National Consumer Credit Protection Act 2009

This Code applies to the provision of credit under a low cost credit contract (and to the low cost credit contract and related matters) if, apart from this section, the Code applies to the provision of credit under the low cost credit contract (and to the low cost credit contract and related matters).

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

In addition, this Code applies to the provision of credit under a low cost credit contract (and to the low cost credit contract and related matters) if:

the credit provider, or the debtor, under the low cost credit contract is a constitutional corporation; and

this Code would, apart from this section, apply to the provision of credit under the low cost credit contract (and to the low cost credit 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);

subsection 6(13) (which allows the regulations to exclude a provision of credit) and any exclusions made under that subsection;

subsections 6(14) and (17) (which allow ASIC to exclude a provision of credit) and any exclusions made under those subsections.

If this Code applies to the provision of credit under a low cost credit contract (and to the low cost credit 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.