s 122
In forceNo profiting from fees etc. paid to third parties
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 2Licensing of persons who engage in credit activities
Part 2-4Banning or disqualification of persons from engaging in credit activities
Division 2Banning orders
122 No profiting from fees etc. paid to third parties
Requirement not to profit
(1)
If, in the course of providing credit assistance to a consumer in relation to a credit contract, a licensee pays an amount (the third party amount) to another person on behalf of the consumer, the licensee must not request or demand payment of an amount, as reimbursement for the third party amount, that exceeds the third party amount.
Civil penalty: 5,000 penalty units.
Offence
(2)
A person commits an offence if:
(a)
the person is subject to a requirement under subsection (1); and
(b)
the person engages in conduct; and
(c)
the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.
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