NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158NE Credit provider must not give conflicted remuneration
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158NE
Credit provider must not give conflicted remuneration(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.
(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.