Penalties for credit providers
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CONSUMER CREDIT CODE
Section 104
Payment of penalty to debtor or guarantor
(1) An amount of civil penalty ordered by the Court to be paid on an application for an order made by a debtor or a guarantor may be set off by the debtor or guarantor against any amount that is due or becomes due to the credit provider under the credit contract.
If there is no such amount, the
amount of the civil penalty is a debt due by the credit provider to the debtor or guarantor.
Section 103 Penalty if application made by debtor or guarantor
(1) On application being made by a debtor or a guarantor for an order, the maximum civil penalty that may be imposed by the Court for a contravention of a key requirement is an amount not exceeding the amount
of—
(a) except as provided by paragraphs (b) and (c)—all interest charges payable under the contract from the date it was made; or (b) in the case of a contravention of a key requirement relating to a statement of account of a continuing credit contract—all interest charges payable under the contract for the period to which the
statement of account relates; or (c) in the case of a contravention of a key requirement relating to
prohibited monetary obligations—all interest charges accruing under the contract from the date the contravention occurred.
(2) The Court may, however, impose a greater civil penalty if the debtor or guarantor satisfies the Court that the debtor has suffered a loss.
The amount of the civil penalty is to be not less than the amount of the loss.
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Precedent said, "It cannot be done;" experience said, "It is done."
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