Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009)
What is Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009)?
The Code that governs every regulated consumer credit contract, consumer lease, mortgage and guarantee in Australia: how contracts are formed and what they must disclose, what fees and interest can be charged, statements of account, change notices, the hardship process, default notices and the steps a lender must take before and after enforcing or repossessing, linked credit and insurance protections, advertising and comparison rates, and the parallel rules for consumer leases. It comprises 59 controls organised across 10 domains, and applies in Australia.
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