Document ID: chunk:federal_register_of_legislation:C2012A00130:clause:3_2
Version: federal_register_of_legislation:C2012A00130
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 70509–71181

2  Subsection 5(1)
Insert:
small amount credit contract: a credit contract is a small amount credit contract if:
 (a) the contract is not a continuing credit contract; and
 (b) the credit provider under the contract is not an ADI; and
 (c) the credit limit of the contract is $2,000 (or such other amount as is prescribed by the regulations) or less; and
 (d) the term of the contract is at least 16 days but not longer than 1 year (or such other number of years as is prescribed by the regulations); and
 (e) the debtor's obligations under the contract are not, and will not be, secured; and
 (f) the contract meets any other requirements prescribed by the regulations.