
133BFB Credit provider not to suggest the consumer not reduce the credit limit
133BFC Credit provider to give effect to request to reduce credit limit
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Division 5—Use of credit card in excess of credit limit
133BH Credit provider to notify consumer of use of credit card in excess of credit limit
133BI Credit provider not to impose fees etc. because credit card used in excess of credit limit
133BJ Records of consents and withdrawals to be kept
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Division 6—Order of application of payments made under credit card contracts
133BO Credit provider to apply payments in accordance with this Division
133BP Agreement to apply payment against particular amount owed
133BQ Application of payment against last statement balance, with higher interest debts to be discharged first
133BR Application of any remaining part of the relevant payment
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Division 7—Calculation of interest under credit card contracts
133BS Credit provider not to impose retrospective interest charges
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Division 8—Ending credit card contracts
133BT Credit provider not to enter into credit card contract unless it allows for termination of contracts
133BU Credit provider to provide online capacity to request termination of credit card contract
133BV Credit provider not to suggest the consumer not terminate the credit card contract
133BW Credit provider to give effect to request to terminate credit card contract
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Part 3 2BA—Licensees that are credit providers under credit contracts: additional rules relating to low cost credit contracts
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Division 1—Introduction
133BX Guide to this Part
133BXA Scope of this Part
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Division 2—Unsuitable low cost credit contracts
133BXB When inquiries etc. must be made
133BXC When inquiries etc. are reasonable
133BXD Assessments etc. in relation to larger contracts
133BXE Assessments of low cost credit contracts—presumptions where credit limit of contract not above threshold amount
133BXF Prohibition on entering unsuitable low cost credit contracts etc.—presumptions where credit limit of contract not above threshold amount
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Division 3—Unsuitability assessment policies
133BXG Licensee must have an unsuitability assessment policy
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Part 3 2C—Licensees that are credit providers under credit contracts: additional rules relating to short term and small amount credit contracts
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Division 1—Introduction
133C Guide to this Part
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Division 2—Short term and small amount credit contracts
133CA Prohibition on entering, or increasing the credit limit of, short term credit contracts
133CB Licensee who makes representations in relation to small amount credit contracts must display and give information
133CC Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements
133CD Licensee must not enter into a small amount credit contract if repayment amounts and intervals are not equal
133CE Written documentation required in relation to the assessment for a small amount credit contract
133CF Licensee not to make certain unsolicited communications in relation to a small amount credit contract
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Part 3 2CA—Licensees supplying credit information to credit reporting bodies etc.
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Division 1—Introduction
133CM Guide to this Part
133CN Meanings of eligible licensee and eligible credit reporting body
133CO Meaning of eligible credit account
133CP Meaning of mandatory credit information
133CQ Meaning of supply requirements
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Division 2—Supplying credit information to credit reporting bodies etc.
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Subdivision A—Initial bulk supplies of credit information
133CR Requirement to supply
133CS Exception if credit reporting body not complying with information security requirements
133CT Licensee must give notice if credit reporting body later complies with information security requirements
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Subdivision B—Ongoing supplies of credit information
133CU Requirement to supply
133CV Exception if credit reporting body not complying with information security requirements
133CW Licensee must give notice if credit reporting body later complies with information security requirements
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Subdivision C—Offences
133CX Offence relating to initial bulk supplies
133CY Offence relating to ongoing supplies
133CZ Offence relating to giving notice if credit reporting body later complies with information security requirements
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Division 3—Conditions on credit reporting bodies on disclosing credit information
133CZA On disclosing information supplied under Division 2 etc.
133CZB Offence
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Division 4—Reporting to the Minister
133CZC Reports about initial bulk supplies of credit information
133CZD Auditors
133CZE Offence
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Division 5—Assisting ASIC
133CZF Meaning of Part 3 2CA body
133CZG Obligation to provide a statement or obtain an audit report if directed by ASIC
133CZH Obligation to give ASIC information required by the regulations
133CZI Obligation to provide ASIC with assistance if reasonably requested
133CZJ Extended application of Division 4 of Part 2 5
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Division 6—Miscellaneous
133CZK This Part does not limit the Privacy Act 1988
133CZL Review of the operation of this Part
133CZM Main constitutional basis
133CZN Other constitutional bases
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Part 3 2D—Licensees and reverse mortgages
133DA Guide to this Part
133DB Giving projections of equity before providing credit assistance or entering credit contract
133DC Making reverse mortgage information statement available on website of credit provider or credit assistance provider
133DD Making reverse mortgage information statement available in other situations
133DE Representations that use the term “reverse mortgage” etc.
