National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-2 - AUSTRALIAN CREDIT LICENCES  

Division 6 - When a licence can be suspended, cancelled or varied  

Subdivision A - Suspensions and cancellations  

SECTION 55   SUSPENSION OR CANCELLATION AFTER OFFERING A HEARING  

55(1)    
ASIC may suspend or cancel a licensee ' s licence (subject to complying with subsection (4)) if:


(a) the licensee has contravened an obligation under section 47 (which deals with general conduct obligations of licensees); or


(b) ASIC has reason to believe that the licensee is likely to contravene an obligation under that section; or


(c) the requirement in section 37A (fit and proper person test) is not satisfied in relation to the licensee and the licence; or

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(d) the application for the licence:


(i) was false in a material particular or materially misleading; or

(ii) omitted a material matter; or


(e) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 37(4) in relation to the application for the licence:


(i) was false in a material particular or materially misleading; or

(ii) omitted a material matter; or
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(f) an application made by the licensee under paragraph 45(2)(b) in relation to the licence:


(i) was false in a material particular or materially misleading; or

(ii) omitted a material matter; or
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(g) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 46A(3) in relation to an application made by the licensee under paragraph 45(2)(b) in relation to the licence:


(i) was false in a material particular or materially misleading; or

(ii) omitted a material matter.
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55(2) - (3)    
(Repealed by No 3 of 2020)

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55(4)    
ASIC may only suspend or cancel a licensee ' s licence under this section after giving the licensee an opportunity:


(a) to appear, or be represented, at a hearing before ASIC that takes place in private; and


(b) to make submissions to ASIC on the matter.

 

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