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

30   After subsection 17(6) of the National Credit Code

Insert:

Where no interest charge is payable under low cost credit contract

(6A) In the case of a credit contract that is a low cost credit contract, if no interest charges are payable under the contract then:

(a) subsections (4), (5) and (6) do not apply in relation to the contract document; and

(b) the contract document must contain a statement to the effect that no interest charges are payable under the contract.