Document ID: chunk:federal_register_of_legislation:C2024A00138:clause:2_28
Version: federal_register_of_legislation:C2024A00138
Segment Type: clause
Provision Reference: sch 2 cl 28
Character Range: 73515–74255

28  After subsection 16(1) of the National Credit Code
Insert:
 (1A) A credit provider must not enter into a low cost credit contract unless the credit provider has given the debtor:
 (a) a precontractual statement setting out the matters required by section 17 to be included in the contract document; and
 (b) an information statement that complies with:
 (i) the requirements prescribed by the regulations; and
 (ii) any requirements determined by ASIC under subsection (1B) of this section.
 (1B) ASIC may, by legislative instrument, determine requirements for the purposes of subparagraph (1A)(b)(ii). The requirements must be consistent with any requirements prescribed by the regulations for the purposes of subparagraph (1A)(b)(i).