Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158

Requirement to give credit guide

  (1)   If a credit representative of a licensee gives a consumer the licensee's credit guide when acting on behalf of the licensee under Part   3 - 1, 3 - 2, 3 - 3 or 3 - 4, the credit representative must at the same time give the consumer the credit representative's credit guide in accordance with subsection   (2).

Civil penalty:   5,000 penalty units.

  (2)   The credit representative's credit guide must:

  (a)   be in writing; and

  (b)   be in the form (if any) prescribed by the regulations; and

  (c)   specify the credit representative's name and contact details; and

  (d)   specify the credit representative's credit representative number; and

  (e)   give information about:

  (i)   any fees that are payable by a consumer to the credit representative for acting as a credit representative; and

  (ii)   any charges that are payable by a consumer to the credit representative for matters associated with acting as a credit representative; and

  (iii)   the method for working out the amount of the fees and charges; and

  (f)   give information about:

  (i)   if there are 6 or fewer licensees for whom the credit representative is a credit representative--the names of those licensees; and

  (ii)   if there are more than 6 licensees for whom the credit representative is a credit representative--the names of the 6 licensees for whom the credit representative reasonably believes it conducts the most business; and

  (iii)   the credit activities the credit representative is authorised to engage in on behalf of the licensees referred to in subparagraph   (i) or (ii); and

  (g)   give information about:

  (i)   any indirect remuneration the credit representative is likely to receive, directly or indirectly, from those licensees; and

  (ii)   a reasonable estimate of the amounts of that indirect remuneration or the range of those amounts; and

  (iii)   the method for working out those amounts; and

  (h)   give information about the credit representative's procedure for resolving disputes with a consumer, including contact details for a consumer to access the AFCA scheme; and

  (i)   comply with any other requirements prescribed by the regulations.

  (3)   The regulations may prescribe:

  (a)   information that need not be included in the credit guide, despite subsection   (2); and

  (b)   for the purposes of paragraph   (2)(g):

  (i)   the method for working out amounts of indirect remuneration; and

  (ii)   how indirect remuneration or amounts of indirect remuneration must be described.

Manner of giving credit guide

  (4)   The credit representative must give the consumer the credit representative's credit guide in the manner (if any) prescribed by the regulations.

Strict liability offence

  (5)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   50 penalty units.

  (6)   Subsection   (5) is an offence of strict liability.

Note:   For strict liability, see section   6.1 of the Criminal Code .