Entering into a consumer lease for an indefinite period in the course of constitutional trade and commerce
179VC Entering into a consumer lease for an indefinite period in the course of constitutional trade and commerce
Requirement
A lessor must not, in the course of constitutional trade and commerce, enter into a consumer lease for an indefinite period unless the lessor is a constitutional corporation.
Civil penalty: 5,000 penalty units.
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: 100 penalty units.
54 Subsection 204(1) of the National Credit Code
Insert:
add‑on fee: see subsection 175AA(3).
base price: see subsection 175AA(6).
consumer lease for household goods means a consumer lease to which Part 11 applies where any of the goods hired under the lease are household goods, but does not include a consumer lease where the goods hired under the lease include:
motor vehicles; or
vehicles that:
are not for use on a road; and
are of a kind intended primarily for use by persons with restricted mobility; or
goods that are ordinarily used for accommodation (either permanently or temporarily).
credit assistance has the same meaning as in section 8 of the National Credit Act.
household goods means goods of a kind ordinarily acquired for domestic or household purposes.
55 Subsection 204(1) of the National Credit Code (definition of market value)
After “credit contract”, insert “or consumer lease”.
56 Subsection 204(1) of the National Credit Code
Insert:
permitted add‑on fee: see subsection 175AA(9).
permitted cap: see subsection 175AA(5).
permitted delivery fee: see subsection 175AA(7).
permitted installation fees: see subsection 175AA(8).
Part 3—Proscribed referrals
National Consumer Credit Protection Act 2009
57 Subsection 5(1)
Insert:
proscribed referral: see subsection 160G(2).
58 At the end of section 160A
Add:
Division 6 prohibits licensees that carry on a business of providing credit under small amount credit contracts from making certain kinds of referrals (called proscribed referrals) in certain circumstances.
59 At the end of Part 3‑6A
Add:
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