Credit provider to apply payments in accordance with this Division
133BO Credit provider to apply payments in accordance with this Division
Requirement
If a payment (the relevant payment) is made under a credit card contract:
by or on behalf of the consumer who is the debtor under the contract; and
to the licensee who is the credit provider under the contract;
the licensee must apply the payment in accordance with this Division (despite any provision to the contrary in the contract, any other contract or instrument or any other law).
Civil penalty: 5,000 penalty units.
To avoid doubt, an amount:
that is credited to the consumer’s account by the licensee; and
that is, or is in the nature of:
a total or partial refund in relation to a transaction entered into using the credit card; or
a total or partial reversal of such a transaction;
is not a payment to which subsection (1) applies.
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.
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: 20 penalty units.
Subsection (4) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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