5ASections 72 and 73 of the new Credit Code

5A Sections 72 and 73 of the new Credit Code Item applies to credit contracts and consumer leases entered into before 1 March 2013 (1) This item applies in relation to a credit provider and a debtor under a credit contract (within the meaning of the new Credit Code): (a) entered into before 1 March 2013; and (b) for which the debtor applied to the credit provider in accordance with former subsections 72(1) and (2) of the new Credit Code (as in force before 1 March 2013). (2) This item also applies in relation to a lessor and a lessee under a consumer lease (within the meaning of the new Credit Code): (a) entered into before 1 March 2013; and (b) for which the lessee applied to the lessor in accordance with former subsections 72(1) and (2), and former section 177, of the new Credit Code (as in force before 1 March 2013); in a corresponding way to the way this item applies to a credit provider and debtor under a credit contract. Note: Former section 177 of the new Credit Code (as in force before 1 March 2013) has the effect that former sections 72 and 73 of that Code apply to consumer leases in the same way as they apply to credit contracts. Notice requirements for changes to a credit contract or a consumer lease on grounds of hardship do not apply in certain circumstances (4) Former subsection 72(3) of the new Credit Code (as in force before 1 March 2013) does not apply if the credit provider and the debtor agree to a change to the credit contract that defers or otherwise reduces the obligations of the debtor under that contract for a period not exceeding 90 days. (5) Former subsection 73(1) of the new Credit Code (as in force before 1 March 2013) does not apply if the credit provider and the debtor agree to a change to the credit contract that defers or otherwise reduces the obligations of the debtor under that contract for a period not exceeding 90 days. 6 Section 89A of the new Credit Code Section 89A of the new Credit Code, as inserted by Schedule 1 to the amending Act, applies in relation to credit contracts, mortgages and guarantees entered into on or after the commencement of that Schedule. 7 Section 94 of the new Credit Code The amendments of section 94 of the new Credit Code made by Schedule 1 to the amending Act apply in relation to credit contracts, mortgages and guarantees entered into on or after the commencement of that Schedule. 8 Section 124 of the new Credit Code The amendments of section 124 of the new Credit Code made by Schedule 1 to the amending Act apply in relation to applications made on or after the commencement of that Schedule, whether the contraventions occurred before, on or after that commencement.