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

Schedule 2   Buy now, pay later

Part 3   Credit representatives

National Consumer Credit Protection Act 2009

24   After subsection 158(1)

Insert:

Exceptions - credit activity relating to low cost credit contracts

(1A) Subsection (1) does not apply if the credit representative gives the consumer the licensee's credit guide:

(a) for the purpose of satisfying subsection 113(1) in connection with the provision of credit assistance to the consumer in relation a low cost credit contract; or

(b) for the purpose of satisfying subsection 126(1) in connection with entry into a low cost credit contract with the consumer; or

(c) for the purpose of satisfying subsection 127(1) in connection with the assignment to the licensee of rights or obligations of a credit provider under a low cost credit contract.

Form and content of credit guide