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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 158ND

Employer must not give employees conflicted remuneration

  (1)   An employer of a licensee must not give the 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)   An employer of a representative of a licensee must not give the representative 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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