National Consumer Credit Protection Act 2009

A licensee must take reasonable steps to notify a consumer (the affected consumer) of a reportable situation in accordance with this section if:

the licensee, or a representative of the licensee, provides or has provided credit assistance to the affected consumer in relation to a credit contract secured by a mortgage over residential property; and

the licensee, or the representative of the licensee, is a mortgage broker; and

there are reasonable grounds to believe that a reportable situation has arisen in relation to the licensee as mentioned in:

paragraph 50A(1)(a) (significant breach of a core obligation); or

subsection 50A(2) (gross negligence or serious fraud); and

there are reasonable grounds to suspect that:

the affected consumer has suffered or will suffer loss or damage as a result of the reportable situation; and

the affected consumer has a legally enforceable right to recover the loss or damage from the licensee.

A notice under this section must:

be given in writing within 30 days after the licensee first knows of, or is reckless with respect to, the circumstances mentioned in paragraphs (1)(a), (b), (c) and (d); and

if ASIC has approved the form in which the notice must be given:

be in the approved form; and

include the information, statements, explanations or other matters required by the form; and

be accompanied by any other material required by the form.

A licensee has qualified privilege in relation to a notice given under this section.

A licensee who has qualified privilege under subsection (3) in respect of conduct is also not liable for any action based on breach of confidence in relation to that conduct.