Document ID: chunk:federal_register_of_legislation:C2023C00239:clause:3_15b
Version: federal_register_of_legislation:C2023C00239
Segment Type: clause
Provision Reference: sch 3 cl 15B
Character Range: 10966–12083

15B  Meaning of mortgage broker
 (1) A licensee is a mortgage broker if:
 (a) the licensee carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and
 (b) the licensee does not perform the obligations, or exercise the rights, of a credit provider in relation to the majority of those credit contracts; and
 (c) in carrying on the business, the licensee provides credit assistance in relation to credit contracts offered by more than one credit provider.
 (2) A credit representative of a licensee is a mortgage broker if:
 (a) the credit representative carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and
 (b) neither the credit representative nor the licensee performs the obligations, or exercises the rights, of a credit provider in relation to the majority of those credit contracts; and
 (c) in carrying on the business, the credit representative provides credit assistance in relation to credit contracts offered by more than one credit provider.