Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_73
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 73
Character Range: 862142–863332

73  Notice of change
 (1) A credit provider that enters into an agreement with the debtor to change the credit contract as a result of a hardship notice by the debtor must, not later than 30 days after the date of the agreement, give to the debtor, and any guarantor under a guarantee related to the contract, a written notice setting out:
 (a) particulars of the change in the terms of the credit contract; and
 (b) any information required by the regulations.
Criminal penalty: 50 penalty units.
 (1A) Subsection (1) does not apply if the credit provider and the debtor agree to a change to the credit contract that defers or otherwise reduces the obligations of the debtor under that contract for a period not exceeding 90 days.
 (2) The credit provider may, under subsection (1), give a person particulars only of a matter as changed instead of particulars of the change, but only if the credit provider:
 (a) makes it clear to the person that the matter has changed; or
 (b) issues to the person a new set of terms and conditions relating to the credit contract.
 (3) Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.