Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_39b
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 39B
Character Range: 824782–825459

39B  Limit on amount that may be recovered if there is default under a small amount credit contract
 (1) If there is a default in payment under a small amount credit contract, the credit provider in relation to the contract must not (whether by repayments under the contract or otherwise) recover more than twice the adjusted credit amount in relation to the contract.
Civil penalty: 5,000 penalty units.
 (2) Any provision of the small amount credit contract that confers a greater right is void to the extent that it does so. If an amount is in fact recovered in excess of this limitation, it may be recovered back.
 (3) This section does not apply to enforcement expenses.