National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-5 - FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS  

Division 3 - Trust accounts of credit service licensees  

SECTION 100   OBLIGATION TO LODGE TRUST ACCOUNT STATEMENT AND TRUST ACCOUNT AUDIT REPORT  
Requirement to prepare and lodge trust account statement

100(1)    
The credit service licensee must, for each financial year of the credit service licensee:

(a) prepare a written statement in relation to the trust account (the trust account statement ) in accordance with this section; and

(b) lodge the trust account statement with ASIC in accordance with this section.

Civil penalty: 5,000 penalty units.

Requirement to prepare and lodge trust account audit report

100(2)    

The credit service licensee must, with the trust account statement, lodge with ASIC an auditor ' s report (the trust account audit report ) in accordance with this section.

Civil penalty: 5,000 penalty units.

Requirements for statement and audit report

100(3)    
Each of the trust account statement and trust account audit report must:

(a) be in the approved form; and

(b) contain the information and matters prescribed by the regulations; and

(c) be lodged with ASIC in accordance with section 101 .

100(4)    
The trust account audit report must be prepared by a person who complies with any eligibility requirements prescribed by the regulations.

Offence

100(5)    

The credit service licensee commits an offence if:

(a) the credit service licensee is subject to a requirement under subsection (1) or (2); and

(b) the credit service licensee engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 5 years imprisonment.

Meaning of financial year

100(6)    
A financial year of the credit service licensee means:

(a) if the credit service licensee is a body corporate to which section 323D of the Corporations Act 2001 applies - a financial year of the body corporate (within the meaning of that section); and

(b) in any other case - a year ending on 30 June.