Document ID: chunk:federal_register_of_legislation:F2024L00996:schedule:5:p2
Version: federal_register_of_legislation:F2024L00996
Segment Type: schedule
Provision Reference: sch 5 (pt 2/9)
Character Range: 3872–6997

years; and
           (b) is no longer a representative.
former financial services licensee, in relation to an individual, means a financial services licensee in respect of which the individual:
           (a) was a representative at any time in the previous 5 years; and
           (b) is no longer a representative.
former licensee means a former credit licensee or a former financial services licensee.
former mortgage intermediary: a mortgage intermediary is a former mortgage intermediary in relation to an individual if:
           (a) at any time in the previous 5 years:
              (i) the mortgage intermediary acted an intermediary in relation to a credit licensee; and
              (ii) the individual is, or is or was a representative of, the credit licensee and, in that capacity, the individual:
                  (A) provided credit assistance in relation to credit contracts secured by mortgages over residential property; and
                  (B) was a mortgage broker or a director, employee or agent of a mortgage broker; and
           (b) the mortgage intermediary is not a current mortgage intermediary in relation to the individual.
future mortgage intermediary: a mortgage intermediary is a future mortgage intermediary in relation to an individual (relevant mortgage broker) if:
           (a) there are reasonable grounds to suspect that:
              (i) the mortgage intermediary is acting, or will act, as an intermediary in relation to a credit licensee; and
              (ii) the individual is, or is a current or prospective representative of, the credit licensee and, in that capacity, the individual:
                  (A) provides, or will provide, credit assistance in relation to credit contracts secured by mortgages over residential property; and
                  (B) is, or will be, a mortgage broker or a director, employee or agent of a mortgage broker; and
           (b) the mortgage intermediary is not a current mortgage intermediary in relation to the individual.
mortgage broker has the same meaning as in section 15B of the Credit Act.
mortgage intermediary means a credit licensee that is a mortgage intermediary within the meaning of subsection 15C(1) of the Credit Act.
personal information has the same meaning as in section 6 of the Privacy Act.
Privacy Act means the Privacy Act 1988.
prospective representative: see the definitions of recruiting credit licensee and recruiting financial services licensee.
recruiting credit licensee means a credit licensee that is considering employing or authorising an individual (prospective representative) who is:
           (a) a credit licensee or a financial services licensee; or
           (b) a former or current representative of a credit licensee or a financial services licensee;
as a representative of the licensee, where there are reasonable grounds to suspect that, if the individual becomes a representative of the licensee, the individual will:
           (c) provide credit assistance in relation to credit contracts secured by mortgages over residential property; and
           (d) be a mortgage broker or