National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES  

Division 2 - Best interests obligations  

Subdivision B - Credit representatives that provide credit assistance in relation to credit contracts  

SECTION 158LE   CREDIT REPRESENTATIVE MUST ACT IN THE BEST INTERESTS OF THE CONSUMER  

158LE(1)    
The credit representative must act in the best interests of the consumer in relation to the credit assistance.

Civil penalty: 5,000 penalty units.

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

Civil penalty: 5,000 penalty units.