Document ID: chunk:federal_register_of_legislation:C2024C00826:section:116
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 116
Character Range: 238160–238952

116  Preliminary assessment of unsuitability of the credit contract
 (1) For the purposes of paragraph 115(1)(c), the licensee must make a preliminary assessment that:
 (a) specifies the period the assessment covers; and
 (b) assesses whether the credit contract will be unsuitable for the consumer if the contract is entered or the credit limit is increased in that period.
 (2) For the purposes of paragraph 115(2)(a), the licensee must make a preliminary assessment that:
 (a) specifies the period the assessment covers; and
 (b) assesses whether the credit contract will be unsuitable for the consumer if the consumer remains in the contract in that period.
Note: The licensee is not required to make a preliminary assessment under this section if the credit assistance is not provided.