Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 28VH

  (1)   This regulation is made for the purposes of paragraph   158NA(b) of the Act.

Infrequent benefit valued less than $300

  (2)   A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:

  (a)   the value of the benefit is less than $300 for each licensee, or each representative of a licensee, who is the final recipient of the benefit; and

  (b)   identical or similar benefits are not given on a frequent or regular basis.

Education or training

  (3)   A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:

  (a)   the benefit has a genuine education or training purpose; and

  (b)   the benefit is relevant to the carrying on of a business of providing credit services to consumers; and

  (c)   for a benefit that is the provision of an education or training course--the requirements in subregulation   (4) are satisfied in relation to the course; and

  (d)   for a benefit that is not the provision of an education or training course--the dominant purpose of the benefit is education and training.

  (4)   For the purposes of paragraph   (3)(c), the requirements are:

  (a)   education or training activities for the professional development of the participants in the course must take up at least:

  (i)   75% of the time spent on the course; or

  (ii)   6 hours a day;

    whichever is the lesser; and

  (b)   the costs of:

  (i)   the participant's travel and accommodation relating to the course; and

  (ii)   the participant attending events and functions held in conjunction with the course;

    must be paid for by one or more of the following:

  (iii)   the participant;

  (iv)   the participant's employer or licensee;

  (v)   if a mortgage intermediary provides services to the participant, or the participant's employer or licensee, to assist in carrying on a business of providing credit assistance to consumers--the mortgage intermediary.

Note:   An example for subparagraph   (b)(ii) is the cost of day trips or dinners.

  (5)   In this regulation:

"education or training course" includes a conference or seminar.

IT support

  (6)   A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:

  (a)   the benefit is the provision of information technology software or support; and

  (b)   the benefit is related to the provision of credit services to consumers in relation to credit contracts with the benefit provider.

Benefit given by a consumer

  (7)   A non - monetary benefit given to a licensee, or representative of a licensee, is not conflicted remuneration if the benefit is given:

  (a)   by a consumer to the licensee or representative; and

  (b)   in relation to a credit service provided by the licensee or representative to the consumer in relation to a credit contract.