Document ID: chunk:federal_register_of_legislation:C2024C00826:section:133:p2
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 133 (pt 2/2)
Character Range: 276150–277218

particular situations in which a credit contract is taken not to be unsuitable for a consumer, despite subsection (2).

Offence
 (6) 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: 2 years imprisonment.
Note: Sections 178 and 179 provide for remedies for anyone who suffers, or is likely to suffer, loss or damage because of a breach of this section. For example, if a consumer makes an unsuitable credit contract with a licensee, rather than making a not unsuitable credit contract for a reverse mortgage, a person who suffered, or is likely to suffer, loss as a result may be able to get court orders under section 178 or 179 to put the person in a position like the one they would have been in had the consumer entered into the contract for the reverse mortgage.

Part 3‑2A—Licensees that are credit providers under credit contracts: additional rules relating to standard home loans

Division 1—Introduction