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Part 3 3—Licensees that provide credit assistance in relation to consumer leases
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Division 1—Introduction
134 Guide to this Part
135 Application of this Part
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Division 2—Credit guide of credit assistance providers
136 Credit guide of credit assistance providers
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Division 3—Quote for providing credit assistance etc. in relation to consumer leases
137 Quote for providing credit assistance etc.
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Division 4—Obligations of credit assistance providers before providing credit assistance for consumer leases
138 Obligations of credit assistance providers before providing credit assistance for consumer leases
139 Preliminary assessment of unsuitability of the consumer lease
140 Reasonable inquiries etc. about the consumer
141 When the consumer lease must be assessed as unsuitable—entering lease
142 When the consumer lease must be assessed as unsuitable—remaining in lease
143 Providing the consumer with the preliminary assessment
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Division 5—Fees, indirect remuneration etc. relating to consumer leases
144 Fees, indirect remuneration etc. relating to consumer leases
145 No profiting from fees etc. paid to third parties
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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
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Division 7—Special rules for consumer leases for household goods
147A Licensee who makes representations about credit assistance in relation to consumer leases for household goods must display and give information
147B Written documentation required in relation to the preliminary assessment for a consumer lease for household goods
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Part 3 4—Licensees that are lessors under consumer leases
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Division 1—Introduction
148 Guide to this Part
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Division 2—Credit guide of lessors
149 Credit guide of lessors
150 Credit guide of lessors who are assignees
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Division 3—Obligation to assess unsuitability
151 Obligation to assess unsuitability
152 Assessment of unsuitability of the consumer lease
153 Reasonable inquiries etc. about the consumer
154 When consumer lease must be assessed as unsuitable
155 Giving the consumer the assessment
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Division 4—Prohibition on entering unsuitable consumer leases
156 Prohibition on entering unsuitable consumer leases
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Division 5—Special rules for consumer leases for household goods
156A Licensee who makes representations about consumer leases for household goods must display and give information
156B Licensee must not enter into a consumer lease for household goods if the payments do not meet the prescribed requirements
156C Written documentation required in relation to the assessment for a consumer lease for household goods
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Part 3 5—Credit representatives
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Division 1—Introduction
157 Guide to this Part
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Division 2—Credit guide of credit representatives
158 Credit guide of credit representatives
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Part 3 5A—Mortgage brokers and mortgage intermediaries
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Division 1—Introduction
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Subdivision A—Guide to this Part
158K Guide to this Part
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Subdivision B—Interpretation
158KA Doing acts
158KB Circumstances in which a secondary representative is taken to be acting within actual or apparent authority
158KC Obligations under this Part in addition to other obligations
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Division 2—Best interests obligations
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Subdivision A—Licensees that provide credit assistance in relation to credit contracts
158L Application of this Subdivision
158LA Licensee must act in the best interests of the consumer
158LB Conflict between consumer’s interests and those of the licensee etc.
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Subdivision B—Credit representatives that provide credit assistance in relation to credit contracts
158LD Application of this Subdivision
158LE Credit representative must act in the best interests of the consumer
158LF Conflict between consumer’s interests and those of the credit representative etc.
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Division 4—Conflicted remuneration
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Subdivision A—What is conflicted remuneration?
158N Conflicted remuneration
158NA Regulations may further define conflicted remuneration
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Subdivision B—Ban on accepting conflicted remuneration
158NB Licensee must not accept conflicted remuneration
158NC Credit representative must not accept conflicted remuneration
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Subdivision C—Ban on giving conflicted remuneration
158ND Employer must not give employees conflicted remuneration
158NE Credit provider must not give conflicted remuneration
158NF Mortgage intermediary must not give conflicted remuneration
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Division 6—Miscellaneous
158T Anti avoidance
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Part 3 6—Debt collectors
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Division 1—Introduction
159 Guide to this Part
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Division 2—Credit guide of debt collectors
160 Credit guide of debt collectors
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Part 3 6A—Miscellaneous rules
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Division 1—Introduction
160A Guide to this Part
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Division 2—Representations
160B “Independent”, “impartial” or “unbiased” etc.
160C “Financial counsellor” etc.
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Division 2A—Use or disclosure of certain documents and information
160CA Application of this Division
160CB Prohibition on use or disclosure of certain documents and information
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Division 3—Giving misleading information
160D Prohibition on giving misleading information etc.
