Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 70

Requirement to vary or revoke authorisation

  (1)   If a person:

  (a)   has authorised a credit representative under subsection   64(1) or 65(1); and

  (b)   becomes aware of a matter because of which the authorisation of the credit representative has ceased to have effect under this Division;

the person must, as soon as practicable:

  (c)   revoke the authorisation; or

  (d)   vary the authorisation so that it is no longer, to any extent, of no effect under this Division.

Civil penalty:   5,000 penalty units.

Offence

  (2)   A person commits an offence if:

  (a)   the person is required to vary or revoke an authorisation under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes subsection   (1).

Criminal penalty:   2 years imprisonment.