11Meaning of consumer credit contract

1. A credit contract is a consumer credit contract if—

2. the debtor is a natural person; and
3. the credit is to be used, or is intended to be used, wholly or predominantly for personal, domestic, or household purposes; and
4. 1 or more of the following applies:
   1. interest charges are or may be payable under the contract:
   2. credit fees are or may be payable under the contract:
   3. a security interest is or may be taken under the contract; and
5. when the contract is entered into, 1 or more of the following applies:
   1. the creditor, or one of the creditors, carries on a business of providing credit (whether or not the business is the creditor's only business or the creditor's principal business):
   2. the creditor, or one of the creditors, makes a practice of providing credit in the course of a business carried on by the creditor:
   3. the creditor, or one of the creditors, makes a practice of entering into credit contracts in the creditor's own name as creditor on behalf of, or as trustee or nominee for, any other person:
   4. the contract results from an introduction of one party to another party by a paid adviser or broker.

6. For the purposes of subsection (1)(b), the predominant purpose for which the credit is to be used is—

7. the purpose for which more than 50% of the credit is intended to be used; or
8. if the credit is intended to be used to obtain goods or services for use for different purposes, the purpose for which the goods or services are intended to be most used.

9. The reference to intention in subsections (1)(b) and (1A) is a reference to the debtor's intention.

10. An arrangement or a facility is also a consumer credit contract if regulations declare it to be a consumer credit contract.

11. This section is subject to sections 14 and 15.