Victorian Consolidated Legislation

Consumer Credit (Victoria) Act 1995 - SECT 37M

Valuation and credit application fees

37M. Valuation and credit application fees



(1) A finance broker must not demand payment of any valuation fees or credit
application fees in cash or any other form other than in the form of a cheque,
money order or other transfer made payable only to the person who has provided
or is to provide the valuation, or the credit provider (as the case may be).

Penalty: In the case of a corporationž For a first offence, 30 penalty units;
For a subsequent offence, 60 penalty units. In any other case- For a first
offence, 30 penalty units or 3 months imprisonment; For a subsequent offence,
60 penalty units or 6 months imprisonment.

(2) As soon as practicable after receiving a cheque, money order or other
transfer referred to in subsection (1), the finance broker must give or
deliver it to the person who has provided or is to provide the valuation, or
the credit provider (as the case may be).

Penalty: In the case of a corporationž For a first offence, 30 penalty units;
For a subsequent offence, 60 penalty units. In any other case- For a first
offence, 30 penalty units or 3 months imprisonment; For a subsequent offence,
60 penalty units or 6 months imprisonment.

Division 5-Jurisdiction of courts and the Tribunal under Part 4A