Credit provider to provide online capacity to request reduction of credit limit
133BFA Credit provider to provide online capacity to request reduction of credit limit
When this section applies
This section applies if a consumer who is the debtor under a credit card contract has a credit limit reduction entitlement under the contract on a day (the online reduction day).
Requirement
The licensee who is the credit provider under the credit card contract must establish and maintain a website that satisfies all of the following paragraphs:
the website tells the consumer that the consumer may use the website to request a reduction in the consumer’s credit limit;
the website:
tells the consumer what information the consumer will need to enter in order to request a reduction in the consumer’s credit limit; and
provides the consumer with instructions on how to request a reduction in the consumer’s credit limit;
if the consumer enters the information and follows those instructions, the consumer can use the website to request a reduction in the consumer’s credit limit;
the website is available on the online reduction day.
Civil penalty: 5,000 penalty units.
Defence
For the purposes of subsection (2), it is a defence if the website is reasonably unavailable on the online reduction day.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.