NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133DC Making reverse mortgage information statement available on website of credit provider or credit assistance provider

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133DC

When this section applies

  (1)   This section applies if a licensee:

  (a)   is:

  (i)   a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or

  (ii)   a credit provider under one or more credit contracts for a reverse mortgages; and

  (b)   has a website that provides information about such contracts.

Requirement

  (2)   The licensee must make available through the website a reverse mortgage information statement.

Civil penalty:   5,000 penalty units.

Offence

  (3)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (2); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement.

Criminal penalty:   50 penalty units.