National Consumer Credit Protection Act - Australia

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how commissions or amounts of commissions must be described.Manner of giving credit guide

      4) The licensee must give the consumer the licensee’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.

      Division 3—Quote for providing credit assistance etc. in relation to credit contracts

      114 Quote for providing credit assistance etc.

      Requirement to give quote

      1) A licensee must not provide credit assistance to a consumer by:

      a) suggesting that the consumer apply, or assisting the consumer to apply, for a particular credit contract with a particular credit provider; or

      b) suggesting that the consumer apply, or assisting the consumer to apply, for an increase to the credit limit of a particular credit contract with a particular credit provider; or

      c) suggesting that the consumer remain in a particular credit contract with a particular credit provider;

      unless:

      d) the licensee has given the consumer a quote in accordance with subsection (2); and

      e) the consumer has signed and dated that quote or otherwise indicated the consumer’s acceptance of it (and the day that happens) in the manner (if any) prescribed by the regulations; and

      f) the licensee has given the consumer a copy of the accepted quote.

      Civil penalty: 2,000 penalty units.

      2) The quote must:

      a) be in writing; and

      b) give information about the credit assistance and other services that the quote covers; and

      c) specify the maximum amount that will be payable by the consumer to the licensee in relation to the licensee’s credit assistance and other services; and

      d) give information about what that amount relates to, including:

      i) the maximum amount of the licensee’s fee for providing the credit assistance and other services; and(ii) the maximum amount of charges that will be incurred by the licensee for matters associated with providing the credit assistance and other services; and (iii) the maximum amount of fees or charges that will be payable by the licensee to another person on the consumer’s behalf; and

      e) state whether the maximum amount or any other amount will be payable by the consumer to the licensee if a credit contract is not entered or a credit limit is not increased; and

      f) comply with any other requirements prescribed by the regulations.

      Manner of giving quote

      3) The licensee must give the quote to the consumer in the manner (if any) prescribed by the regulations.

      No demanding payment of amount exceeding quoted amount

      4) The licensee must not request or demand payment of an amount that exceeds the maximum amount set out in the quote.

      Civil penalty: 2,000 penalty units.

      No demanding payment before credit assistance provided

      5) The licensee must not request or demand payment of an amount for the licensee’s credit assistance before the licensee provides the assistance.

      Civil penalty: 2,000 penalty units.

      Caveats

      6) The licensee must not lodge, or threaten to lodge, a caveat in relation to land to induce the consumer to pay an amount to the licensee for the licensee’s credit assistance or other services.

      Civil penalty: 2,000 penalty units.

      Division 4—Obligations of credit assistance providers before providing credit assistance for credit contracts

      115 Obligations of credit assistance providers before providing credit assistance for credit contracts

      1) A licensee must not provide credit assistance to a consumer on a day (the assistance day) by:

      a) suggesting that the consumer apply, or assisting the consumer to apply, for a particular credit contract with a particular credit provider; or

      b) suggesting that the consumer apply, or assisting the consumer to apply, for an increase to the credit limit of a particular credit contract with a particular credit provider;

      unless the licensee has, within 90 days (or other period prescribed by the regulations) before the assistance day:

      c) made a preliminary assessment that:

      i) is in accordance with subsection 116(1); and

      (ii) covers the period proposed for the entering of the contract or the increase of the credit limit; and

      d) made the inquiries and verification in accordance with section 117.

      Civil penalty: 2,000 penalty units.

      2) A licensee must not provide credit assistance to a consumer on a day (the assistance day) by suggesting that the consumer remain in a particular credit contract with a particular credit provider unless the licensee has, within 90 days (or other period prescribed by the regulations) before the assistance day:

      a) made a preliminary assessment that:

      i) is in accordance with subsection 116(2); and

      (ii) covers a period in which the assistance day occurs; and

      b) made the inquiries and verification in accordance with section 117.

      Civil penalty: 2,000 penalty units.

      116 Preliminary assessment of unsuitability of the credit contract

      1) For the purposes of paragraph 115(1)(c), the licensee must make a preliminary assessment that:

      a) specifies the period the assessment covers; and

      b) assesses whether the credit contract will be unsuitable for the consumer if the contract is entered or the credit limit is increased in that period.

      2) For the purposes of paragraph 115(2)(a), the licensee must make a preliminary assessment that:

      a) specifies the period the assessment covers; and

      b) assesses whether the credit contract will be unsuitable for the consumer if the consumer remains in the contract in that period.

      Note: The licensee is not required to make a preliminary assessment under this section if the credit assistance is not provided.

      117 Reasonable inquiries etc. about the consumer

      1) For the purposes of paragraph 115(1)(d) or 115(2)(b), the licensee must, before making the preliminary assessment:

      a) make reasonable inquiries about the consumer’s requirements and objectives in relation to the credit contract; and

      b) make reasonable inquiries about the consumer’s financial situation; and

      c) take reasonable steps to verify the consumer’s financial situation; and

      d) make

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