Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 38F

Notification

             (1)  If APRA makes or varies a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give a copy of the rule, or of the variation, to the non-ADI lender, or to each non-ADI lender, to which the rule applies.

             (2)  If APRA revokes a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give notice of the revocation to the non-ADI lender, or to each non-ADI lender, to which the rule applied.

             (3)  If APRA extends the period mentioned in subsection 38D(1) in relation to a non-ADI lender rule referred to in paragraph 38C(2)(c) it must, as soon as practicable, give notice of the extension to the non-ADI lender, or to each non-ADI lender, to which the rule applies.

Consultation

             (4)  Before making a non-ADI lender rule, or varying or revoking a non-ADI lender rule, APRA must consult with ASIC.

             (5)  A failure to comply with subsection (4) does not affect the validity of the action concerned.