Sch 1 (National Credit Code), s 141
In forceProhibition on payment for goods or services by postdated bills of exchange or notes which exceed cash price of goods or services
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-7ASIC’s powers in relation to contraventions of this Chapter
Division 1Introduction
141 Prohibition on payment for goods or services by postdated bills of exchange or notes which exceed cash price of goods or services
(1)
A supplier must not demand or accept payment from the purchaser for goods or services supplied under a sale contract in the form of a postdated bill of exchange or promissory note given by the purchaser if the face value of the bill or note exceeds the cash price of the goods or services.
Criminal penalty: 100 penalty units.
(2)
Subsection (1) does not apply unless the postponement of the debt to the supplier constitutes a provision of credit to which this Code applies.
(3)
Subsection (1) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code.
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