s 151
In forceObligation to assess unsuitability
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 3Responsible lending conduct
Part 3-2BLicensees that are credit providers under credit contracts: additional rules relating to credit card contracts
Division 6Order of application of payments made under credit card contracts
151 Obligation to assess unsuitability
A licensee must not:
(a)
enter a consumer lease with a consumer who will be the lessee under the lease; or
(b)
make an unconditional representation to a consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;
on a day (the lease day) unless the licensee has, within 90 days (or other period prescribed by the regulations) before the lease day:
(c)
made an assessment that:
(i)
is in accordance with section 152; and
(ii)
covers a period in which the lease day occurs; and
(d)
made the inquiries and verification in accordance with section 153.
Civil penalty: 5,000 penalty units.
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