Credit guide of credit providers
126 Credit guide of credit providers
Requirement to give credit guide
A licensee must, as soon as practicable after it becomes apparent to the licensee that it is likely to enter a credit contract with a consumer who will be the debtor under the contract, give the consumer the licensee’s credit guide in accordance with subsection (2).
Civil penalty: 5,000 penalty units.
The licensee’s credit guide must:
be in writing; and
be in the form (if any) prescribed by the regulations; and
specify the licensee’s name and contact details; and
specify the licensee’s Australian credit licence number; and
give information about the licensee’s procedure for resolving disputes with a consumer, including contact details for a consumer to access:
the licensee’s internal dispute resolution procedure; and
the AFCA scheme; and
give information about the licensee’s obligations under sections 132 and 133; and
comply with any other requirements prescribed by the regulations.
The regulations may prescribe information that need not be included in the credit guide, despite subsection (2).
Manner of giving credit guide
The licensee must give the consumer the licensee’s credit guide in the manner (if any) prescribed by the regulations.
Strict liability 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.
Subsection (5) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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