National Consumer Credit Protection Act 2009

CHAPTER 1 - INTRODUCTION  

PART 1-2 - DEFINITIONS  

Division 4 - Other definitions  

SECTION 15B   MEANING OF MORTGAGE BROKER  

15B(1)    
A licensee is a mortgage broker if:

(a) the licensee carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and

(b) the licensee does not perform the obligations, or exercise the rights, of a credit provider in relation to the majority of those credit contracts; and

(c) in carrying on the business, the licensee provides credit assistance in relation to credit contracts offered by more than one credit provider.

15B(2)    
A credit representative of a licensee is a mortgage broker if:

(a) the credit representative carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and

(b) neither the credit representative nor the licensee performs the obligations, or exercises the rights, of a credit provider in relation to the majority of those credit contracts; and

(c) in carrying on the business, the credit representative provides credit assistance in relation to credit contracts offered by more than one credit provider.

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