National Consumer Credit Protection Act 2009

A licensee may, in writing, elect that this Part apply to the licensee in relation to:

all low cost credit contracts; or

each low cost credit contract in a specified class of low cost credit contracts.

This Part:

applies to a licensee if the licensee has made an election under subsection (1) and the election is in force; and

applies to such a licensee in relation to a credit contract if the credit contract is a low cost credit contract covered by the election.

An election made under subsection (1) remains in force until the licensee revokes the election.

A licensee who makes an election under subsection (1) must keep a written copy of the election for the period:

starting at the time when licensee makes the election; and

ending 6 years after the day on which the election ceases to be in force.

If a licensee revokes an election made under subsection (1), then the licensee must keep a written copy of the revocation for the period of 6 years after the day on which the licensee revokes the election.

Nothing in this Part affects how Part 3‑2 applies to a licensee in relation to a credit contract if the licensee has not made an election under subsection (1) of this section that covers the contract.