28QExemption—credit assistance provider with shared responsibility for credit contract

#### 28Q Exemption—credit assistance provider with shared responsibility for credit contract (1) For paragraph 164(a) of the Act, this regulation applies to a person in the following circumstances: (a) the person is: (i) a credit assistance provider that: (A) is an ADI; and (B) holds an Australian credit licence, or has applied for an Australian credit licence in an application on which ASIC has not made a decision; and (C) engages in conduct under an agreement with the credit provider; or (ii) a credit representative of a credit assistance provider mentioned in subparagraph (i); (b) the credit provider: (i) is an ADI; and (ii) holds an Australian credit licence or has applied for an Australian credit licence; (c) the agreement between the credit provider and the credit assistance provider allows the credit provider to use the credit assistance provider’s name or any other words, phrases, initials or logo associated with the credit assistance provider on the credit contract and any letter or other material; (d) the credit assistance provider: (i) provides credit assistance in relation to a credit contract connected with the agreement mentioned in paragraph (c) between the credit provider and the provider of credit assistance; and (ii) gives to the credit provider the consumer’s details and any other information requested by the credit provider (if it is a reasonable request) in order to enable the credit provider to make an assessment about the credit contract under section 130 of the Act. (2) The credit assistance provider is exempted from Division 4 and Division 6 of Part 3‑1 of the Act in relation to: (a) a credit contract connected with the agreement mentioned in paragraph (1)(c) between the credit provider and the provider of credit assistance; and (b) an increase in the credit limit of the credit contract. (3) Despite subregulation (2): (a) the credit assistance provider is jointly and severally liable with the credit provider to pay any compensation which the credit provider is ordered to pay to the consumer under section 178 of the Act as a consequence of a breach by the credit provider of Division 4 of Part 3‑2 of the Act in relation to a credit contract (including an increase in the credit limit of a contract) connected with the agreement mentioned in paragraph (1)(c) between the credit provider and the provider of credit assistance; and (b) without prejudice to any other rights or remedies to which a credit provider may be entitled, the credit assistance provider is entitled to be indemnified by the credit provider against any loss or damage suffered by the credit assistance provider through the operation of paragraph (a).