National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES  

Division 2 - Best interests obligations  

Subdivision A - Licensees that provide credit assistance in relation to credit contracts  

SECTION 158LB  

158LB   CONFLICT BETWEEN CONSUMER ' S INTERESTS AND THOSE OF THE LICENSEE ETC.  

If the licensee knows, or reasonably ought to know, that there is a conflict between the interests of the consumer and the interests of:

(a) the licensee; or

(b) an associate of the licensee; or

(c) a representative of the licensee; or

(d) an associate of a representative of the licensee;

the licensee must give priority to the consumer ' s interests when providing the credit assistance.

Civil penalty: 5,000 penalty units.