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 B - Credit representatives that provide credit assistance in relation to credit contracts  

SECTION 158LF   CONFLICT BETWEEN CONSUMER ' S INTERESTS AND THOSE OF THE CREDIT REPRESENTATIVE ETC.  

158LF(1)    
If the credit representative 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) the credit representative; or

(d) an associate of the credit representative; or

(e) another representative of the licensee; or

(f) an associate of another representative of the licensee;

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

Civil penalty: 5,000 penalty units.

158LF(2)    
The licensee must take reasonable steps to ensure that the credit representative complies with subsection (1).

Civil penalty: 5,000 penalty units.