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Division 4—Giving authorisation for deductions by employer of debtor or lessee
160E Requirements for giving authorisation to employer
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Division 5—Periods for determining unsuitability in respect of credit card contracts
160F Periods for determining unsuitability in respect of credit card contracts
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Division 6—Proscribed referrals
160G Prohibition on proscribed referrals
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Part 3 7—Exemptions and modifications relating to this Chapter
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Division 1—Introduction
161 Guide to this Part
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Division 2—Exemptions and modifications relating to this Chapter
162 Provisions to which this Part applies
163 Exemptions and modifications by ASIC
164 Exemptions and modifications by the regulations
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Chapter 4—Remedies
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Part 4 1—Civil penalty provisions
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Division 1—Introduction
165 Guide to this Part
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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
167A Maximum pecuniary penalty
167B Pecuniary penalty applicable
167C Relinquishing the benefit derived from contravening a civil penalty provision
167D Meaning of benefit derived and detriment avoided because of a contravention of a civil penalty provision
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Division 3—General provisions relating to civil penalty provisions
168 Contravening a civil penalty provision is not an offence
169 Attempt and involvement in contravention treated in same way as actual contravention
170 Civil evidence and procedure rules for proceedings relating to civil penalty provisions
171 Criminal proceedings before civil proceedings
172 Criminal proceedings during civil proceedings
173 Criminal proceedings after civil proceedings
174 Evidence given in proceedings for pecuniary penalty not admissible in criminal proceedings
175 Civil double jeopardy
175A Continuing contraventions of civil penalty provisions
175B State of mind
175C Mistake of fact
175D Exceptions etc. to civil penalty provisions—burden of proof
175E Civil penalty provisions contravened by employees, agents or officers
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Part 4 2—Power of the court to grant remedies
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Division 1—Introduction
176 Guide to this Part
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Division 2—Power of the court to grant remedies
177 Injunctions
178 Compensation orders
179 Other orders to compensate loss or damage
180 Orders in relation to unlawful credit activities
180A Orders to remedy unfair or dishonest conduct by credit service providers
181 Preference must be given to compensate consumers
182 Adverse publicity orders
183 Relief from liability for contravention of civil penalty provision
184 Multiple remedies may be granted
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Part 4 3—Jurisdiction and procedure of courts
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Division 1—Introduction
185 Guide to this Part
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Division 2—Civil proceedings
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Subdivision A—Application of this Division
186 Application of this Division
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Subdivision B—Conferral of civil jurisdiction
187 Civil jurisdiction of courts
188 Jurisdiction—decisions to prosecute and related criminal justice process decisions made by Commonwealth officers
189 Cross jurisdictional appeals
190 Courts to act in aid of each other
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Subdivision C—Transfers between courts
191 Transfers—application of Subdivision
192 Transfers—exercise of transfer power
193 Transfers—criteria for transfer
194 Transfers—how initiated
195 Transfers—documents and procedure
196 Transfers—conduct of proceedings
197 Transfers—entitlement to practise as a lawyer
198 Transfers—limitation on appeals
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Subdivision D—Other matters
199 Plaintiffs may choose small claims procedure
200 Costs only if proceedings brought vexatiously etc.
201 Civil proceedings not to be stayed
202 Standard of proof in civil proceedings
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Division 3—Criminal proceedings
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Subdivision A—Application of this Division
203 Application of this Division
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Subdivision B—Conferral of criminal jurisdiction
203A Criminal jurisdiction of the Federal Court
204 Criminal jurisdiction of State and Territory courts
205 Criminal proceedings—laws to be applied
206 Criminal proceedings—how taken
207 Certain persons to assist in prosecutions
208 Privilege against self incrimination not available to bodies corporate in criminal proceedings
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Division 4—Proceedings generally
209 ASIC’s power to intervene in proceedings
210 Evidence of contravention
211 Power of court to punish for contempt of court
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Chapter 5—Administration
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Part 5 1—Matters relating to handling records and information
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Division 1—Introduction
212 Guide to this Part
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Division 1A—The Registrar
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Subdivision A—The Registrar
212A Appointment of the Registrar
212B Functions
212C Powers
212D Directions by Minister
212E Delegation
212F Assisted decision making
212G Liability for damages
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Subdivision B—How the Registrar is to perform and exercise functions and powers
212H Data standards
212J Giving information to the Registrar
212K How the Registrar is to perform and exercise functions and powers
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Subdivision C—Disclosure of information
212L Disclosure framework
212M Protection of confidentiality of protected information
212N Authorisation of recording or disclosure
212P Preventing disclosure of particular protected information
212Q Authorisation for purposes of Privacy Act
212R Disclosure to a court
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Subdivision D—Miscellaneous
212S Extracts of information to be admissible in evidence
212T Annual report
212U Rules
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Division 2—Registers relating to credit activities
213 Credit registers
214 Inspection and public availability of credit registers
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Part 5 2—Documents lodged with ASIC or required by this Act
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Division 1—Introduction
215 Guide to this Part
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Division 2—Lodgment of documents with ASIC
