Sch 1 (National Credit Code), s 25
In forceLoan to be in money or equivalent
Volume 1Chapters 1 to 6 (sections 1 to 322)
Schedule 1National Credit Code
Part 5-3Concealment or falsification of credit books
Division 2Prohibitions relating to the concealment or falsification of credit books
25 Loan to be in money or equivalent
(1)
A credit provider must not under a credit contract pay an amount to or in accordance with the instructions of the debtor unless the payment is in cash or money’s worth and is made in full without deducting an amount for interest charges under the contract.
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.
(3)
The regulations may provide that subsection (1) does not apply to the deduction of an amount for the first payment of interest charges under the contract.
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