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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158NF

Mortgage intermediary must not give conflicted remuneration

  (1)   A mortgage intermediary 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 mortgage intermediary 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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