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National Consumer Credit Protection Regulations 2010
28LBIAgreement to apply payment against particular amount owed
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#### 28LBI Agreement to apply payment against particular amount owed
For the purposes of subsection 133BP(5) of the Act, a licensee that proposes to agree to a request by a consumer to apply certain payments made under the credit card contract against a particular amount must, before agreeing to the request, advise the consumer that the consumer:
(a) may be liable to pay an amount or rate of interest under the agreement that is greater than the consumer would be liable to pay under section 133BQ of the Act; and
(b) may withdraw the request at a later time.