s 158LB
In forceConflict between consumer’s interests and those of the licensee etc
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 3Responsible lending conduct
Part 3-2BALicensees that are credit providers under credit contracts: additional rules relating to low cost credit contracts
Division 2Unsuitable low cost credit contracts
158LB Conflict between consumer’s interests and those of the licensee etc
If the licensee knows, or reasonably ought to know, that there is a conflict between the interests of the consumer and the interests of:
(a)
the licensee; or
(b)
an associate of the licensee; or
(c)
a representative of the licensee; or
(d)
an associate of a representative of the licensee;
the licensee must give priority to the consumer’s interests when providing the credit assistance.
Civil penalty: 5,000 penalty units.
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