Document ID: chunk:federal_register_of_legislation:C2024C00826:section:115
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 115
Character Range: 236629–238160

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: 5,000 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: 5,000 penalty units.