Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (138 of 2024)

Schedule 2   Buy now, pay later

Part 4   Precontractual disclosure

National Consumer Credit Protection Act 2009

28   After subsection 16(1) of the National Credit Code

Insert:

(1A) A credit provider must not enter into a low cost credit contract unless the credit provider has given the debtor:

(a) a precontractual statement setting out the matters required by section 17 to be included in the contract document; and

(b) an information statement that complies with:

(i) the requirements prescribed by the regulations; and

(ii) any requirements determined by ASIC under subsection (1B) of this section.

(1B) ASIC may, by legislative instrument, determine requirements for the purposes of subparagraph (1A)(b)(ii). The requirements must be consistent with any requirements prescribed by the regulations for the purposes of subparagraph (1A)(b)(i).