Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 26

    In this Chapter:

"disclosure document" means any of the following:

  (a)   a credit guide mentioned in section   113, 126, 127, 136, 149, 150, 158 or 160 of the Act;

  (b)   a credit proposal disclosure document mentioned in section   121 of the Act;

  (c)   a lease proposal disclosure document mentioned in section   144 of the Act;

  (d)   a quote mentioned in section   114 or 137 of the Act.

"interest rate" means the interest rate or rates applicable to:

  (a)   a type of home loan; or

  (b)   a home loan chosen by a consumer.

Note:   For the characteristics of a home loan that is a standard form of credit contract, see regulation   28LA.

"lender" means a person or entity who:

  (a)   may determine the pricing of a standard home loan; and

  (b)   produces the Key Facts Sheet for that home loan.

"licensee" --see section   4.1 of Schedule   4.

"managed contract" means a credit contract or consumer lease entered into as a result of credit assistance provided by a mortgage manager under the terms of an agreement the mortgage manager has with a credit provider, lessor or third party to manage the contract or lease.

"mortgage manager" means a licensee who has a written agreement with:

  (a)   a credit provider or lessor; or

  (b)   a third party who is authorised to act for a credit provider or lessor (under a written agreement with the credit provider or lessor); and

"under the terms of which:"

  (c)   the licensee is required to manage the relationship with the consumer on a day - to - day basis for the credit provider or lessor in accordance with the credit provider's, lessor's or third party's policies and procedures; and

  (d)   the credit contracts, consumer leases and associated documentation used by the licensee are branded or co - branded with the name of the licensee.

"product designer" means a licensee who engages in a credit activity only through a written agreement with a credit provider or lessor under the terms of which:

  (a)   the licensee manages a pool of funds from which credit contracts or consumer leases are provided; and

  (b)   the licensee receives indirect remuneration that is worked out in relation to the net profit from operating the pool of funds; and

  (c)   the licensee has responsibility for creating the policy for usage of the credit contracts or consumer leases, including the eligibility requirements for consumers.

"relevant provision of the Act" is a section of the Act which requires a disclosure document to be provided to a consumer.

"trail commission" means indirect remuneration that is contingent on a consumer's conduct after the consumer has entered into a credit contract or consumer lease, and includes indirect remuneration that is dependent on the amount of a repayment, or the number of repayments, made by the consumer under the contract or lease.

"volume bonus arrangement" means an arrangement between:

  (a)   a credit provider, lessor or other person ( the payer ); and

  (b)   a licensee or credit representative ( the payee );

under which the amount of indirect remuneration payable by the payer to the payee increases as the total volume of business arranged by the payee with the payer increases.