Document ID: chunk:federal_register_of_legislation:C2024C00826:section:133bw
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 133BW
Character Range: 310157–311139

133BW  Credit provider to give effect to request to terminate credit card contract

When this section applies
 (1) This section applies if:
 (a) a consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract; and
 (b) the consumer has requested to terminate the consumer's credit card contract.

Requirement
 (2) The licensee who is the credit provider under the credit card contract must take reasonable steps to ensure that the request is given effect to as soon as practicable.
Civil penalty: 5,000 penalty units.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.

Part 3‑2C—Licensees that are credit providers under credit contracts: additional rules relating to short‑term and small amount credit contracts

Division 1—Introduction