National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES  

Division 4 - Conflicted remuneration  

Subdivision C - Ban on giving conflicted remuneration  

SECTION 158NE   CREDIT PROVIDER MUST NOT GIVE CONFLICTED REMUNERATION  

158NE(1)    
A credit provider must not give a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee is:

(a) a mortgage broker; or

(b) a mortgage intermediary.

Civil penalty: 5,000 penalty units.

158NE(2)    
A credit provider must not give a representative of a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee or the representative is:

(a) a mortgage broker; or

(b) a mortgage intermediary.

Civil penalty: 5,000 penalty units.