Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 28M

Disclosure requirements

  (1)   For paragraph   164(d) of the Act, the provisions to which Part   3 - 7 of Chapter   3 of the Act applies, apply as if the provisions were modified as set out in Schedule   4.

Extended time period for consumer assessment

  (2)   Subregulation (3) applies to a licensee to whom the rights of a credit provider under a credit contract have been assigned.

  (3)   For paragraph   164(d) of the Act:

  (a)   paragraph   132(2)(c) of the Act is modified by omitting '7 business days' and inserting '15 business days'; and

  (b)   paragraph   132(2)(d) is modified by omitting '21 business days' and inserting '25 business days'.

  (4)   Subregulation (5) applies to a licensee to whom the rights of a lessor under a consumer lease have been assigned.

  (5)   For paragraph   164(d) of the Act:

  (a)   paragraph   155(2)(c) of the Act is modified by omitting '7 business days' and inserting '15 business days'; and

  (b)   paragraph   155(2)(d) is modified by omitting '21 business days' and inserting '25 business days'.

Note:   Paragraph   164(d) of the Act provides that the regulations may provide that Chapter   3 of the Act applies as if specified provisions were omitted, modified or varied as specified in the regulations.