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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Guarantees
- The application of banking and other legislation in guarantees
National Consumer Credit Protection Act
The National Credit Code (NCC) is in sch 1 of the National Consumer Credit Protection Act 2009 (Cth). The NCC creates additional requirements for guarantees that are entered into in relation to a credit contract regulated by the NCC. The guarantee will not be enforceable unless these requirements are complied with.
This guidance note provides an overview of the regulation of consumer credit, then explains the specific NCC requirements regarding guarantees, and the rights and protections to the guarantor under the NCC. Importantly, this guidance note explains how “unjust” guarantees can be cancelled by a court.
See National Consumer Credit Protection Act.
