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 53B   OBLIGATION TO NOTIFY ASIC IF LICENSEE DOES NOT ENGAGE IN CREDIT ACTIVITIES  

Requirement to notify ASIC if licensee does not engage in credit activities

53B(1)    
If a licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with ASIC:

(a) in the approved form; and

(b) before the end of 15 business days after the end of the 6 months.

Strict liability offence

53B(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.

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

Note:

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