National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2CA - LICENSEES SUPPLYING CREDIT INFORMATION TO CREDIT REPORTING BODIES ETC.  

Division 5 - Assisting ASIC  

SECTION 133CZG   OBLIGATION TO PROVIDE A STATEMENT OR OBTAIN AN AUDIT REPORT IF DIRECTED BY ASIC  

Notice to Part 3-2CA body to provide a statement

133CZG(1)    
ASIC may give a Part 3-2CA body a written notice directing the body to lodge with ASIC a written statement containing specified information about whether the body, or another Part 3-2CA body, is complying with this Part (other than Division 4 ).

133CZG(2)    
Notices under subsection (1):

(a)    may be given at any time; and

(b)    may be given to one or more particular Part 3-2CA bodies, or to each Part 3-2CA body in one or more classes of Part 3-2CA bodies, or to all Part 3-2CA bodies; and

(c)    may require all the same information, or may contain differences as to the information they require; and

(d)    may require a statement containing information to be given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.

Notice to Part 3-2CA body to obtain an audit report

133CZG(3)    
ASIC may also give a Part 3-2CA body a written notice directing the body to obtain an audit report prepared:

(a)    by a suitably qualified person specified in the notice; and

(b)    on a statement, or on each statement in a class of statements, under subsection (1); and

(c)    before the statement is given to ASIC.

133CZG(4)    
A notice under subsection (3) is not a legislative instrument.

Notice must specify day by which Part 3-2CA body must comply

133CZG(5)    
A notice given under this section must specify the day by which the Part 3-2CA body must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the Part 3-2CA body.

Requirement to comply with notice

133CZG(6)    
The Part 3-2CA body must comply with a notice given under this section within the time specified in the notice.

Civil penalty: 5,000 penalty units.

Offence

133CZG(7)    
A person commits an offence if:

(a)    the person is subject to a requirement under subsection (6); and

(b)    the person engages in conduct; and

(c)    the conduct contravenes the requirement.

Criminal penalty: 6 months imprisonment.