Sch 1 (National Credit Code), s 191
In forceContracting out
Volume 2Chapter 7 (sections 323 to 337), Schedule 1, Endnotes
Chapter 7Miscellaneous
Part 2Credit contracts
191 Contracting out
(1)
A provision of a contract or other instrument by which a person seeks to avoid or modify the effect of this Code is void.
(2)
A provision of a contract or other instrument by which a person seeks to have the debtor, mortgagor or guarantor indemnify the credit provider for any loss or liability arising under this Code is void.
(3)
A credit provider that is a party to any such contract or other instrument commits an offence.
Criminal penalty: 100 penalty units.
(4)
Subsection (3) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code.
(5)
Subsection (2) does not affect the operation of subsection 60(2).
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