Financial Sector Reform (Hayne Royal Commission Response - Stronger Regulators (2019 Measures)) Act 2020 (3 of 2020)
Schedule 4 Banning orders
Part 2 Consumer credit amendments
National Consumer Credit Protection Act 2009
31 Subsections 80(2) and (3)
Repeal the subsections, substitute:
When a person is not a fit and proper person
(2) For the purposes of paragraph (1)(f), ASIC must have regard to the matters in section 37B.
When a person has been an officer of a corporation unable to pay its debts
(3) This subsection applies to a person in relation to a corporation if, within the last 7 years:
(a) the person was an officer (within the meaning of the Corporations Act 2001) of the corporation when the corporation was:
(i) engaging in credit activities; or
(ii) carrying on a financial services business (within the meaning of the Corporations Act 2001); and
(b) the corporation was wound up either:
(i) while the person was such an officer of the corporation; or
(ii) within the 12 months after the person ceased to be such an officer of the corporation; and
(c) a liquidator lodged a report under subsection 533(1) of the Corporations Act 2001 (including that subsection as applied by section 526-35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006) about the corporation's inability to pay its debts.
Person to be given an opportunity to be heard
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