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  

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History

Subdiv B heading inserted by No 135 of 2020, s 3 and Sch 11 [ 14], effective 1 October 2021.

SECTION 51   OBLIGATION TO PROVIDE ASIC WITH ASSISTANCE IF REASONABLY REQUESTED  
Requirement to provide assistance

51(1)    

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If ASIC, or a person authorised by ASIC, reasonably requests assistance from a licensee in relation to whether the licensee and its representatives are complying with the credit legislation, the licensee must give ASIC or the authorised person the requested assistance.

Civil penalty: 5,000 penalty units.

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History

S 51(1) amended by No 17 of 2019, s 3 and Sch 3[48], effective 13 March 2019.

51(2)    
If the request is in writing, it is not a legislative instrument.

Offence

51(3)    

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A person commits an offence if:

(a) the person is subject to a requirement to give ASIC or an authorised person assistance under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 6 months imprisonment.

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History

S 51(3) amended by No 17 of 2019, s 3 and Sch 3[49][9], effective 13 March 2019.

Assistance may include showing ASIC credit books etc.

51(4)    
The assistance referred to in subsection (1) may include showing ASIC the person ' s credit books or giving ASIC other information.

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