A Consumer Credit Agreement is essential for any credit provider offering regulated credit products to consumers in Australia. This document is required when providing credit that is regulated under the National Consumer Credit Protection Act 2009, where the credit is provided to an individual or strata corporation primarily for personal, domestic, or household purposes. The agreement must comply with strict regulatory requirements including mandatory disclosure obligations, fee structures, and consumer protections. It's used for various credit products including personal loans, credit cards, car loans, and other consumer finance products. The document must incorporate specific provisions required by Australian law and should be regularly reviewed to ensure ongoing compliance with regulatory changes.
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1. Parties: Identification of the credit provider and the consumer borrower with full legal names and details
2. Background: Context of the credit agreement and purpose of the loan
3. Definitions and Interpretation: Defined terms used throughout the agreement and rules of interpretation
4. The Credit: Amount of credit, purpose, and disbursement arrangements
5. Interest: Interest rate, calculation method, and changes to interest rates
6. Repayments: Payment amounts, frequency, method, and schedule
7. Fees and Charges: All applicable fees, charges, and when they're payable
8. Security: Details of any security provided for the credit
9. Borrower's Representations and Warranties: Statements of fact and promises made by the borrower
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement: Lender's rights and remedies upon default
12. Privacy and Information Sharing: How personal and credit information will be handled
13. Notices: How formal communications between parties must be made
14. General Provisions: Standard boilerplate clauses including governing law
15. Execution: Signing provisions and execution blocks
1. Insurance: Required when credit-related insurance is mandatory or offered
2. Direct Debit: Include when automatic payments are being established
3. Guarantor Provisions: Required when a guarantor is providing security for the loan
4. Credit Card Specific Terms: Include for credit card facilities
5. Fixed Rate Loan Terms: Include for fixed-rate facilities
6. Variable Rate Loan Terms: Include for variable rate facilities
7. Construction Loan Provisions: Include for construction or renovation purpose loans
8. Joint Borrower Provisions: Required when there are multiple borrowers
1. Schedule 1 - Key Credit Information: Required disclosures under the National Credit Code including credit amount, term, interest rate, and comparison rate
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees and charges
3. Schedule 3 - Repayment Schedule: Detailed payment schedule showing dates and amounts
4. Schedule 4 - Direct Debit Request: Direct debit authorization form and terms
5. Schedule 5 - Security Details: Details of any security property or other assets
6. Appendix A - Information Statement: Mandatory information statement required under the National Credit Code
7. Appendix B - Privacy Notice: Detailed privacy policy and credit reporting information
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Consumer Finance
Retail Banking
Credit Unions
Non-Bank Lending
FinTech
Consumer Services
Relevant Teams
Legal
Compliance
Credit Risk
Retail Banking
Consumer Lending
Collections
Product Development
Operations
Customer Service
Credit Assessment
Document Management
Regulatory Affairs
Relevant Roles
Credit Manager
Loan Officer
Compliance Officer
Legal Counsel
Credit Risk Analyst
Consumer Lending Manager
Retail Banking Manager
Financial Services Officer
Credit Assessment Officer
Customer Service Representative
Collections Manager
Product Manager - Consumer Credit
Regulatory Compliance Manager
Banking Operations Manager
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