National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-3 - CREDIT REPRESENTATIVES AND OTHER REPRESENTATIVES OF LICENSEES  

Division 2 - Authorisation of credit representatives  

SECTION 70   OBLIGATION TO VARY OR REVOKE AUTHORISATION THAT CEASES TO HAVE EFFECT  
Requirement to vary or revoke authorisation

70(1)    
If a person:

(a) has authorised a credit representative under subsection 64(1) or 65(1) ; and

(b) becomes aware of a matter because of which the authorisation of the credit representative has ceased to have effect under this Division;

the person must, as soon as practicable:

(c) revoke the authorisation; or

(d) vary the authorisation so that it is no longer, to any extent, of no effect under this Division.

Civil penalty: 5,000 penalty units.

Offence

70(2)    

A person commits an offence if:

(a) the person is required to vary or revoke an authorisation under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes subsection (1).

Criminal penalty: 2 years imprisonment.