National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-2 - AUSTRALIAN CREDIT LICENCES  

Division 3 - How to get an Australian credit licence  

SECTION 37B   FIT AND PROPER PERSON TEST - MATTERS TO WHICH ASIC MUST HAVE REGARD  

37B(1)    
ASIC must have regard to the matters set out in subsection (2) (subject to Part VIIC of the Crimes Act 1914 ) for the purposes of applying any of the following provisions to a person:

(a) a paragraph of subsection 37A(1) ;

(b) paragraph 80(1)(f) .

Note:

Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

37B(2)    
The matters are as follows:

(a) whether any of the following of the person has ever been suspended or cancelled:

(i) a licence, or a registration under the Transitional Act;

(ii) an Australian financial services licence;

(b) whether any of the following has ever been made against the person:

(i) a banning order, or a disqualification order under Part 2-4 ;

(ii) a banning order, or a disqualification order, under Division 8 of Part 7.6 of the Corporations Act 2001 ;

(c) if the person is an individual - whether the person has ever been disqualified under the Corporations Act 2001 , or any other law of the Commonwealth or of a State or Territory, from managing corporations;

(d) whether the person has ever been banned from engaging in a credit activity under a law of a State or Territory;

(e) whether the person has ever been linked to a refusal or failure to give effect to a determination made by AFCA (as defined in section 910C of the Corporations Act 2001 );

(f) if the person is not the multiple trustees of a trust - whether the person has ever been insolvent;

(g) if the person is the multiple trustees of a trust - whether a trustee of the trust has ever been insolvent;

(h) whether, in the last 10 years, the person has been convicted of an offence;

(i) any relevant information given to ASIC by a State or Territory, or an authority of a State or Territory, in relation to the person;

(j) any other matter prescribed by the regulations;

(k) any other matter ASIC considers relevant.