Making reverse mortgage information statement available on website of credit provider or credit assistance provider
133DC Making reverse mortgage information statement available on website of credit provider or credit assistance provider
When this section applies
This section applies if a licensee:
is:
a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or
a credit provider under one or more credit contracts for a reverse mortgages; and
has a website that provides information about such contracts.
Requirement
The licensee must make available through the website a reverse mortgage information statement.
Civil penalty: 5,000 penalty units.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (2); and
the person engages in conduct; and
the person’s conduct breaches the requirement.
Criminal penalty: 50 penalty units.
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