National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES  

Division 4 - Conflicted remuneration  

Subdivision C - Ban on giving conflicted remuneration  

SECTION 158ND   EMPLOYER MUST NOT GIVE EMPLOYEES CONFLICTED REMUNERATION  

158ND(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.

158ND(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.