National Consumer Credit Protection Act 2009

CHAPTER 6 - COMPLIANCE AND ENFORCEMENT  

PART 6-3 - INSPECTION OF BOOKS AND AUDIT INFORMATION-GATHERING POWERS  

Division 2 - Inspection of books and audit information-gathering powers  

SECTION 266   NOTICE TO PRODUCE BOOKS ABOUT CREDIT ACTIVITIES OR CREDIT REPORTING  

266(1)    
ASIC may give to:

(a) a person who engages in a credit activity (either alone or together with any other person or persons); or

(b) a person who ASIC, on reasonable grounds, suspects has been a party to engaging in a credit activity; or

(c) a representative, banker, lawyer or auditor of a person referred to in paragraph (a) or (b);

a written notice requiring the production to a specified ASIC member or ASIC staff member, at a specified place and time, of specified books relating to:

(d) a credit activity engaged in by a person; or

(e) the character or financial situation of, or a business carried on by, a person who engages, or has engaged, in a credit activity.

Note:

Failure to comply with a requirement made under this subsection is an offence (see section 290 ).

266(2)    

ASIC may give to:

(a)    a Part 3-2CA body that is, or has been, subject to a requirement under Part 3-2CA (other than Division 4 ), either alone or together with any other person or persons; or

(b)    a representative, banker, lawyer or auditor of a person referred to in paragraph (a);

a written notice requiring the production to a specified ASIC member or ASIC staff member, at a specified place and time, of specified books relating to:

(c)    information, or a statement, to which that requirement relates; or

(d)    the character or financial situation of, or a business carried on by, a person who is, or has been, subject to that requirement.

Note 1:

Part 3-2CA is about mandatory comprehensive credit reporting.

Note 2:

Failure to comply with a requirement made under this subsection is an offence (see section 290 ).