s 158NE
In forceCredit provider must not give conflicted remuneration
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 3Responsible lending conduct
Part 3-2CLicensees that are credit providers under credit contracts: additional rules relating to short‑term and small amount credit contracts
Division 2Short‑term and small amount credit contracts
158NE Credit provider must not give conflicted remuneration
(1)
A credit provider must not give a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee is:
(a)
a mortgage broker; or
(b)
a mortgage intermediary.
Civil penalty: 5,000 penalty units.
(2)
A credit provider must not give a representative of a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee or the representative is:
(a)
a mortgage broker; or
(b)
a mortgage intermediary.
Civil penalty: 5,000 penalty units.
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