Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 71

Requirement to notify ASIC when credit representative authorised

  (1)   If a person authorises a credit representative under subsection   64(1) or 65(1), the person must, within 15 business days of the authorisation, lodge with ASIC a written notice in accordance with subsection   (3).

Civil penalty:   5,000 penalty units.

Requirement to notify licensee of sub - authorisation

  (2)   If:

  (a)   a person authorises a natural person as a credit representative of a licensee under subsection   65(1) (which deals with sub - authorisations); and

  (b)   the consent of the licensee to the authorisation was given in relation to a specified class of natural persons;

then the person must, within 15 business days of the authorisation, give the licensee written notice of the authorisation in accordance with subsection   (3).

Civil penalty:   5,000 penalty units.

Details to be included in notice

  (3)   The notice must include the following details:

  (a)   the name and business address of the credit representative;

  (b)   details of the authorisation, including the date on which it was made and what the credit representative is authorised to do on behalf of the licensee;

  (c)   details of the external dispute resolution scheme of which the credit representative is a member;

  (d)   details of each other licensee on behalf of whom the credit representative is a credit representative.

Requirement to notify ASIC of change in details etc.

  (4)   If:

  (a)   a person authorises a credit representative under subsection   64(1) or 65(1); and

  (b)   either:

  (i)   any of the details that are referred to in subsection   (3) in relation to the credit representative changes; or

  (ii)   the person revokes the authorisation;

then the person must, within 10 business days of the change or revocation, lodge with ASIC a written notice of the change or revocation.

Civil penalty:   5,000 penalty units.

  (5)   A notice given under subsection   (1), (2) or (4) must be in the approved form.

Strict liability offence

  (6)   A person commits an offence if:

  (a)   the person is subject to a requirement to give a notice under subsection   (1), (2) or (4); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   60 penalty units.

  (7)   Subsection   (6) is an offence of strict liability.

Note:   For strict liability, see section   6.1 of the Criminal Code .