Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 28LCB

  (1)   For the purposes of subsection   156B(1) of the Act, this regulation prescribes a requirement for the amount that would be required to be paid under a consumer lease for household goods with a consumer who would be the lessee under the lease.

  (2)   The requirement for the amount is that, for any part of the amount that would be required to be paid during a repayment period under such a lease with a consumer, the sum of:

  (a)   that part of the amount; and

  (b)   any other amounts the consumer is required to pay under any other consumer leases during the repayment period;

would be equal to or less than 10% of the available income the consumer is reasonably expected to receive during the repayment period.

  (3)   In this regulation:

"available income" , for a consumer, means the consumer's income less any amount required to be withheld under Part   2 - 5 in Schedule   1 to the Taxation Administration Act 1953 (Pay as you go (PAYG) withholding).

"income" means income within the ordinary meaning of that expression.

"lease repayment day" , in relation to a consumer lease for household goods, means the day on or by which a repayment is required to be made under the lease.

"repayment period" : each of the following is a repayment period in relation to a consumer lease for household goods:

  (a)   the period:

  (i)   starting on the day the lease is entered into; and

  (ii)   ending on the first lease repayment day in relation to the lease;

  (b)   a period:

  (i)   starting on the day after a lease repayment day in relation to the lease; and

  (ii)   ending on the subsequent lease repayment day in relation to the lease.