NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 15B Meaning of mortgage broker
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 15B
Meaning of mortgage broker(1) A licensee is a mortgage broker if:
(a) the licensee carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and
(b) the licensee does not perform the obligations, or exercise the rights, of a credit provider in relation to the majority of those credit contracts; and
(c) in carrying on the business, the licensee provides credit assistance in relation to credit contracts offered by more than one credit provider.
(2) A credit representative of a licensee is a mortgage broker if:
(a) the credit representative carries on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property; and
(b) neither the credit representative nor the licensee performs the obligations, or exercises the rights, of a credit provider in relation to the majority of those credit contracts; and
(c) in carrying on the business, the credit representative
provides credit assistance in relation to credit contracts offered by more
than one credit provider.