National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES  

Division 4 - Conflicted remuneration  

Subdivision B - Ban on accepting conflicted remuneration  

SECTION 158NC   CREDIT REPRESENTATIVE MUST NOT ACCEPT CONFLICTED REMUNERATION  

158NC(1)    
A credit representative of a licensee must not accept conflicted remuneration in circumstances prescribed by the regulations if the credit representative or the licensee is:

(a) a mortgage broker; or

(b) a mortgage intermediary.

Civil penalty: 5,000 penalty units.

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

Civil penalty: 5,000 penalty units.