Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

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History

Ch 7 amended by No 8 of 2022, s 3, Sch 2[165] (effective 1 July 2022).

Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

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CCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).

For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

Division 2 - Dealing with clients ' money  

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CCH Note: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Subdivision B - Loan money  

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CCH Note: Subdivision B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 982C   LICENSEE TO GIVE CLIENT STATEMENT SETTING OUT TERMS OF LOAN ETC.  

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CCH Note: Section 982C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Obligation to give client a statement

982C(1)    
The licensee must, in accordance with the regulations, give the client a statement setting out:

(a)    the terms and conditions on which the loan is made and accepted; and

(b)    the purpose for which, and the manner in which, the licensee is to use the money.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Obligation to keep money in account until receive acknowledgment of receipt of statement

982C(2)    
The licensee must not take money out of the account before the client has given the licensee a written acknowledgment that the client has received the statement required by subsection (1).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

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History

S 982C inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].

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