Western Australian Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (WESTERN AUSTRALIA) CODE - SECT 135

135 .         Commission for consumer credit insurance

        (1)         This section applies to commission paid by an insurer in connection with consumer credit insurance taken out by the debtor, or for which an amount is paid by the debtor.

        (2)         The total of any such commission accepted by all or any of the following —

            (a)         the credit provider;

            (b)         the supplier under a sale contract in relation to which there is a tied loan contract or a tied continuing credit contract;

            (c)         the agent of the credit provider or supplier;

                must not exceed, in amount or value, 20% of the premium (excluding government charges).

        (3)         A credit provider or any such supplier or agent must not accept, and an insurer must not pay, a commission exceeding, in amount or value, the maximum allowed under this section.

        Maximum penalty — 100 penalty units.

        (4)         Civil effect. If a credit provider or supplier contravenes this section, the insured is entitled to recover the whole amount or value of the commission from the credit provider or the supplier, as the case requires.