National Consumer Credit Protection Act 2009

This Code applies to the provision of credit under a buy now pay later contract (and to the buy now pay later contract and related matters) if, apart from this section, the Code applies to the provision of credit under the buy now pay later contract (and to the buy now pay later contract and related matters).

For when this Code applies in relation to a buy now pay later contract apart from this section, see sections 5, 6 and 13C. Section 13C deals with low cost credit contracts, including low cost credit contracts that are buy now pay later contracts.

In addition, this Code applies to the provision of credit under a buy now pay later contract (and to the buy now pay later contract and related matters) if:

the credit provider, or the debtor, under the buy now pay later contract is a constitutional corporation; and

this Code would, apart from this section, apply to the provision of credit under the buy now pay later contract (and to the buy now pay later contract and related matters) if the following were disregarded:

paragraph 5(1)(c) (which requires charges to be made for the provision of credit);

subsection 6(1) (which excludes the provision of certain kinds of short term credit);

subsection 6(5) (which excludes the provision of credit for which only account charges are payable).

If this Code applies to the provision of credit under a buy now pay later contract (and to the buy now pay later contract and related matters) under subsection (2), then:

this Code applies in relation to all transactions or acts under the contract whether or not they take place in this jurisdiction; and

this Code continues to apply even if the credit provider ceases to carry on a business in this jurisdiction.