Document ID: chunk:federal_register_of_legislation:C2024C00826:section:50a:p2
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 50A (pt 2/3)
Character Range: 144367–147066

constituted by a contravention of a civil penalty provision under any law, other than a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or
 (c) the breach is constituted by a contravention of a key requirement (as defined for the purposes of the National Credit Code), other than a key requirement prescribed by the regulations for the purposes of this paragraph; or
 (d) the breach is constituted by a contravention of subsection 12DA(1) of the ASIC Act (misleading or deceptive conduct in relation to a financial service); or
 (e) the breach results, or is likely to result, in material loss or damage to a credit activity client of the licensee; or
 (f) any other circumstances prescribed by the regulations for the purposes of this paragraph exist.
 (5) Otherwise, for the purposes of this section, a breach of a core obligation is significant having regard to the following:
 (a) the number or frequency of similar breaches;
 (b) the impact of the breach on the licensee's ability to engage in credit activities covered by the licence;
 (c) the extent to which the breach indicates that the licensee's arrangements to ensure compliance with those obligations are inadequate;
 (d) any other matters prescribed by regulations made for the purposes of this paragraph.
 (5A) Regulations for the purposes of paragraph (4)(b) may prescribe a civil penalty provision to the extent that it relates to the following:
 (a) contraventions of specified provisions;
 (b) specified matters.
 (6) For the purposes of this section, a person is a credit activity client of a licensee if the person is a consumer who:
 (a) is a party to a credit contract, or will be a party to a proposed credit contract, in relation to which the licensee, or a representative of the licensee, performs the obligations, or exercises the rights, of a credit provider; or
 (b) is a person to whom the licensee, or a representative of the licensee, provides a credit service; or
 (c) is a party to a consumer lease, or will be a party to a proposed consumer lease, in relation to which the licensee, or a representative of the licensee, performs the obligations, or exercises the rights, of a lessor; or
 (d) is a mortgagor under a mortgage, or will be the mortgagor under a proposed mortgage, in relation to which the licensee, or a representative of the licensee, performs the obligations, or exercises the rights of a mortgagee; or
 (e) is the guarantor under a guarantee, or will be the guarantor under a proposed guarantee, in relation to which the licensee, or a representative of the licensee, performs the obligations, or exercises the rights, of a beneficiary under the guarantee;