Document ID: chunk:federal_register_of_legislation:F2025L00303:clause:1_2
Version: federal_register_of_legislation:F2025L00303
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 11635–12714

2     Default fees or charges                             (a) unless paragraph (b) applies—$120; or
                                                          (b) if only default fees or charges are, or may be, payable under the relevant contract and each other low cost credit contract between the credit provider and the debtor:
                                                          (i) for the first fee period for the credit provider and the debtor—$320; or
                                                          (ii) otherwise—$245.

Definitions
 (4) In this regulation:
fee period, for a credit provider and a debtor, means any of the following:
 (a) the period of 12 months beginning on the later of:
 (i) the earliest day on which the debtor ever became a debtor under a low cost credit contract with the credit provider; and
 (ii) the day on which the delayed commencement time (within the meaning of item 8 of Schedule 2 to the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024) occurred;
 (b) each subsequent 12 month period.