National Consumer Credit Protection Act 2009
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Hide history noteCredit service providers
133DE(1)
A licensee must not, in providing or offering to provide a credit service to a consumer, use either of the following terms (either alone or in combination with other words or letters) in a representation to the consumer about an actual or proposed credit contract or mortgage:
(a) the phrase " reverse mortgage " ;
(b) another term (whether or not in English) of similar import to the phrase " reverse mortgage " .
Civil penalty: 5,000 penalty units.
Credit providers
133DE(2)
A licensee that is a credit provider must not use either of the following terms (either alone or in combination with other words or letters) in a representation to a consumer about an actual or proposed credit contract or mortgage:
(a) the phrase " reverse mortgage " ;
(b) another term (whether or not in English) of similar import to the phrase " reverse mortgage " .
Civil penalty: 5,000 penalty units.
Defence
133DE(3)
For the purposes of subsections (1) and (2), it is a defence if:
(a) the representation truly represents that a credit contract:
(i) is or will be a credit contract for a reverse mortgage; or
(ii) is not or will not be a credit contract for a reverse mortgage; or
(b) the representation truly represents that a mortgage:
(i) is or will be part of a reverse mortgage; or
(ii) is not or will not be part of a reverse mortgage.
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