Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_154
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 154
Character Range: 966154–967201

154  False or misleading representations

Prohibition on making false or misleading representations
 (1) A person must not make a false or misleading representation in relation to a matter that is material to entry into a credit contract or a related transaction or in attempting to induce another person to enter into a credit contract or related transaction.
Civil penalty: 5,000 penalty units.

Offence
 (1A) 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.
 (2) For the purposes of subsections (1) and (1A), it is a defence if a person charged proves that he or she reasonably believed that the representation was not false or misleading.

Right to recover loss
 (3) A person who suffers loss as a result of a contravention by another person of this section may recover the amount of the loss from that other person or any other person involved in the contravention.