s 124A
In forceProhibition on providing credit assistance in relation to short‑term credit contracts
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
124A Prohibition on providing credit assistance in relation to short‑term credit contracts
Prohibition
(1)
A licensee must not provide credit assistance to a consumer by:
(a)
suggesting that the consumer apply, or assisting the consumer to apply, for a short‑term credit contract; or
(b)
suggesting that the consumer apply, or assisting the consumer to apply, for an increase to the credit limit of a particular short‑term credit contract with a particular credit provider.
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: 50 penalty units.
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