Document ID: chunk:federal_register_of_legislation:C2018A00009:clause:5_133bt
Version: federal_register_of_legislation:C2018A00009
Segment Type: clause
Provision Reference: sch 5 cl 133BT
Character Range: 39037–39964

133BT  Credit provider not to enter into credit card contract unless it allows for termination of contracts

Requirement
 (1) A licensee must not enter into, or offer to enter into, a credit card contract under which the licensee would be the credit provider, if the consumer who would be the debtor under the contract would not have a credit card termination entitlement under the contract.
Civil penalty: 2,000 penalty units.

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.

Meaning of credit card termination entitlement
 (3) A consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract if the consumer is entitled, under the contract, to terminate the credit card contract.