Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)

Schedule 1 Amendment of the Corporations Act 2001

Repeal the section, substitute:

993D Failing to pay loan money into an account as required

Failing to pay loan money into account as required

(1) A financial services licensee contravenes this subsection if:

(a) the licensee is required by subsection 982B(1) to pay particular money into an account in accordance with that subsection; and

(b) the licensee does not pay the money into an account in accordance with that subsection.

Fault-based offence

(2) A person commits an offence if the person contravenes subsection (1).

Strict liability offence

(3) A person commits an offence of strict liability if the person contravenes subsection (1).

Civil liability

(4) A person contravenes this subsection if the person contravenes subsection (1).

Note: This subsection is a civil penalty provision (see section 1317E).