Banking Act 1959

Part IIB - Provisions relating to the non-ADI lenders  

Division 2 - Non-ADI lender rules  

SECTION 38F   Notification and consultation regarding non-ADI lender rules  

Notification

(1)    
If APRA makes or varies a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give a copy of the rule, or of the variation, to the non-ADI lender, or to each non-ADI lender, to which the rule applies.

(2)    
If APRA revokes a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give notice of the revocation to the non-ADI lender, or to each non-ADI lender, to which the rule applied.

(3)    
If APRA extends the period mentioned in subsection 38D(1) in relation to a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give notice of the extension to the non-ADI lender, or to each non-ADI lender, to which the rule applies.

Consultation

(4)    
Before making a non-ADI lender rule, or varying or revoking a non-ADI lender rule, APRA must consult with ASIC.

(5)    
A failure to comply with subsection (4) does not affect the validity of the action concerned.