Document ID: chunk:federal_register_of_legislation:C2024C00826:section:133de
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 133DE
Character Range: 365960–367481

133DE  Representations that use the term "reverse mortgage" etc.

Credit service providers
 (1) A licensee must not, in providing or offering to provide a credit service to a consumer, use either of the following terms (either alone or in combination with other words or letters) in a representation to the consumer about an actual or proposed credit contract or mortgage:
 (a) the phrase "reverse mortgage";
 (b) another term (whether or not in English) of similar import to the phrase "reverse mortgage".
Civil penalty: 5,000 penalty units.

Credit providers
 (2) A licensee that is a credit provider must not use either of the following terms (either alone or in combination with other words or letters) in a representation to a consumer about an actual or proposed credit contract or mortgage:
 (a) the phrase "reverse mortgage";
 (b) another term (whether or not in English) of similar import to the phrase "reverse mortgage".
Civil penalty: 5,000 penalty units.

Defence
 (3) For the purposes of subsections (1) and (2), it is a defence if:
 (a) the representation truly represents that a credit contract:
 (i) is or will be a credit contract for a reverse mortgage; or
 (ii) is not or will not be a credit contract for a reverse mortgage; or
 (b) the representation truly represents that a mortgage:
 (i) is or will be part of a reverse mortgage; or
 (ii) is not or will not be part of a reverse mortgage.

Part 3‑3—Licensees that provide credit assistance in relation to consumer leases

Division 1—Introduction