National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-5 - FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS  

Division 2 - Financial records of licensees  

SECTION 88   OBLIGATION TO KEEP FINANCIAL RECORDS  
Requirement to keep financial records

88(1)    

A licensee must:

(a) keep financial records that correctly record and explain the transactions and financial position of any business of engaging in credit activities carried on by the licensee; and

(b) keep those records in accordance with this Division; and

(c) comply with subsection 90(2) in relation to the conversion of records into the English language; and

(d) comply with section 91 in relation to the location and production of records and particulars.

Civil penalty: 5,000 penalty units.

Meaning of financial records

88(2)    
Financial records includes:

(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and

(b) documents of prime entry; and

(c) any trust account statement or trust account report required under section 100.

Offence

88(3)    

A person commits an offence if:

(a) the person is subject to a requirement in relation to financial records under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes subsection (1).

Criminal penalty: 5 years imprisonment.

Financial records may be kept with other records

88(4)    
A licensee does not contravene this Division merely because some or all of the financial records are prepared as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee.

Note:

For the purposes of subsection (3), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).