Credit provider to give effect to request to reduce credit limit
133BFC Credit provider to give effect to request to reduce 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; and
the consumer has requested to exercise the entitlement by reducing the credit limit of the contract.
Requirement
The licensee who is the credit provider under the credit card contract must take reasonable steps to ensure that the request is given effect to as soon as practicable.
Civil penalty: 5,000 penalty units.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (2); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.
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