Commonwealth Consolidated Acts

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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158LF

Conflict between consumer's interests and those of the credit representative etc.

  (1)   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:

  (a)   the licensee; or

  (b)   an associate of the licensee; or

  (c)   the credit representative; or

  (d)   an associate of the credit representative; or

  (e)   another representative of the licensee; or

  (f)   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.

  (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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