Document ID: chunk:federal_register_of_legislation:C2024C00826:section:125
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 125
Character Range: 261634–262606

125  Guide to this Part

      This Part has rules that apply to licensees that are credit providers. These rules are aimed at better informing consumers and preventing them from being in unsuitable credit contracts.
      Division 2 requires a licensee to give its credit guide to a consumer. The credit guide has information about the licensee and some of the licensee's obligations under this Act.
      Division 3 requires a licensee, before doing particular things (such as entering a credit contract), to make an assessment as to whether the contract will be unsuitable. To do this, the licensee must make inquiries and verifications about the consumer's requirements, objectives and financial situation. The licensee must give the consumer a copy of the assessment if requested.
      Division 4 prohibits a licensee from entering or increasing the credit limit of a credit contract that is unsuitable for a consumer.

Division 2—Credit guide of credit providers