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National Consumer Credit Protection Act 2009
15CMeaning of mortgage intermediary
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15C Meaning of mortgage intermediary
(1) A licensee is a mortgage intermediary if:
(a) the licensee carries on a business of acting as an intermediary 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 acts as an intermediary in relation to credit contracts offered by more than one credit provider.
(2) A credit representative of a licensee is a mortgage intermediary if:
(a) the credit representative carries on a business of acting as an intermediary 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 acts as an intermediary in relation to credit contracts offered by more than one credit provider.