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 D - Miscellaneous  

SECTION 53A   OBLIGATION TO NOTIFY ASIC OF CHANGE IN CONTROL  

Requirement to notify ASIC of change in control

53A(1)    
If an entity (as defined by section 64A of the Corporations Act 2001 ) starts to control, or stops controlling, a licensee, the licensee must lodge a notification with ASIC:

(a) in the approved form; and

(b) before the end of 30 business days after the day the entity starts to control, or stops controlling, the licensee.

Strict liability offence

53A(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 30 penalty units.

53A(3)    
Subsection (2) is an offence of strict liability.

Note:

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