Document ID: chunk:federal_register_of_legislation:F2022L00976:body:0:p2
Version: federal_register_of_legislation:F2022L00976
Segment Type: other
Provision Reference: 
Character Range: 2648–5614

pays the BNPL provider over time in relation to the supply of those goods or services;

       but only where the principal business of the merchant is not the supply of administration, brokerage, management, collection, recovery or other services in relation to the provision of credit under continuing credit contracts.
collateral contract, in relation to a continuing credit contract, means a separate contract between a retail client and a continuing credit provider, or an associate, in relation to the continuing credit contract, including (without limitation) a contract or arrangement for the continuing credit provider or an associate to provide services to the retail client in relation to the continuing credit contract.
collateral non-cash payment facility, in relation to a continuing credit contract, means a non-cash payment facility operating in relation to a continuing credit contract where the issuer of the non-cash payment facility is the holder of an Australian financial services licence covering the provision of financial services in relation to the non-cash payment facility.
continuing credit contract means a contract, arrangement or understanding covered by paragraph 12BAA(7)(k) of the Australian Securities and Investments Commission Act 2001under which:
           (a) multiple advances of credit are contemplated; and
           (b) the amount of available credit ordinarily increases as the amount of credit is reduced.
continuing credit provider means a person who is purporting to rely on subsection 6(5) of the National Credit Code in relation to a continuing credit contract.
contract includes a series or combination of contracts, or contracts, arrangements and understandings.
makes non-cash payments has the meaning given by section 763D of the Act.
National Credit Code has the same meaning as in subsection 5(1) of the National Consumer Credit Protection Act 2009.
non-cash payment facility means a facility through which, or through the acquisition of which, a person makes non-cash payments.

       Part 2—Order

5 Continuing credit contracts
(1) A continuing credit provider must not provide credit to a retail client under a continuing credit contract except in accordance with the condition in subsection (5).
(2) A director of a continuing credit provider must not cause or authorise the provider to provide credit to a retail client under a continuing credit contract except in accordance with the condition in subsection (5).
(3) A continuing credit provider or an associate must not impose or provide for fees and charges under a collateral contract in relation to a continuing credit contract except in accordance with the condition in subsection (5).
(4) A director of a continuing credit provider or of an associate must not cause or authorise the provider or associate to impose or provide for fees and charges under a collateral contract in relation to a continuing credit contract except in accordance with