National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2D - LICENSEES AND REVERSE MORTGAGES  

SECTION 133DD   MAKING REVERSE MORTGAGE INFORMATION STATEMENT AVAILABLE IN OTHER SITUATIONS  

When this section applies

133DD(1)    
This section applies if:

(a) a licensee is:

(i) a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or

(ii) a credit provider under one or more credit contracts for reverse mortgages; and

(b) either:

(i) a consumer asks the licensee (otherwise than by using a website of the licensee) for a reverse mortgage information statement; or

(ii) the regulations require a consumer, in circumstances prescribed by the regulations, to be given a reverse mortgage information statement; and

(c) the consumer gives the licensee the consumer ' s name, and the contact details required by the regulations.

Requirement

133DD(2)    

The licensee must, in accordance with any requirements prescribed by the regulations, give the consumer a reverse mortgage information statement.

Civil penalty: 5,000 penalty units.

Offence

133DD(3)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (2); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 50 penalty units.

Defences

133DD(4)    
For the purposes of subsections (2) and (3), it is a defence if:

(a) the licensee has given the consumer, or reasonably believes that someone else has given the consumer, a reverse mortgage information statement; or

(b) the licensee:

(i) is a credit provider under one or more credit contracts for reverse mortgages; and

(ii) reasonably believes that the consumer would not be eligible to make a credit contract with the licensee for a reverse mortgage; or

(c) there exist circumstances prescribed by regulations as circumstances in which the licensee is not required to give the consumer a reverse mortgage information statement.

Note:

For the purposes of subsection (3), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).