Document ID: chunk:federal_register_of_legislation:C2012A00130:clause:3_133cc
Version: federal_register_of_legislation:C2012A00130
Segment Type: clause
Provision Reference: sch 3 cl 133CC
Character Range: 79752–80676

133CC  Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements

Requirement
 (1) A licensee must not enter into, or offer to enter into, a small amount credit contract with a consumer who will be the debtor under the contract if:
 (a) the consumer is included in a class of consumers prescribed by the regulations; and
 (b) the repayments that would be required under the contract would not meet the requirements prescribed by the regulations.
Civil penalty: 2,000 penalty units.
Note: For example, the regulations may provide that the amount of a repayment must not exceed a specified percentage of the consumer's income.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.