Credit provider to give effect to request to terminate credit card contract
133BW Credit provider to give effect to request to terminate 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; and
the consumer has requested to terminate the consumer’s credit card 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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