National Consumer Credit Protection Act 2009
Requirement to retain financial records
95(1)
A licensee that is required by this Division to make a financial record must retain it for 7 years after the transactions covered by the record are completed.
Civil penalty: 5,000 penalty units.
View history note
Hide history noteRegulations
95(2)
The regulations may prescribe financial records to which subsection (1) does not apply.
Records to be kept even if person stops carrying on business
95(3)
Financial records must be retained in accordance with this section, even if the person stops carrying on any business to which they relate.
Offence
95(4)
A person commits an offence if:
(a) the person is subject to a requirement 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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