National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-2 - AUSTRALIAN CREDIT LICENCES  

Division 5 - Obligations of licensees  

Subdivision B - Providing information and assistance to ASIC  

SECTION 49   OBLIGATION TO PROVIDE A STATEMENT OR OBTAIN AN AUDIT REPORT IF DIRECTED BY ASIC  
Notice to licensee to provide a statement

49(1)    

ASIC may give a licensee a written notice directing the licensee to lodge with ASIC a written statement containing specified information about:

(a) the credit activities engaged in by the licensee or its representatives; or

(b) for the purposes of considering whether the requirement in section 37A (fit and proper person test) is satisfied in relation to the licensee and the licence - any matters mentioned in section 37B in relation to a person mentioned in a paragraph of subsection 37A(1) .

49(2)    
Notices under subsection (1):

(a) may be given at any time; and

(b) may be given to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; 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 licensee to obtain an audit report

49(3)    
ASIC may also give a licensee a written notice directing the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or on each statement in a class of statements, under subsection (1) before the statement is given to ASIC.

49(4)    
A notice under subsection (3) is not a legislative instrument.

Notice must specify day by which licensee must comply

49(5)    
A notice given under this section must specify the day by which the licensee 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 licensee.

Requirement to comply with notice

49(6)    

The licensee must comply with a notice given under this section within the time specified in the notice.

Civil penalty: 5,000 penalty units.

Offence

49(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.

Strict liability offence

49(8)    

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: 20 penalty units.

49(9)    
Subsection (8) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .