Credit Representative Agreement Generator for Australia

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Key Requirements PROMPT example:

Credit Representative Agreement

"I need a Credit Representative Agreement for my mortgage broking business that will cover multiple representatives across three states, with specific provisions for our proprietary CRM system usage and a tiered commission structure to be implemented from March 2025."

Document background
The Credit Representative Agreement is a fundamental document used in the Australian financial services industry to formalize the appointment of credit representatives under an Australian Credit License (ACL). This agreement is essential when an ACL holder wishes to authorize individuals or companies to engage in credit activities on their behalf, as required by the National Consumer Credit Protection Act 2009. The document comprehensively covers regulatory obligations, authorized activities, compliance requirements, professional standards, remuneration arrangements, and risk management protocols. It's particularly important in ensuring both parties understand their responsibilities and obligations under Australian credit law, including reporting requirements to ASIC, professional indemnity insurance requirements, and ongoing compliance obligations.
Suggested Sections

1. Parties: Identifies the Credit Licensee and the Credit Representative, including ACL number and business details

2. Background: Contextual information about the appointment and the parties' intentions

3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules

4. Appointment and Scope: Terms of appointment as credit representative and authorized activities

5. Term and Termination: Duration of agreement and circumstances for termination

6. Obligations of Credit Representative: Core duties, compliance requirements, and operational obligations

7. Compliance with Laws: Specific requirements under NCCP Act and other relevant legislation

8. Training and Competency: Required qualifications, ongoing training, and professional development

9. Professional Indemnity Insurance: Insurance requirements and maintenance obligations

10. Records and Reporting: Record keeping obligations and reporting requirements

11. Remuneration: Commission structure, payment terms, and clawback provisions

12. Confidentiality and Privacy: Handling of confidential information and privacy obligations

13. Dispute Resolution: Process for handling disputes between parties

14. General Provisions: Standard contract clauses including notices, assignment, and governing law

Optional Sections

1. Sub-authorisation: Include when the credit representative may appoint sub-representatives

2. Intellectual Property: Include when there's significant IP to protect or brand usage to regulate

3. Non-Compete and Restraint: Include when post-termination restrictions are required

4. Marketing and Advertising: Include when specific marketing requirements or restrictions apply

5. Technology and Systems: Include when providing access to proprietary systems or platforms

6. Performance Targets: Include when setting specific performance metrics or KPIs

7. Cost Sharing: Include when parties share certain operational or compliance costs

Suggested Schedules

1. Schedule 1 - Authorized Credit Activities: Detailed list of credit activities the representative is authorized to perform

2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, calculations, and payment terms

3. Schedule 3 - Compliance Manual: Key compliance obligations and procedures

4. Schedule 4 - Required Qualifications: List of mandatory qualifications and certifications

5. Schedule 5 - Approved Product List: List of credit products the representative can offer

6. Appendix A - Reference Documents: Forms, templates, and standard documents to be used

7. Appendix B - Technology Systems Access: Details of provided systems and access protocols

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Financial Services

Banking

Mortgage Broking

Consumer Lending

Commercial Lending

Equipment Finance

Insurance (credit-related)

Fintech

Real Estate Finance

Relevant Teams

Legal

Compliance

Risk Management

Operations

Credit Assessment

Broker Support

Professional Standards

Training & Development

Finance

Business Development

Relevant Roles

Compliance Officer

Legal Counsel

Credit Manager

Mortgage Broker

Finance Broker

Commercial Lending Manager

Risk Manager

Credit Representative

Compliance Manager

Operations Manager

Chief Risk Officer

Chief Compliance Officer

Legal Director

Managing Director

Business Development Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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