National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5 - CREDIT REPRESENTATIVES  

Division 2 - Credit guide of credit representatives  

SECTION 158   CREDIT GUIDE OF CREDIT REPRESENTATIVES  
Requirement to give credit guide

158(1)    

If a credit representative of a licensee gives a consumer the licensee ' s credit guide when acting on behalf of the licensee under Part 3-1 , 3-2 , 3-3 or 3-4 , the credit representative must at the same time give the consumer the credit representative ' s credit guide in accordance with subsection (2).

Civil penalty: 5,000 penalty units.

158(2)    
The credit representative ' s credit guide must:

(a) be in writing; and

(b) be in the form (if any) prescribed by the regulations; and

(c) specify the credit representative ' s name and contact details; and

(d) specify the credit representative ' s credit representative number; and

(e) give information about:

(i) any fees that are payable by a consumer to the credit representative for acting as a credit representative; and

(ii) any charges that are payable by a consumer to the credit representative for matters associated with acting as a credit representative; and

(iii) the method for working out the amount of the fees and charges; and

(f) give information about:

(i) if there are 6 or fewer licensees for whom the credit representative is a credit representative - the names of those licensees; and

(ii) if there are more than 6 licensees for whom the credit representative is a credit representative - the names of the 6 licensees for whom the credit representative reasonably believes it conducts the most business; and

(iii) the credit activities the credit representative is authorised to engage in on behalf of the licensees referred to in subparagraph (i) or (ii); and

(g) give information about:

(i) any indirect remuneration the credit representative is likely to receive, directly or indirectly, from those licensees; and

(ii) a reasonable estimate of the amounts of that indirect remuneration or the range of those amounts; and

(iii) the method for working out those amounts; and

(h) give information about the credit representative ' s procedure for resolving disputes with a consumer, including contact details for a consumer to access the AFCA scheme; and

(i) comply with any other requirements prescribed by the regulations.

158(3)    
The regulations may prescribe:

(a) information that need not be included in the credit guide, despite subsection (2); and

(b) for the purposes of paragraph (2)(g):

(i) the method for working out amounts of indirect remuneration; and

(ii) how indirect remuneration or amounts of indirect remuneration must be described.

Manner of giving credit guide

158(4)    
The credit representative must give the consumer the credit representative ' s credit guide in the manner (if any) prescribed by the regulations.

Strict liability offence

158(5)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 50 penalty units.

158(6)    
Subsection (5) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .