Respond to hardship notices within statutory timeframe
Credit providers must consider hardship notices within 21 days under s 72 NCC.
Who must comply
Credit providers regulated under NCCP Act.
What triggers it
Receipt of a hardship notice from a consumer.
When due
Within 21 days of notice.
Evidence required
Notice register, decision records with reasons, communications with consumer, AFCA complaints handling.
Max penalty
Civil penalties to NCCP maximum; AFCA scrutiny + remediation
Summary
Section 72 of the National Credit Code requires credit providers to consider a hardship notice (oral or written) within 21 days. Variations include reduced payments, extended terms, payment freeze, or interest-only. Refusal must be communicated with reasons.
Enforced by
Source legislation
Industries
Topics
Source: https://asic.gov.au/regulatory-resources/credit/hardship-and-default-notices. Rules Mate is not a law firm. Always verify against the live regulator source before acting.