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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Consumer credit
- Application for credit — responsible lending
Reasonable steps to verify the consumer’s financial situation
Licensees are required to conduct an unsuitability assessment to discharge their responsible lending obligations. Part of undertaking this assessment requires licensees to take reasonable steps to verify the consumer’s financial situation.
This guidance note explains the requirements of licensees to verify consumer’s financial situations, the steps to be taken, and provides an overview of prescribed matters to be verified.
See Reasonable steps to verify the consumer’s financial situation.