Document ID: chunk:federal_register_of_legislation:C2024A00138:clause:2_133bxa
Version: federal_register_of_legislation:C2024A00138
Segment Type: clause
Provision Reference: sch 2 cl 133BXA
Character Range: 52024–53504

133BXA  Scope of this Part

This Part applies if licensee makes election
 (1) A licensee may, in writing, elect that this Part apply to the licensee in relation to:
 (a) all low cost credit contracts; or
 (b) each low cost credit contract in a specified class of low cost credit contracts.
 (2) This Part:
 (a) applies to a licensee if the licensee has made an election under subsection (1) and the election is in force; and
 (b) applies to such a licensee in relation to a credit contract if the credit contract is a low cost credit contract covered by the election.
 (3) An election made under subsection (1) remains in force until the licensee revokes the election.

Licensee must keep copy of election and revocation
 (4) A licensee who makes an election under subsection (1) must keep a written copy of the election for the period:
 (a) starting at the time when licensee makes the election; and
 (b) ending 6 years after the day on which the election ceases to be in force.
 (5) If a licensee revokes an election made under subsection (1), then the licensee must keep a written copy of the revocation for the period of 6 years after the day on which the licensee revokes the election.

Part 3‑2 not otherwise affected
 (6) Nothing in this Part affects how Part 3‑2 applies to a licensee in relation to a credit contract if the licensee has not made an election under subsection (1) of this section that covers the contract.

Division 2—Unsuitable low cost credit contracts