Sch 1 (National Credit Code), s 157
In forceObject of Part
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-7AProduct intervention orders
Division 2Product intervention orders
157 Object of Part
(1)
The object of this Part is to assist consumers to identify the true cost of credit offered by credit providers.
(2)
In order to achieve that object, this Part makes it mandatory for credit providers to include the comparison rate in advertisements for consumer credit (other than under continuing credit contracts or low cost credit contracts) if an interest rate is advertised.
(3)
The comparison rate will reflect the total cost of credit arising from interest charges and other prescribed credit fees and charges.
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