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

Schedule 2   Buy now, pay later

Part 5   Contract documents and statements of account

National Consumer Credit Protection Act 2009

32   After subsection 17(7) of the National Credit Code

Insert:

(7A) If the credit contract is a low cost credit contract, and more than one repayment is to be made, then the contract document must contain:

(a) the frequency of payment of repayments; and

(b) if ascertainable, the amount of the repayments, the number of repayments and the total amount of the repayments; and

(c) if the amount of the repayments is not ascertainable - the method of calculating the amount of the repayments.