Credit provider to provide online capacity to request termination of credit card contract
133BU Credit provider to provide online capacity to request termination of credit card contract
When this section applies
This section applies if a consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract on a day (the online termination 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 to terminate the credit card contract;
the website:
tells the consumer what information the consumer will need to enter in order to request to terminate the credit card contract; and
provides the consumer with instructions on how to request to terminate the credit card contract;
if the consumer enters the information and follows those instructions, the consumer can use the website to request to terminate the credit card contract;
the website is available on the online termination 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 termination day.
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