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 71   OBLIGATION TO NOTIFY ASIC ETC. ABOUT CREDIT REPRESENTATIVES  
Requirement to notify ASIC when credit representative authorised

71(1)    

If a person authorises a credit representative under subsection 64(1) or 65(1) , the person must, within 15 business days of the authorisation, lodge with ASIC a written notice in accordance with subsection (3).

Civil penalty: 5,000 penalty units.

Requirement to notify licensee of sub-authorisation

71(2)    
If:

(a)    a person authorises a natural person as a credit representative of a licensee under subsection 65(1) (which deals with sub-authorisations); and

(b)    

the consent of the licensee to the authorisation was given in relation to a specified class of natural persons;

then the person must, within 15 business days of the authorisation, give the licensee written notice of the authorisation in accordance with subsection (3) .

Civil penalty: 5,000 penalty units.

Details to be included in notice

71(3)    
The notice must include the following details:

(a)    the name and business address of the credit representative;

(b)    details of the authorisation, including the date on which it was made and what the credit representative is authorised to do on behalf of the licensee;

(c)    details of the external dispute resolution scheme of which the credit representative is a member;

(d)    details of each other licensee on behalf of whom the credit representative is a credit representative.

Requirement to notify ASIC of change in details etc.

71(4)    
If:

(a)    a person authorises a credit representative under subsection 64(1) or 65(1) ; and

(b)    

either:

(i) any of the details that are referred to in subsection (3) in relation to the credit representative changes; or

(ii) the person revokes the authorisation;

then the person must, within 10 business days of the change or revocation, lodge with ASIC a written notice of the change or revocation.

Civil penalty: 5,000 penalty units.

71(5)    
A notice given under subsection (1) , (2) or (4) must be in the approved form.

Strict liability offence

71(6)    

A person commits an offence if:

(a)    the person is subject to a requirement to give a notice under subsection (1) , (2) or (4) ; and

(b)    the person engages in conduct; and

(c)    the conduct contravenes the requirement.

Criminal penalty: 60 penalty units.

71(7)    
Subsection (6) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .