Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:3_125
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 3 cl 125
Character Range: 510368–512298

125  Definition for this Part
  In this Part:
licensee means a licensee or registered person.

3.26  Subsection 126(1)
substitute
 (1) As soon as practicable after it becomes apparent to an exempt special purpose funding entity that it is likely to enter a credit contract with a consumer who will be the debtor under the contract, the entity must take reasonable steps to ensure that the licensee who is a party to a servicing agreement with the entity gives the consumer the licensee's credit guide in accordance with subsection (2).
Civil penalty: 5,000 penalty units.

3.27  Subsection 127(1)
substitute
 (1) If an exempt special purpose funding entity has been assigned any rights or obligations of a credit provider under a credit contract and the licensee is acting on behalf of the entity, the entity must take reasonable steps to ensure that the licensee:
 (a) gives the debtor under the contract the licensee's credit guide in accordance with subsection (2); and
 (b) gives the credit guide to the debtor as soon as practicable after the entity has been assigned the rights or obligations.
Civil penalty: 5,000 penalty units.

3.28  Section 128
omit
A licensee
insert
An exempt special purpose funding entity

3.28A  Section 128
omit
the licensee
insert
the exempt special purpose funding entity

3.29  Section 129
omit each mention of
licensee
insert
exempt special purpose funding entity

3.30  Section 130
omit each mention of
licensee
insert
exempt special purpose funding entity

3.31  Section 131
omit each mention of
licensee
insert
exempt special purpose funding entity

3.32  Section 132
omit each mention of
licensee
insert
exempt special purpose funding entity

3.33  Section 133
omit each mention of
licensee
insert
exempt special purpose funding entity

3.33A  Sections 133DB to 133DE
omit each mention of
licensee
insert
special purpose funding entity

3.34  Section 134
omit

3.35  Section 135
substitute