National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2D - LICENSEES AND REVERSE MORTGAGES  

SECTION 133DC   MAKING REVERSE MORTGAGE INFORMATION STATEMENT AVAILABLE ON WEBSITE OF CREDIT PROVIDER OR CREDIT ASSISTANCE PROVIDER  

When this section applies

133DC(1)    
This section applies if a licensee:

(a) is:

(i) a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or

(ii) a credit provider under one or more credit contracts for a reverse mortgages; and

(b) has a website that provides information about such contracts.

Requirement

133DC(2)    

The licensee must make available through the website a reverse mortgage information statement.

Civil penalty: 5,000 penalty units.

Offence

133DC(3)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (2); and

(b) the person engages in conduct; and

(c) the person ' s conduct breaches the requirement.

Criminal penalty: 50 penalty units.