216 When documents are lodged with ASIC
217 Approved forms for documents to be lodged with ASIC
218 ASIC may refuse to receive document etc.
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Division 3—ASIC’s register of documents
219 Register of documents lodged with ASIC
220 ASIC may require person to give information for document registers
221 Written document setting out information from document registers is prima facie evidence of matters
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Division 4—Other provisions relating to documents lodged with ASIC or required under this Act
222 Certified copy or extract of document lodged with ASIC is admissible in evidence
223 ASIC may destroy or dispose of certain documents
224 Court may order lodgment of document etc.
225 False or misleading documents
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Part 5 3—Concealment or falsification of credit books
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Division 1—Introduction
226 Guide to this Part
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Division 2—Prohibitions relating to the concealment or falsification of credit books
227 Concealing etc. of credit books
228 Falsification of credit books
229 Precautions against falsification of credit books
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Part 5 4—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
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Division 1—Introduction
230 Guide to this Part
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Division 2—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009
231 Fees are payable to the Commonwealth
232 Lodgment of document without payment of fee
233 Doing act without payment of fee
234 Effect of sections 232 and 233
235 Waiver and refund of fees
236 Debts due to the Commonwealth
237 Payment of fee does not give right to inspect or search
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Part 5 5—Other administrative matters
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Division 1—Introduction
238 Guide to this Part
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Division 1A—Codes of conduct
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Subdivision A—Approved codes of conduct
238A Approved codes of conduct
238B Variations to approved codes of conduct
238C Review of approved codes of conduct
238D Obligation to comply with enforceable code provisions
238E Regulations
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Subdivision B—Mandatory codes of conduct
238F Mandatory codes of conduct
238G Obligation to comply with mandatory code of conduct
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Division 2—Other administrative matters
239 ASIC has general administration of this Act
240 Obstructing or hindering ASIC etc.
242 ASIC may arrange for use of computer programs to make decisions
243 Qualified privilege for information given to ASIC
244 ASIC certificate is prima facie evidence of matters
245 Operator of AFCA scheme may give information to ASIC
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Chapter 6—Compliance and enforcement
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Part 6 1—Investigations
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Division 1—Introduction
246 Guide to this Part
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Division 2—Investigations
247 General powers of investigation
248 Minister may direct investigations
249 Interim report on investigation
250 Final report on investigation
251 Distribution of report
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Part 6 2—Examination of persons
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Division 1—Introduction
252 Guide to this Part
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Division 2—Examination of persons
253 Notice requiring appearance for examination
254 Proceedings at examination
255 Requirements made of examinee
256 Examination to take place in private
256A Proceedings at examination
257 Examinee’s lawyer may attend
258 Record of examination
259 Giving to other persons copies of record
260 Copies given subject to conditions
261 Record to accompany report
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Part 6 3—Inspection of books and audit information gathering powers
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Division 1—Introduction
262 Guide to this Part
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Division 2—Inspection of books and audit information gathering powers
263 When certain powers may be exercised
264 ASIC may inspect books without charge
265 Notice to auditors concerning information and books
266 Notice to produce books about credit activities or credit reporting
267 Notice to produce documents in person’s possession
268 ASIC may authorise persons to require production of books, giving of information etc.
271 Powers if books produced or seized
272 Powers if books not produced
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Part 6 3A—Search warrants
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Division 1—Introduction
272A Guide to this Part
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Division 2—Extra application of Crimes Act search warrant provisions
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Subdivision A—Basic extra application
272B Extra application of Crimes Act search warrant provisions
272C Interpretation of modifications
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Subdivision B—Modifications
272D Major modifications—evidential material
272E Major modifications—who may apply for a warrant etc.
272F Major modifications—purposes for which things may be used and shared
272G Minor modifications
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Part 6 4—Proceedings after an investigation
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Division 1—Introduction
273 Guide to this Part
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Division 2—Proceedings after an investigation
274 ASIC may prosecute
275 ASIC may bring civil proceedings
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Part 6 5—Hearings
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Division 1—Introduction
276 Guide to this Part
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Division 2—Hearings
277 Power to hold hearings
278 General discretion to hold hearing in public or private
279 Request by person appearing at hearing that it take place in public
280 Certain hearings to take place in private
281 ASIC may restrict publication of certain material
282 Who may be present when hearing takes place in private
283 Involvement of person entitled to appear at hearing
284 Power to summon witnesses and take evidence
285 Proceedings at hearings
285A Proceedings at hearings
286 ASIC to take account of evidence and submissions
287 Reference to court of question of law arising at hearing
288 Protection of ASIC members etc.
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Part 6 5A—Penalties for offences
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Division 1—Introduction
288A Guide to this Part
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Division 2—Penalty for committing an offence
288B Penalty for committing an offence
288C Penalty applicable to an offence committed by an individual
288D Penalty applicable to an offence committed by a body corporate
288E Meaning of benefit derived and detriment avoided because of an offence
288F Where is the penalty for an offence specified?
