Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A credit representative of a licensee must not accept conflicted remuneration in circumstances prescribed by the regulations if the credit representative or the licensee is:
(a) a mortgage broker; or
(b) a mortgage intermediary.
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.