National Consumer Credit Protection Act 2009

A contract is a low cost credit contract if:

credit is, or may be, provided under the contract; and

the contract is:

a buy now pay later contract; or

a contract prescribed by the regulations for the purposes of this subparagraph; and

the period during which credit is, or may be, provided under the contract is no longer than the period (if any) prescribed by the regulations for the purposes of this paragraph; and

the contract satisfies any requirements prescribed by the regulations for the purposes of this paragraph that relate to fees or charges that are, or may be, payable under the contract; and

the contract satisfies any other requirements prescribed by the regulations for the purposes of this paragraph.

To avoid doubt, regulations made for the purposes of paragraph (1)(d) may prescribe that a specified fee or charge, or a fee or charge of a specified kind, must, or must not, be payable under the contract.

For the purposes of this section, fees or charges:

include a charge referred to in paragraph (a) of the definition of credit fees and charges in subsection 204(1); and

do not include a fee, charge, duty or expense referred to in paragraph (b), (c) or (d) of that definition.