288G If no penalty is specified
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Part 6 5B—Infringement notices
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Division 1—Introduction
288H Guide to this Part
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Division 2—Infringement notices
288J When an infringement notice may be given
288K Provisions subject to an infringement notice
288L Matters to be included in an infringement notice
288M Payment period
288N Extension of time to pay amount
288P Payment by instalments
288Q Withdrawal of an infringement notice
288R Effect of payment of amount
288S Effect of this Part
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Part 6 6—Offences under this Chapter
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Division 1—Introduction
289 Guide to this Part
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Division 2—Offences
290 Contraventions of requirements made under this Chapter
291 False information
293 Disrupting hearings
294 Concealing books relevant to investigation
295 Self incrimination
296 Legal professional privilege
297 Powers of court relating to contraventions of this Chapter
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Part 6 7—ASIC’s powers in relation to contraventions of this Chapter
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Division 1—Introduction
298 Guide to this Part
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Division 2—ASIC’s powers in relation to contraventions of this Chapter
299 Application of this Part
300 Orders by ASIC relating to credit contracts, mortgages, guarantees or consumer leases
301 Orders under this Part
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Part 6 7A—Product intervention orders
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Division 1—Introduction
301A Guide to this Part
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Division 2—Product intervention orders
301B Definitions
301C Application of product intervention orders
301D ASIC may make product intervention orders
301E Significant detriment to consumers
301F ASIC to consult before making product intervention orders
301G Commencement and duration of product intervention orders
301H Extension of product intervention orders
301J Amendment of product intervention orders
301K Revocation of product intervention orders
301L ASIC to issue public notice of product intervention orders
301M Remaking product intervention orders
301N Product intervention orders may require notification
301P Enforcement of product intervention orders
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Part 6 8—Evidentiary use of certain material
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Division 1—Introduction
302 Guide to this Part
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Division 2—Evidentiary use of certain material
303 Statements made at an examination: proceedings against examinee
304 Statements made at an examination: other proceedings
305 Weight of evidence admitted under section 304
306 Objection to admission of statements made at examination
307 Copies of, or extracts from, certain books
308 Report under Part 6 1
309 Exceptions to admissibility of report
310 Material otherwise admissible
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Part 6 9—Miscellaneous provisions relating to compliance and enforcement
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Division 1—Introduction
311 Guide to this Part
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Division 2—Miscellaneous provisions relating to compliance and enforcement
312 Requirement made of a body corporate
313 Evidence of authority
314 Giving documents to natural persons
315 Place and time for production of books
316 Application of Crimes Act and Evidence Act
317 Allowances and expenses
318 Expenses of investigation under Part 6 1
319 Recovery of expenses of investigation
320 Compliance with this Chapter
321 Effect of this Chapter
322 Enforcement of undertakings
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Volume 2
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Chapter 7—Miscellaneous
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Part 7 1—Miscellaneous
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Division 1—Introduction
323 Guide to this Part
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Division 1A—Avoidance schemes
323A Schemes for avoidance purposes
323B Whether it is reasonable to draw conclusion as to purpose
323C Presumption of avoidance for certain schemes in civil cases
323D Exemption by ASIC
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Division 2—Liability of persons for conduct of their agents etc.
324 Liability for bodies corporate for conduct of their agents, employees etc.
325 Liability of persons (other than bodies corporate) for the conduct of their agents, employees etc.
326 Regulations for the purposes of this Division
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Division 3—Review of ASIC’s decisions
327 Review by Administrative Review Tribunal of decisions by ASIC under this Act
328 Notice of reviewable decision and review rights
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Division 4—Regulations
329 Regulations
330 Regulations—where proceedings may be brought
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Division 5—Other miscellaneous provisions
