Australian Capital Territory Repealed Acts

This legislation has been repealed.

CONSUMER CREDIT (ADMINISTRATION) ACT 1996 (REPEALED) - SECT 56

    (1)     If a registered finance broker dies, the finance broker's legal personal representative may apply to the commissioner to take over the registration for a period of 6 months after the death.

    (2)     An application under subsection (1) shall be—

        (a)     lodged within 28 days after the death of the registered finance broker, or within such an extended period as the commissioner allows; and

        (b)     accompanied by the deceased finance broker's registration certificate.

    (3)     On application in accordance with this section, the commissioner shall register the applicant unless the applicant is disqualified from registration—

        (a)     as a finance broker under this part or by the ACAT; or

        (b)     as a credit provider under part 2 or by the ACAT.

    (4)     If an application is granted, the commissioner shall endorse the registration certificate with the name of the applicant and the term of registration and return it to the applicant.

    (5)     For this part, a successful applicant under this section is to be taken to be registered as a finance broker subject to the condition that the registration is to terminate—

        (a)     at the expiration of 6 months after the death of the original registered finance broker; or

        (b)     if an application by the new registered finance broker to become the original registered finance broker's legal personal representative is rejected at an earlier date—on the date of the rejection.

    (6)     In this section:

"legal personal representative", in relation to a registered finance broker, includes—

        (a)     a person who is named as the finance broker's legal personal representative; and

        (b)     a person who intends to apply to become the finance broker's legal personal representative.