New South Wales Consolidated Acts

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Misrepresentation by licensee or registered person

52 Misrepresentation by licensee or registered person

(1) A person (the
"agent" ) who is exercising or performing any function as a licensee or registered person must not induce any other person to enter into any contract or arrangement by--
(a) any statement, representation or promise that is false, misleading or deceptive (whether to the knowledge of the agent or not), or
(b) any failure to disclose a material fact of a kind prescribed by the regulations (whether intended or not) that the agent knows or ought reasonably to know.
: Maximum penalty--200 penalty units.
(2) Without limiting the generality of subsection (1), a statement, representation or promise is taken to be false, misleading or deceptive if it is of such a nature that it would reasonably tend to lead to a belief in the existence of a state of affairs that does not in fact exist, whether or not the statement, representation or promise indicates that the state of affairs does exist.
(3) It is a sufficient defence to a prosecution for an offence under this section if the defendant proves that the defendant did not know, and had no reasonable cause to suspect, that the statement, representation or promise was false, misleading or deceptive.

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