62Charge card contracts—exemption of certain contracts from Code

62 Charge card contracts—exemption of certain contracts from Code

(1) The Code does not apply to the provision of credit under a charge card contract made available by any of the following credit providers: (a) American Express Australia Limited ACN 108 952 085; (b) American Express International Inc. ARBN 000 618 208; (c) Diners Club Pty Limited ACN 004 343 051; (d) Motorcharge Limited ACN 008 962 132.

Note: Examples:

Note: 1 American Express Platinum Card.

Note: 2 Diners Club Personal Card.

Note: 3 Motorcharge Card.

(2) In subsection (1):

charge card contract means a credit contract under which:

(a) credit is ordinarily obtained by the use of a card; and
(b) multiple advances of credit are contemplated; and
(c) the provision of an advance of credit is limited to a total period of not more than 62 days; and
(d) monthly or other periodic statements of account are provided to the debtor; and
(e) liquidated damages or charges for late payment are payable by the debtor if the debtor does not repay an advance of credit mentioned in a monthly or other periodic statement of account within a stated period.

Note: Subsection 6(13) of the Code provides that the regulations may exclude the provision of credit of any class from the Code.