Document ID: chunk:federal_register_of_legislation:C2024A00138:clause:2_13e
Version: federal_register_of_legislation:C2024A00138
Segment Type: clause
Provision Reference: sch 2 cl 13E
Character Range: 44079–45398

13E  Meaning of low cost credit contract
 (1) A contract is a low cost credit contract if:
 (a) credit is, or may be, provided under the contract; and
 (b) the contract is:
 (i) a buy now pay later contract; or
 (ii) a contract prescribed by the regulations for the purposes of this subparagraph; and
 (c) the period during which credit is, or may be, provided under the contract is no longer than the period (if any) prescribed by the regulations for the purposes of this paragraph; and
 (d) the contract satisfies any requirements prescribed by the regulations for the purposes of this paragraph that relate to fees or charges that are, or may be, payable under the contract; and
 (e) the contract satisfies any other requirements prescribed by the regulations for the purposes of this paragraph.

Fees and charges
 (2) To avoid doubt, regulations made for the purposes of paragraph (1)(d) may prescribe that a specified fee or charge, or a fee or charge of a specified kind, must, or must not, be payable under the contract.
 (3) For the purposes of this section, fees or charges:
 (a) include a charge referred to in paragraph (a) of the definition of credit fees and charges in subsection 204(1); and
 (b) do not include a fee, charge, duty or expense referred to in paragraph (b), (c) or (d) of that definition.