“53A Obligation not to provide certain b“53A Obligation not to provide certain benefits

“53A Obligation not to provide certain benefits

(1) This section and section 53B apply to each of the following:
(a) a licensee (regulated person) if the licensee:
(i) has entered into a flexible credit cost arrangement in relation to a credit contract (other than a home loan) or a consumer lease; and
(ii) is, or is proposed to be, a credit provider or lessor under the credit contract or consumer lease;
(b) a licensee (regulated person) and an exempt special purpose funding entity (regulated person) if all of the following apply:
(i) the licensee is party to a servicing agreement with the exempt special purpose funding entity in relation to a credit contract (other than a home loan) or a consumer lease;
(ii) the licensee or the exempt special purpose funding entity has entered into a flexible credit cost arrangement in relation to the credit contract or the consumer lease;
(iii) the exempt special purpose funding entity is, or is proposed to be, a credit provider or lessor under the credit contract or consumer lease.