Document ID: chunk:federal_register_of_legislation:C2024C00826:section:124a
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 124A
Character Range: 257731–258485

124A  Prohibition on providing credit assistance in relation to short‑term credit contracts

Prohibition
 (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 short‑term credit contract; or
 (b) suggesting that the consumer apply, or assisting the consumer to apply, for an increase to the credit limit of a particular short‑term credit contract with a particular credit provider.
Civil penalty: 5,000 penalty units.

Offence
 (2) 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.