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National Consumer Credit Protection Regulations 2010
28LBGFees charges and higher rates of interest
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#### 28LBG Fees charges and higher rates of interest
For the purposes of paragraph 133BI(1)(c) of the Act, if a licensee provides a form to allow a consumer to consent to have fees, charges or a higher rate of interest charged on a credit card that is used in a way mentioned in subsection 133BI(1) of the Act, the licensee must ensure that the invitation to give consent:
(a) allows the consumer to withdraw the consent; and
(b) discloses any fee charged in relation to the consumer’s consent; and
(c) discloses the fee, charge or higher rate of interest that will be charged on the credit card if it is used in the way mentioned in subsection 133BI(1) of the Act; and
(d) explains that the fee may increase at any time, in accordance with the terms of the credit card contract; and
(e) explains that fees, charges or a higher rate of interest may be charged on the credit card for the amount by which the balance under the credit card contract exceeds the credit limit; and
(f) explains that fees, charges or a higher rate of interest are likely to be charged on the credit card for the statement period in which the credit card was used in a way mentioned in subsection 133BI(1) of the Act.