The National Consumer Credit Protection Amendment Regulation 2012 (No. 2) was registered on 20 August 2012.
This regulation amends the National Consumer Credit Protection Regulations 2010 to provide a transitional arrangement in relation to credit card application forms which credit card providers have provided to consumers before the commencement of the requirement on 1 July 2012 that such application forms include a credit card Key Fact Sheet.
The amendment to the Principal Regulations allows Australian credit licensees who are credit card providers to accept credit card application forms they have provided to consumers prior to 1 July 2012 which did not include a credit card Key Fact Sheet (KFS).
It also covers the circumstance where the application was accepted and the consumer received the credit card before 1 July 2012 but does not use it until after 1 July (i.e. the contract is entered into with the consumer’s first use of the card).
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Posted 21st August 2012 by David Jacobson in legislation