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 42   NOTICE OF GRANT OR REFUSAL OF LICENCE AND DATE OF EFFECT  

42(1)   [ Form and content of notice]  

ASIC must give a person (the applicant ) who has applied for a licence written notice of:

(a) ASIC's decision on the application; and

(b) if the decision is to grant the applicant a licence - the day on which the licence takes effect; and

(c) if the decision is not to grant the applicant a licence - the reasons for the decision.

42(2)   [ Day on which licence comes into force]  

The licence comes into force on the day specified in the notice, which must not be before the day on which the decision to grant the licence was made.