National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-3 - CREDIT REPRESENTATIVES AND OTHER REPRESENTATIVES OF LICENSEES  

Division 4 - Liability of licensees for representatives  

SECTION 78   EFFECT OF THIS DIVISION  

78(1)   [ Remedies against licensee and representative]  

If a licensee is responsible for the conduct of its representative under this Division, the client has the same remedies against the licensee that the client has against the representative.

78(2)   [ Joint and several liability]  

The licensee and the representative (along with any other licensees that are also responsible) are all jointly and severally liable to the client in relation to those remedies.

78(3)   [ Criminal responsibility or civil liability]  

However, nothing in this Division imposes:

(a) any criminal responsibility; or

(b) any civil liability under a provision of this Act apart from this Division;

on a licensee that would not otherwise be imposed on the licensee.

78(4)   [ No relief from liability given to representatives]  

This Division does not relieve a representative of a licensee of any liability that the representative has to the client or the licensee.

78(5)   [ Cannot contract out of sections 75, 76 or 77]  

An agreement has no effect in so far as it purports to alter or restrict the operation of section 75 , 76 or 77 .

78(6)   [ Exceptions to subsection 5]  

However, subsection (5) does not apply to the extent that the agreement:

(a) provides for a representative of a licensee to indemnify the licensee for a liability of the licensee in relation to the representative; or

(b) provides for a licensee, for whom a representative acts, to indemnify another licensee for a liability in relation to the representative.

78(7)   [ Licensee must not make agreement]  

A licensee must not make, or offer to make, an agreement that has, or would have, no effect under subsection (5).