General provisions relating to applications by credit providers, lessors or ASIC
119 General provisions relating to applications by credit providers, lessors or ASIC
An application for an order by a credit provider, a lessor or ASIC:
may apply to any one or more credit contracts or consumer leases; and
may apply to all or any class of credit contracts entered into by the credit provider or lessor during a specified period (for example, all credit contracts entered into during a specified period which are affected by a specified contravention).
The court may require notice of any such application to be published by notice, in a form approved by the court, in a newspaper circulating throughout one or more States or Territories, as the court determines.
Notice of an application by a credit provider or lessor must be given by the credit provider or lessor to ASIC.
43 Section 120 of the National Credit Code (at the end of the heading)
Add “and lessees”.
44 At the end of section 120 of the National Credit Code
Add “or lessees”.
45 Subsection 121(1) of the National Credit Code
Repeal the subsection, substitute:
The court may, before disposing of an application by a debtor, lessee or guarantor for an order under this Division, make such directions as it considers appropriate to protect the interests of the debtor, lessee or guarantor concerned.
46 Paragraph 121(2)(a) of the National Credit Code
After “guarantor)”, insert “, or the lessee’s obligations,”.
47 Subsection 121(4) of the National Credit Code
After “credit provider”, insert “or lessor”.
48 Subsection 124(1) of the National Credit Code
After “credit provider” (wherever occurring), insert “or lessor”.
49 After subsection 174(1) of the National Credit Code
Insert:
A consumer lease for household goods must also contain:
the base price of the goods hired under the consumer lease; and
the difference between:
the base price of the goods hired under the lease; and
the total amount payable by the lessee in connection with the lease (including any applicable taxes and any add‑on fees, but not including an amount described in subsection 175AA(4)); and
any other information required by the regulations.
A penalty may be imposed for contravention of a key requirement in this subsection: see Part 6.
50 After section 175A of the National Credit Code
Insert:
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