Document ID: chunk:federal_register_of_legislation:C2024C00826:section:158lf
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 158LF
Character Range: 422457–423340

158LF  Conflict between consumer's interests and those of the credit representative etc.
 (1) If the credit representative knows, or reasonably ought to know, that there is a conflict between the interests of the consumer and the interests of:
 (a) the licensee; or
 (b) an associate of the licensee; or
 (c) the credit representative; or
 (d) an associate of the credit representative; or
 (e) another representative of the licensee; or
 (f) an associate of another representative of the licensee;
the credit representative must give priority to the consumer's interests when providing the credit assistance.
Civil penalty: 5,000 penalty units.
 (2) The licensee must take reasonable steps to ensure that the credit representative complies with subsection (1).
Civil penalty: 5,000 penalty units.

Division 4—Conflicted remuneration

Subdivision A—What is conflicted remuneration?