National Consumer Credit Protection Act 2009

A credit provider that provides credit must give to the debtor, or arrange for the debtor to be given, periodic statements of account in accordance with this Division.

The maximum period for a statement of account is:

in the case of a credit card contract—40 days; or

in the case of a continuing credit contract for a reverse mortgage—12 months; or

in the case of any other continuing credit contract—40 days or such longer period, not exceeding 3 months, as is agreed by the credit provider and the debtor; or

in the case of a reverse mortgage not involving a continuing credit contract—12 months; or

in any other case—6 months.

A statement of account need not be given if:

the credit is provided under a credit contract for which the annual percentage rate is fixed for the whole term of the contract and under which there is no provision for varying the rate; or

no amount has been debited or credited to the account during the statement period (other than debits for government charges, or duties, on receipts or withdrawals) and the amount outstanding is zero or below a level fixed by the regulations; or

the credit provider wrote off the debt of the debtor under the credit contract during the statement period and no further amount has been debited or credited to the account during the statement period; or

the debtor was in default under the credit contract (not being a continuing credit contract) during the statement period and the credit provider has commenced enforcement proceedings; or

the debtor was in default under a continuing credit contract during the preceding 120 days, or during the statement period and the 2 immediately preceding statement periods, whichever is the shorter time, and the credit provider has, before the commencement of the statement period, exercised a right not to provide further credit under the contract and has not provided further credit during the period; or

the debtor has died or is insolvent and the debtor’s personal representative or trustee in bankruptcy has not requested a statement of account; or

in the case of a credit contract that is a low cost credit contract—the credit provider satisfies the requirements prescribed by the regulations for the purposes of this paragraph.

A separate statement of account may, but need not, be given in respect of each or any number of the credit facilities provided under a credit contract.

Subsection (1) is an offence of strict liability.

For strict liability, see section 6.1 of the Criminal Code.