s 158LE
In forceCredit representative must act in the best interests of the consumer
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 3Unsuitability assessment policies
158LE Credit representative must act in the best interests of the consumer
(1)
The credit representative must act in the best interests of the consumer in relation to the credit assistance.
Civil penalty: 5,000 penalty units.
(2)
The licensee must take reasonable steps to ensure that the credit representative complies with subsection (1).
Civil penalty: 5,000 penalty units.
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