331 Giving information or documents in connection with low cost credit contracts
332 Civil penalty provisions contravened or offences committed partly in and partly out of this jurisdiction
333 Contravention of Act does not generally affect validity of transactions etc.
334 Contracting out etc.
335 Indemnities
336 Acquisition of property
337 Minister may delegate prescribed functions and powers under this Act
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Schedule 1—National Credit Code
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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
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Part 1A—Extending the application of this Code
13B Application of this Code to buy now pay later contracts
13C Application of this Code to low cost credit contracts
13D Meaning of buy now pay later arrangement and buy now pay later contract
13E Meaning of low cost credit contract
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Part 2—Credit contracts
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Division 1—Negotiating and making credit contracts
14 Credit contract to be in form of written contract document
15 Other forms of contract
16 Precontractual disclosure
17 Matters that must be in contract document
18 Form and expression of contract document
18A Provisions that must not be included in credit contract for reverse mortgage
18B Disclosure if credit contract for reverse mortgage does not protect tenancy of person other than debtor
18C Independent legal advice before entry into credit contract for reverse mortgage
19 Alteration of contract document
20 Copy of contract for debtor
21 When debtor may terminate contract
22 Offence for noncompliance
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Division 2—Debtor’s monetary obligations
23 Prohibited monetary obligations—general
23A Prohibited monetary obligations—small amount credit contracts
24 Offences related to prohibited monetary obligations—credit providers
24A Offences related to prohibited monetary obligations—credit assistance providers
25 Loan to be in money or equivalent
26 Early payments and crediting of payments
26A Regulations about residential investment property
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Division 3—Interest charges
27 Definitions relating to interest
27A Application of this Division
28 Limit on interest charges
29 Early debit or payment of interest charges prohibited
30 Default interest
30A Regulations about residential investment property
30B Regulations about credit card contracts
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Division 4—Fees and charges
31 Prohibited credit fees or charges
31A Restrictions on fees and charges for small amount credit contracts
31B Credit provider or prescribed person must not require or accept payment of a fee or charge in relation to a small amount credit contract etc.
31C Prohibition on unexpired monthly fees in relation to small amount credit contracts
32 Fees or charges in relation to third parties
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Division 4A—Annual cost rate of certain credit contracts
32A Prohibitions relating to credit contracts if the annual cost rate exceeds 48%
32AA Prohibition relating to the annual cost rate of credit contracts—later increases of the annual percentage rate etc.
32B Calculation of annual cost rate
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Division 5—Credit provider’s obligation to account
33 Statements of account
34 Information to be contained in statements of account
35 Opening balance must not exceed closing balance of previous statement
36 Statement of amount owing and other matters
37 Court may order statement to be provided
38 Disputed accounts
39 Dating and adjustment of debits and credits in accounts
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Division 5A—Additional rules relating to small amount credit contracts
39A Limit on the application of amount of credit provided under a small amount credit contract
39B Limit on amount that may be recovered if there is default under a small amount credit contract
39C Credit provider must do prescribed things if a default in payment by direct debit occurs
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Division 6—Certain transactions not to be treated as new contracts
40 Changes etc. under contracts
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Part 3—Related mortgages and guarantees
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Division 1—Mortgages
41 Application of Division
42 Form of mortgage
43 Copy of mortgage for mortgagor
44 Mortgages over all property void
45 Restriction on mortgage of future property
46 Mortgages and continuing credit contracts
47 All accounts mortgages
48 Third party mortgages prohibited
49 Maximum amount which may be secured
50 Prohibited securities
51 Assignment or disposal of mortgaged property by mortgagor
52 Conditions on consent to assignment or disposal of property subject to mortgage
53 Offence for noncompliance
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Division 2—Guarantees
54 Application of Division
55 Form of guarantee
56 Disclosure
57 Copies of documents for guarantor
58 Guarantor may withdraw before credit is provided
59 Extension of guarantee
60 Limitation of guarantor’s liability
61 Increase in guarantor’s liabilities
62 Offence for noncompliance
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Part 4—Changes to obligations under credit contracts, mortgages and guarantees
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Division 1—Unilateral changes by credit provider
63 Application of Division
64 Interest rate changes
65 Repayment changes
66 Credit fees and charges changes
67 Changes to credit limits etc. under continuing credit contracts
67AA Increasing credit limits under low cost credit contracts
67A Changes to tenancy protection in credit contracts for reverse mortgages
68 Other unilateral changes by credit provider
69 Particulars of matters as changed only required to be given under this Division in certain cases
70 Prohibited increases in liabilities
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Division 2—Changes by agreement of parties
71 Changes by agreement
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Division 3—Changes on grounds of hardship and unjust transactions
72 Changes on grounds of hardship
73 Notice of change
74 Changes by court
75 Credit provider may apply for variation of change
76 Court may reopen unjust transactions
77 Orders on reopening of transactions
78 Court may review unconscionable interest and other charges
79 Applications by ASIC
80 Time limit
81 Joinder of parties
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Part 5—Ending and enforcing credit contracts, mortgages and guarantees
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Division 1—Ending of credit contract by debtor etc.
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Subdivision A—Paying out contract etc.
