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Licensing and registration requirements by State
Western Australia |
The Finance Brokers Control Act 1975 in WA requires that anyone who carries on the business of a finance broker must hold a licence. It is generally
accepted that employees of licensed finance brokers are not required to be licensed as they are considered to be under the bone fide control of the licensed
broker. Contractors, agents and franchisees however, are not generally considered to be under bone fide control and are required to be licensed in their
own right.
There are three types of licences in WA and the type a broker should hold depends on the type of lenders with whom they will be arranging loans and how much
industry experience they have. The minimum educational requirement is a Certificate IV in Financial Services (Finance/Mortgage Broking) and certain probity tests
must be satisfied. Further information can be found on the WA Dept of Consumer and Employment Protection website - www.docep.wa.gov.au.
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