Sch 1 (National Credit Code), s 70
In forceProhibited increases in liabilities
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-3Inspection of books and audit information‑gathering powers
Division 2Inspection of books and audit information‑gathering powers
70 Prohibited increases in liabilities
(1)
If the annual percentage rate under a credit contract is currently fixed for a specified term (including the whole term) of the contract, the contract cannot be changed unilaterally by a credit provider so as to increase, or change the method of calculation of a fee or charge so as to increase, a fee or charge:
(a)
payable by the debtor on early termination of the credit contract; or
(b)
payable on prepayment of an amount under the credit contract.
(2)
The regulations may prescribe circumstances in which such a change is permitted.
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.