National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT

PART 3-1 - LICENSEES THAT PROVIDE CREDIT ASSISTANCE IN RELATION TO CREDIT CONTRACTS

Division 5 - Fees, indirect remuneration etc. relating to credit contracts

SECTION 122 NO PROFITING FROM FEES ETC. PAID TO THIRD PARTIES
Requirement not to profit

122(1)

If, in the course of providing credit assistance to a consumer in relation to a credit contract, a licensee pays an amount (the third party amount ) to another person on behalf of the consumer, the licensee must not request or demand payment of an amount, as reimbursement for the third party amount, that exceeds the third party amount.

Civil penalty: 5,000 penalty units.

View history note

Offence

122(2)

View history reference

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: 6 months imprisonment.

View history note

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