Financial Sector Reform (Hayne Royal Commission Response - Stronger Regulators (2019 Measures)) Act 2020 (3 of 2020)

Schedule 3   Licensing and false or misleading documents

Part 2   Australian credit licences

National Consumer Credit Protection Act 2009

49   After subsection 54(1)

Insert:

(1A) ASIC may cancel a licensee's licence if the licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted.