NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158LF Conflict between consumer's interests and those of the credit representative etc.
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158LF
Conflict between consumer's interests and those of the credit representative etc.(1) If the credit representative knows, or reasonably ought to know, that there is a conflict between the interests of the consumer and the interests of:
(a) the licensee; or
(b) an associate of the licensee; or
(c) the credit representative; or
(d) an associate of the credit representative; or
(e) another representative of the licensee; or
(f) an associate of another representative of the licensee;
the credit representative must give priority to the consumer's interests when providing the credit assistance.
Civil penalty: 5,000 penalty units.
(2) The licensee must take reasonable steps to ensure that the credit representative complies with subsection (1).
Civil penalty: 5,000 penalty units.