Document ID: chunk:federal_register_of_legislation:F2018C00776:reg:6:p3
Version: federal_register_of_legislation:F2018C00776
Segment Type: reg
Provision Reference: reg 6 (pt 3/6)
Character Range: 6215–9288

provider is a linked credit provider (within the meaning of subsection 127(1) of the National Credit Code); and
(b) of a lessor, means a supplier of goods in relation to whom the lessor is a linked lessor (within the meaning of subsection 179S(1) of the National Credit Code).";
"management agreement means a written agreement that is:
              (a) entered into by a mortgage manager (as defined in in regulation 26 of the National Consumer Credit Protection Regulations 2010) and by a credit provider or lessor; and
(b) an agreement of the type specified in the definition of mortgage manager in regulation 26 of the National Consumer Credit Protection Regulations 2010.".
           "regulated person: see subsection 53A(1).";
           "rental charge has the meaning given by subparagraph 53A(2)(c)(ii).";  and
(b) Chapter 2 of the Act were modified or varied by, after section 53 of the Act, inserting:

"53A  Obligation not to provide certain benefits
(1) This section and section 53B apply to each of the following:
                     (a) a licensee (regulated person) if the licensee:
                         (i) has entered into a flexible credit cost arrangement in relation to a credit contract (other than a home loan) or a consumer lease; and
                         (ii) is, or is proposed to be, a credit provider or lessor under the credit contract or consumer lease;
                     (b) a licensee (regulated person) and an exempt special purpose funding entity (regulated person) if all of the following apply:
                         (i) the licensee is party to a servicing agreement with the exempt special purpose funding entity in relation to a credit contract (other than a home loan) or a consumer lease;
                         (ii) the licensee or the exempt special purpose funding entity has entered into a flexible credit cost arrangement in relation to the credit contract or the consumer lease;
                         (iii) the exempt special purpose funding entity is, or is proposed to be, a credit provider or lessor under the credit contract or consumer lease.

                 Requirement not to provide certain benefits
(2) Subject to subsections (3) and (4), a regulated person must not:
                     (a) in any case—give; or
                     (b) if paragraph (1)(b) applies—engage in conduct that results in another regulated person giving;
the introducer under the flexible credit cost arrangement or an associated person any benefit, whether monetary or non-monetary, if:
                     (c) the amount of the benefit is determined by, or varies by reference to, (in whole or in part):
                         (i) in the case of a credit contract—the annual percentage rate under the contract; and
                          (ii) in the case of a consumer lease—the amount (rental charge) by which the rental payable under the lease exceeds the cash price of the goods; and
                      (d) the introducer or an associated person has determined, proposed or influenced the amount of the