Conflict between consumer’s interests and those of the credit representative etc
158LF Conflict between consumer’s interests and those of the credit representative etc
If the credit representative knows, or reasonably ought to know, that there is a conflict between the interests of the consumer and the interests of:
the licensee; or
an associate of the licensee; or
the credit representative; or
an associate of the credit representative; or
another representative of the licensee; or
an associate of another representative of the licensee;
the credit representative must give priority to the consumer’s interests when providing the credit assistance.
Civil penalty: 5,000 penalty units.
The licensee must take reasonable steps to ensure that the credit representative complies with subsection (1).
Civil penalty: 5,000 penalty units.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.