We undertake to adhere to the requirements of the National Consumer Credit Protection Act 2009 (Cth). (NCCP Act)
What does the NCCP Act require of licensees and referrers?
Requirements for the ACL Holder:
- must have a referral agreement between the parties- we have a referral agreement in place with Joii finance and with other brokers that we refer to.
- must have a referral register- we have a referral register.
- must contact the client within 10 business days of referral. The call or email must begin with who has referred you, confirm they agreed to be contacted, disclose any referral fee that will be payable and obtain consent to continue the discussion and we undertake to do so.
- must disclose any fees or benefits to the client in the credit proposal disclosure document. We undertake to do so, although our general policy is not to charge any fees, or derive any benefits, as we want to assist people into homes, without creating further financial barriers.
Requirements for the Referral Partner:
- must conduct business from a standard premises and referrals are to be incidental to their business.
- must provide the clients contact details within 5 business days of their consent to be contacted.
- they are able to advise a client that you provide credit assistance and no more
- they can provide you the client’s name, contact details and a short description of the purpose for seeking finance.
- is not permitted to charge the client a fee in relation to the referral.
Source: NCCP Act Regulations 9AB and 25(5) http://www.austlii.edu.au/au/legis/cth/consol_reg/nccpr2010486/