Sch 1 (National Credit Code), s 153
In forceInterest rates which may be disclosed
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-7AProduct intervention orders
Division 2Product intervention orders
153 Interest rates which may be disclosed
(1)
A person must not disclose an interest rate:
(a)
in an advertisement that states or implies that credit is available; or
(b)
to a debtor before the debtor enters into a credit contract;
unless the interest rate is expressed as a nominal percentage rate per annum or is the comparison rate calculated as prescribed by the regulations and accompanied by the warnings set out in the regulations.
Criminal penalty: 100 penalty units.
(2)
Subsection (1) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code.
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