82 Debtor’s or guarantor’s right to pay out contract
83 Statement of pay out figure
84 Court may determine pay out figure if credit provider does not provide a pay out figure
85 Surrender of mortgaged goods and goods subject to sale by instalments
86 Compensation to debtor or mortgagor
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Subdivision B—Ending of reverse mortgage by credit provider receiving value of reverse mortgaged property
86A Application of this Subdivision
86B Discharge of debtor’s obligations under credit contract and discharge of mortgage
86C Credit provider must pay debtor excess of receipt over adjusted market value for reverse mortgaged property
86D Credit provider must not demand or accept further payments
86E Cases in which sections 86B, 86C and 86D do not apply
86F Relationship between this Subdivision and other provisions
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Subdivision C—Notice of first default in payment
87 One off notice to be given of first default in payment
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Division 2—Enforcement of credit contracts, mortgages and guarantees
88 Requirements to be met before credit provider can enforce credit contract or mortgage against defaulting debtor or mortgagor
89 Defaults may be remedied
89A Effect of hardship notices on enforcement
90 Requirements to be met before credit provider can enforce guarantee against guarantor
91 Requirements to be met before credit provider can repossess mortgaged goods
93 Requirements to be met before credit provider can enforce an acceleration clause
93A Extra requirements for enforcing reverse mortgage if debtor’s liability exceeded value of reverse mortgaged property
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Division 3—Postponement of enforcement proceedings
94 Postponement of exercise of rights
95 Effect of negotiated postponement
96 Postponement by court
97 Credit provider may apply for variation of postponement order
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Division 4—Enforcement procedures for goods mortgaged
98 Information as to location of mortgaged goods
99 Entry to residential property to take possession of goods
100 Court may order entry
101 Order for possession
102 Procedures to be followed by credit provider after taking possession of goods
103 Mortgagor may nominate purchaser of goods taken by credit provider
104 Sale of goods by credit provider
105 Matters for which account can be debited after mortgagee sale of goods
106 Compensation to mortgagor
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Division 5—Enforcement expenses
107 Recovery of enforcement expenses
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Division 6—Mortgagor’s remedies
108 Mortgagor may apply to regain possession of mortgaged goods
109 Order for possession for mortgagor
110 Ancillary or consequential orders
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Part 6—Penalties for defaults of credit providers and lessors
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Division 1—Penalties for breach of key disclosure and other requirements
111 Key requirements
112 Application for order relating to key requirements
113 Penalty may be imposed for contravention of key requirement
114 Penalty if application made by debtor or guarantor
114A Penalty if application made by lessee
115 Payment of penalty to debtor, lessee or guarantor
116 Penalty if application made by credit provider, lessor or ASIC
117 Payment of penalty
118 Compensation for debtor, lessee or guarantor
119 General provisions relating to applications by credit providers, lessors or ASIC
120 ASIC may represent interests of debtors and lessees
121 Directions pending court’s decision
122 Offences
123 Time limit for application for orders under this Division
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Division 2—Other penalties
124 Civil effect of contraventions
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Part 7—Related sale contracts
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Division 1—Interpretation and application
125 Meaning of sale contract
126 Sale contracts to which this Part applies
127 Linked credit providers and tied credit contracts
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Division 2—Liability of credit providers for suppliers’ misrepresentations
128 Credit provider liable with respect to supplier’s misrepresentations etc. about tied credit contract
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Division 3—Liability of credit providers in relation to goods
129 Right to damages under sale contract against both supplier and linked credit provider
130 Limits on debtor’s right of action against linked credit provider
131 Liability of supplier to linked credit provider
132 Interest may be awarded
133 Subrogation of credit provider
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Division 4—Termination of related transactions
134 Termination of sale contract which is conditional on obtaining credit
135 Termination of (or recredit under) tied credit contract if sale contract terminated
136 Termination of linked maintenance services contract if credit contract terminated
137 Termination of contract under this Part to be in writing
138 Powers of court with respect to termination of contract under this Part
139 Part 5 not to apply to termination of contract under this Part
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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
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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
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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
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Part 10—Comparison rates
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Division 1—Preliminary
157 Object of Part
158 Part not to apply to continuing credit contracts or low cost credit contracts
159 Definitions
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Division 2—Comparison rate in credit advertising
160 Comparison rate mandatory in advertisements containing annual percentage rate
161 The relevant comparison rate
162 Information about comparison rate
163 Warning about comparison rate
164 Other requirements for comparison rate
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Division 3—Comparison rate in other documents
165 Comparison rates in documents other than credit advertising
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Division 4—Miscellaneous
166 Calculation of comparison rates
167 Compliance grace period following changes in interest or fees
168 Regulations—exemptions and other matters
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Part 11—Consumer leases
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Division 1—Interpretation and application
169 Meaning of consumer lease
170 Consumer leases to which this Part applies
171 Consumer leases to which this Part does not apply
172 Presumptions relating to application of this Part
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Division 2—Form of and information to be included in consumer leases
173 Form of consumer lease
173A Other forms of consumer lease
174 Disclosures in consumer leases
174A Alteration of consumer lease document
175 Copy of lease etc. for lessee
