Sch 1 (National Credit Code), s 24

Offences related to prohibited monetary obligations—credit providers

In force

(1)

A credit provider must not:

(a)

enter into a credit contract on terms imposing a monetary liability prohibited by subsection 23(1); or

(b)

require or accept payment of an amount in respect of a monetary liability that cannot be imposed consistently with this Code.

Civil penalty: 5,000 penalty units.

(1A)

A credit provider must not:

(a)

enter into a small amount credit contract on terms imposing a monetary liability prohibited by subsection 23A(1); or

(b)

require or accept payment of an amount in respect of a monetary liability that cannot be imposed consistently with this Code.

Civil penalty: 5,000 penalty units.

Offence

(2)

A person commits an offence of strict liability if:

(a)

the person is subject to a requirement under subsection (1) or (1A); and

(b)

the person engages in conduct; and

(c)

the conduct contravenes the requirement.

Criminal penalty: 100 penalty units.

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