Credit provider not to enter into credit card contract unless Key Facts Sheet has been provided etc
133BD Credit provider not to enter into credit card contract unless Key Facts Sheet has been provided etc
Requirement
If a consumer applies to a licensee for a credit card contract under which the licensee would be the credit provider, the licensee must not enter into, or offer to enter into, the contract unless:
the application is made using an application form that includes a Key Facts Sheet for the contract that contains up‑to‑date information; or
the following conditions are satisfied:
the application is made using an application form that includes a Key Facts Sheet for the contract that contains information that has ceased to be up‑to‑date;
the consumer has been provided with the up‑to‑date information in accordance with any requirements prescribed by the regulations; or
the consumer has otherwise been provided with a Key Facts Sheet for the contract that contains up‑to‑date information in accordance with any requirements prescribed by the regulations.
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.
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