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

Schedule 2   Buy now, pay later

Part 6   Increasing credit limits

National Consumer Credit Protection Act 2009

39   After section 67 of the National Credit Code

Insert:

67AA Increasing credit limits under low cost credit contracts

A credit provider may increase the credit limit under a low cost credit contract only at the request of the debtor or with the written consent of the debtor.

Note: For low cost credit contracts that are continuing credit contracts, subsection 67(4) has the same effect as this section.