National Consumer Credit Protection Act 2009

A credit provider must, not later than the day on which a change in the annual percentage rate or rates payable under a credit contract takes effect, give to the debtor written notice setting out:

the new rate or rates or, if a rate is determined by referring to a reference rate, the new reference rate; and

any information required by the regulations.

Notice under subsection (1) may be given by publishing the notice in accordance with subsection (8). A credit provider that gives notice in accordance with this subsection must give to the debtor particulars of the change before or when the next statement of account is sent to the debtor after the change takes effect.

Subsection (1) does not apply to a change in a rate that is determined by referring to a reference rate if the changed reference rate is notified (whether or not by the credit provider) by publishing a notice in accordance with subsection (8) not later than the date the change takes effect.

A credit provider must, not later than 20 days before a change in the manner in which interest is calculated or applied under a credit contract (including a change in or abolition of any interest free period under the contract) takes effect, give to the debtor written notice setting out:

particulars of the change; and

any information required by the regulations.

Subsections (1) and (4) do not apply to a change that reduces the obligations of the debtor under the credit contract.

Subsections (1), (2) and (4) are offences of strict liability.

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

This section applies whether or not the change is a change to the terms of the contract.

A notice under subsection (1) or (3) is published in accordance with this subsection if it is published:

unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the debtor and reasonably prominent; or

if a determination in force under subsection (9) specifies one or manners in which such a notice may be published—in a manner so specified.

For the purposes of paragraph (8)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (1) or (3) may be published.

A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the debtor and reasonably prominent.