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Legislative Assembly for the ACT: 2002 Week 10 Hansard (29 August) . . Page.. 3102 ..

5

Clause 6

Proposed new section 28A (2)

Page 3, line 2-

credit contract

substitute

continuing credit contract for a credit card

6

Clause 6

Proposed new section 28A (2A) and (2B)

Page 3, line 7-

(2A) For this section, a satisfactory assessment process , in relation to a debtor, is an assessment of the debtor's financial situation sufficient to satisfy a diligent and prudent credit provider that the debtor has a reasonable ability to repay the amount of credit provided or to be provided.

(2B) Without limiting subsection (2A), an assessment process is a satisfactory assessment process only if the credit provider-

(a) asks the debtor for a statement of the debtor's financial situation, including-

(i) income; and

(ii) all credit accounts and applicable limits and balances; and

(iii) repayment commitments; and

(b) takes the statement into account in making the assessment.

7

Clause 6

Proposed new section 28A (3), new definition of credit card

Page 3, line 9-

credit card -see section 28 (4).

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