Quote for providing credit assistance etc
137 Quote for providing credit assistance etc
Requirement to give quote
A licensee must not provide credit assistance to a consumer by:
suggesting that the consumer apply, or assisting the consumer to apply, for a particular consumer lease with a particular lessor; or
suggesting that the consumer remain in a particular consumer lease with a particular lessor;
unless:
the licensee has given the consumer a quote in accordance with subsection (2); and
the consumer has signed and dated that quote or otherwise indicated the consumer’s acceptance of it (and the day that happens) in the manner (if any) prescribed by the regulations; and
the licensee has given the consumer a copy of the accepted quote.
Civil penalty: 5,000 penalty units.
The quote must:
be in writing; and
give information about the credit assistance and other services that the quote covers; and
specify the maximum amount that will be payable by the consumer to the licensee in relation to the licensee’s credit assistance and other services; and
give information about what that amount relates to, including:
the maximum amount of the licensee’s fee for providing the credit assistance and other services; and
the maximum amount of charges that will be incurred by the licensee for matters associated with providing the credit assistance and other services; and
the maximum amount of fees or charges that will be payable by the licensee to another person on the consumer’s behalf; and
state whether the maximum amount or any other amount will be payable by the consumer to the licensee if a consumer lease is not entered; and
comply with any other requirements prescribed by the regulations.
Manner of giving quote
The licensee must give the quote to the consumer in the manner (if any) prescribed by the regulations.
No demanding payment of amount exceeding quoted amount
The licensee must not request or demand payment of an amount that exceeds the maximum amount set out in the quote.
Civil penalty: 5,000 penalty units.
No demanding payment before credit assistance provided
The licensee must not request or demand payment of an amount for the licensee’s credit assistance before the licensee provides the assistance.
Civil penalty: 5,000 penalty units.
Caveats
The licensee must not lodge, or threaten to lodge, a caveat in relation to land to induce the consumer to pay an amount to the licensee for the licensee’s credit assistance or other services.
Civil penalty: 5,000 penalty units.
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