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Division 4—Fees and charges
175A Prohibited consumer lease fees or charges
175AA Cap on fees and charges for consumer leases
175AB Imposing fees or charges above the permitted cap—offence
175AC Lessee may recover fees and charges exceeding base price if cap is breached
175B Fees or charges in relation to third parties
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Division 5—Lessor’s obligation to account
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Subdivision A—Ongoing statements of account
175C Statements of account
175D Information to be contained in statements of account
175E Statement of amount owing and other matters
175F Court may order statement of account to be provided
175G Disputed accounts
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Subdivision B—End of lease statements
175H End of lease statement
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Division 6—Certain transactions not to be treated as new consumer leases
175J Changes etc. under consumer leases
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Division 7—Changes to obligations under consumer leases
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Subdivision A—Changes by agreement of parties
177A Changes by agreement
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Subdivision B—Changes on grounds of hardship and unjust transactions
177B Changes on grounds of hardship
177C Notice of change
177D Changes by court
177E Lessor may apply for variation of change
177F Court may reopen unjust transactions
177G Orders on reopening of transactions
177H Applications by ASIC
177J Time limit
177K Joinder of parties
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Division 8—Repossession, termination and enforcement of consumer leases
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Subdivision A—Repossession of goods under consumer lease
178 Notice of repossession
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Subdivision B—Termination of consumer lease by lessee
178A Termination before goods have been provided
179 Termination after goods have been provided
179A Statement of amount payable on termination
179B Court may determine amount payable on termination if lessor does not
179C One off notice to be given the first time a direct debit default occurs
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Subdivision C—Enforcement of consumer leases
179D Requirements to be met before lessor can enforce consumer lease against defaulting lessee
179E Defaults may be remedied
179F Effect of hardship notices on enforcement
179G Requirements to be met before lessor can enforce an acceleration clause
179GA Limit on amount that may be recovered if there is default under a consumer lease
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Subdivision D—Postponement of enforcement proceedings
179H Postponement of exercise of rights
179J Effect of negotiated postponement
179K Postponement by court
179L Lessor may apply for variation of postponement order
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Subdivision E—Enforcement procedures for goods hired under a consumer lease
179M Information as to location of goods hired under a consumer lease
179N Entry to residential property to take possession of goods
179P Court may order entry
179Q Order for possession
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Subdivision F—Enforcement expenses
179R Recovery of enforcement expenses
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Division 9—Linked lessors and tied consumer leases
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Subdivision A—Interpretation and application
179S Linked lessors and tied consumer leases
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Subdivision B—Liability of lessors for suppliers’ misrepresentations
179T Lessor liable for supplier’s misrepresentations about hired goods
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Division 10—Conduct relating to consumer leases
179U False or misleading representations
179V Harassment
179VA Canvassing of consumer leases for household goods
179VB Using postal, telegraphic, telephonic or other like services to enter into a consumer lease for an indefinite period
179VC Entering into a consumer lease for an indefinite period in the course of constitutional trade and commerce
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Division 11—Other Code provisions applicable to consumer leases
179W Application of certain Code provisions to consumer leases
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Part 12—Miscellaneous
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Division 1—Tolerances and assumptions
180 Tolerances and assumptions relating to information
181 Tolerances relating to contracts and other documents
182 Regulations
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Division 2—Documentary provisions
183 Form of notices
184 Legibility and language
185 Copies of contracts and other documents
185A Records of nominations of persons to occupy reverse mortgaged properties
186 Signing of documents
187 Application of the Electronic Transactions Act 1999
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Division 3—General provisions
188 Assignment by credit provider
189 Assignment by debtor, mortgagor or guarantor
190 Appropriation of payments
191 Contracting out
192 Indemnities
193 Effect of noncompliance
194 Giving notice or other document
195 Manner of giving notice or other document
196 Date of notice or other document
197 Extensions of time
198 Orders of court
199 Conduct of agents and related matters
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Division 4—Provisions relating to offences
200 Offences by officers, agents or employees
201 Offences by corporations
202 Limitations
203 Application of section 4K of the Crimes Act 1914
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Division 5—Exemptions from this Code
203A Exemptions by ASIC
203B Exemptions by the regulations
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Part 13—Principal definitions
204 Principal definitions
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Part 14—Miscellaneous provisions relating to interpretation
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Division 1—Preliminary
205 Displacement of Part by contrary intention
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Division 2—General
207 References to particular Acts and to enactments
208 Compliance with forms
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Division 3—Terms and references
209 Provisions relating to defined terms and gender and number
210 Meaning of may and must etc.
211 Effect of express references to bodies corporate and individuals
212 Reference to certain provisions of Code
213 Reference to provisions of this Code or an Act is inclusive
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Division 4—Functions and powers
214 Power to make instrument or decision includes power to amend or repeal
215 Matters for which statutory instruments may make provision
216 Presumption of validity and power to make
217 Exercise of powers between enactment and commencement
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Division 5—Distance, time and age
218 Matters relating to distance, time and age
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
