Licensee who makes representations about credit assistance in relation to small amount credit contracts must display and give information
124B Licensee who makes representations about credit assistance in relation to small amount credit contracts must display and give information
Requirement
If a licensee represents that the licensee provides, or is able to provide, credit assistance to consumers in relation to small amount credit contracts, the licensee must:
display information; and
give information to consumers;
in accordance with any determination made by ASIC under subsection (2).
Civil penalty: 5,000 penalty units.
ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection (1):
the information that the licensees must display;
how the licensees must display the information;
when the licensees must display the information;
the information that the licensees must give to consumers;
how the licensees must give the information to consumers;
when the licensees must give the information to consumers.
In making the determination under subsection (2), ASIC must take into account the risks associated with small amount credit contracts and the alternatives that may be available to consumers.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (1); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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