National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-2 - AUSTRALIAN CREDIT LICENCES  

Division 5 - Obligations of licensees  

Subdivision B - Providing information and assistance to ASIC  

SECTION 50   OBLIGATION TO GIVE ASIC INFORMATION REQUIRED BY THE REGULATIONS  
Regulations may require licensee to give information

50(1)    
The regulations may require a licensee, or each licensee in a class of licensees, to give ASIC specified information about the credit activities engaged in by the licensee or its representatives.

Requirement to comply with regulations

50(2)    

If regulations under subsection (1) require a licensee to give ASIC information, the licensee must give ASIC that information.

Civil penalty: 5,000 penalty units.

Offence

50(3)    

A person commits an offence if:

(a) the person is subject to a requirement to give ASIC information under subsection (2); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 6 months imprisonment.

Strict liability offence

50(4)    

A person commits an offence if:

(a) the person is subject to a requirement to give ASIC information under subsection (2); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 20 penalty units.

50(5)    
Subsection (4) is an offence of strict liability.

Note:

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