Pt 3-2BA inserted by No 138 of 2024, s 3 and Sch 2
[
14
]
, effective 10 June 2025. No 138 of 2024, s 3 and Sch 2
[
18
]
contains the following application provision:
18 Application provision
-
Part 3-2BA of the Act
Elections
(1)
A licensee may, under subsection
133BXA(1)
of the
National Consumer Credit Protection Act 2009
(the
Act
), make an election that covers a low cost credit contract whether the contract was entered into before, on or after the time (the
commencement time
) when this Part commences.
When inquiries etc. must be made
(2)
Section
133BXB
of the Act applies for the purposes of applying section
128
of the Act in relation to conduct mentioned in paragraph
128(a)
,
(aa)
,
(b)
or
(ba)
of the Act that occurs on or after the commencement time.
(3)
To avoid doubt, a period of 90 days mentioned in paragraph
133BXB(b)
of the Act may start before, on or after the commencement time.
When inquiries etc. are reasonable
(4)
Section
133BXC
of the Act applies in relation to:
(a)
conduct mentioned in paragraph
133BXC(1)(a)
or
(b)
of the Act that occurs on or after the commencement time; and
(b)
determining whether a licensee has done a thing mentioned in paragraph
133BXC(2)(a)
,
(b)
or
(c)
of the Act, whether that thing is done before, on or after the commencement time.
Assessments etc. in relation to larger contracts
(5)
Subsection
133BXD(2)
of the Act applies in relation to entering a low cost credit contract if:
(a)
the contract is entered on or after the commencement time; and
(b)
the assessment, and the inquiries and verification, mentioned in that subsection are made on or after the commencement time.
(6)
Subsections
133BXD(3)
to
(6)
of the Act apply:
(a)
in relation to entering a low cost credit contract, as mentioned in paragraph
133BXD(3)(a)
of the Act, if:
(i)
the contract is entered on or after the commencement time; and
(ii)
the assessment, and the inquiries and verification, mentioned in that paragraph are made on or after the commencement time; and
(b)
in relation to an increase to the credit limit of a low cost credit contract, as mentioned in subsection
133BXD(4)
of the Act, if the increase occurs on or after the commencement time.
Presumptions
(7)
Section
133BXE
of the Act applies in relation to assessments mentioned in subsection
131(1)
of the Act that are made on or after the commencement time.
(8)
Section
133BXF
of the Act applies in relation to conduct mentioned in paragraph
133(1)(a)
or
(b)
of the Act that occurs on or after the commencement time.
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