Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) It is unlawful for any of the following:
(a) a political party or a State branch of a political party;
(b) a person acting on behalf of a political party or a State branch of a political party;
(c) a significant third party, or a person acting on behalf of a significant third party;
to receive a loan of more than the disclosure threshold from a person or entity other than a financial institution unless the loan is made in accordance with subsection (3).
(2) It is unlawful for a candidate or a member of a group or a person acting on behalf of a candidate or group to receive a loan of more than the disclosure threshold from a person or entity other than a financial institution unless the loan is made in accordance with subsection (3).
(3) The receiver of the loan must keep a record of the following:
(a) the terms and conditions of the loan;
(b) the following information in relation to the loan (as the case requires):
(i) for a loan from a registered industrial organisation other than a financial institution--the name of the organisation, and the names and addresses of the members of the executive committee (however described) of the organisation;
(ii) for a loan from an unincorporated association--the name of the association, and the names and addresses of the members of the executive committee (however described) of the association;
(iii) for a loan paid out of a trust fund or out of the funds of a foundation--the names and addresses of the trustees of the fund or foundation, and the title, name or other description of the trust fund or foundation;
(iv) for any other loan--the name and address of the person or organisation that made the loan.
(6) Where a person receives a loan that, by virtue of this section, it is unlawful for the person to receive, an amount equal to the amount or value of the loan is payable by that person to the Commonwealth and may be recovered by the Commonwealth as a debt due to the Commonwealth by action, in a court of competent jurisdiction, against:
(a) in the case of a loan to or for the benefit of a political party, a State branch of a political party, or a significant third party, (the loan recipient ):
(i) if the loan recipient is a body corporate--the loan recipient; or
(ii) otherwise--the agent or financial controller of the loan recipient; or
(b) in any other case--the candidate or a member of the group or the agent of the candidate or of the group, as the case may be.
(7) For the purposes of this section, if credit is provided on a credit card in respect of card transactions, the credit is to be treated as a separate loan for each transaction.
(7A) Despite subsection 287(9), for the purposes of this section, a person who is a candidate in an election or by - election:
(a) is taken to begin to be a candidate in the election or by - election on the earlier of the following days:
(i) the day that is 6 months before the day the person announced that the person would be a candidate in the election or by - election;
(ii) the day that is 6 months before the day the person nominated as a candidate in the election or by - election; and
(b) is taken to cease to be a candidate in the election or by - election at the end of 30 days after the polling day in the election or by - election.
(7B) Despite subsection 287(9), for the purposes of this section, a group:
(a) is taken to begin to be a group in an election on the day that is 6 months before the day the members of the group make a request under section 168 for their names to be grouped in the ballot papers for the election; and
(b) is taken to cease to be a group in the election at the end of 30 days after the polling day in the election.
(8) In this section:
"financial institution" means an entity which carries on a business that consists of, or includes, the provision of financial services or financial products and which is:
(a) a bank; or
(b) a credit union; or
(c) a building society; or
(d) any other entity registered under the Australian Financial Institutions Commission Codes as a special service provider; or
Note: See section 111AZB of the Corporations Act 2001 for the Australian Financial Institutions Commission Codes.
(e) an entity prescribed by the regulations for the purposes of this paragraph.