National Consumer Credit Protection Act 2009

A credit provider must, not later than 20 days before a change in the amount of a credit fee or charge (including a new credit fee or charge), or a change in the frequency or time for payment of a credit fee or charge, under a credit contract takes effect, give to the debtor written notice setting out:

particulars of the change; and

any information required by the regulations.

Notice relating to a change in the amount of a credit fee or charge (including a new credit fee or charge) may be given by publishing the notice in accordance with subsection (6). A credit provider that gives notice in accordance with this subsection must give 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 that reduces the obligations of the debtor, or extends the time for payment, under the credit contract. The credit provider must, however, give particulars of any such change before or when the next statement of account is sent to the debtor after the change takes effect.

Subsections (1), (2) and (3) 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 (2) 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 under subsection (7) is in force—in a manner specified in the determination.

For the purposes of paragraph (6)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (2) 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.