Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for the following provisions of the Act:
(a) paragraphs 113(2)(j) and (3)(b) (credit guide of credit assistance providers for credit contracts);
(b) paragraphs 136(2)(j) and (3)(b) (credit guide of credit assistance providers for consumer leases).
Payments to third parties
(2) The licensee's credit guide must state if indirect remuneration is likely to be paid by the licensee to a third party for the introduction of credit business or business proposed to be financed by the credit contract or consumer lease and, if indirect remuneration is likely to be paid, include the following:
(a) information about the classes of persons to whom such indirect remuneration may be payable;
(b) a statement that the consumer may, on request, obtain a reasonable estimate of the amount of indirect remuneration and how it is worked out.
Volume bonus arrangements
(3) The licensee's credit guide must include the following information for each credit provider, lessor or other person with whom the licensee has a volume bonus arrangement:
(a) a statement that there is a volume bonus arrangement in place with the credit provider, lessor or other person;
(b) a statement that the licensee may receive additional indirect remuneration depending on the total volume of business that the licensee arranges with the credit provider, lessor or other person;
(c) the person by whom the indirect remuneration is payable;
(d) the person to whom the indirect remuneration is payable.
Mortgage managers
(4) If a mortgage manager is likely to provide credit assistance to the consumer in relation to a managed contract, the mortgage manager's credit guide must include the following information:
(a) an explanation of the relationship between the mortgage manager and the credit provider, lessor or third party;
(b) whether the mortgage manager will charge the consumer a fee for providing a credit service.
Product designers
(5) A product designer's credit guide must include the following information:
(a) an explanation of the relationship between the product designer and the credit provider or lessor;
(b) whether the product designer will charge the consumer a fee for providing a credit service.