Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 49

Notice to licensee to provide a statement

  (1)   ASIC may give a licensee a written notice directing the licensee to lodge with ASIC a written statement containing specified information about:

  (a)   the credit activities engaged in by the licensee or its representatives; or

  (b)   for the purposes of considering whether the requirement in section   37A (fit and proper person test) is satisfied in relation to the licensee and the licence--any matters mentioned in section   37B in relation to a person mentioned in a paragraph of subsection   37A(1).

  (2)   Notices under subsection   (1):

  (a)   may be given at any time; and

  (b)   may be given to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; and

  (c)   may require all the same information, or may contain differences as to the information they require; and

  (d)   may require a statement containing information to be given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.

Notice to licensee to obtain an audit report

  (3)   ASIC may also give a licensee a written notice directing the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or on each statement in a class of statements, under subsection   (1) before the statement is given to ASIC.

  (4)   A notice under subsection   (3) is not a legislative instrument.

Notice must specify day by which licensee must comply

  (5)   A notice given under this section must specify the day by which the licensee must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the licensee.

Requirement to comply with notice

  (6)   The licensee must comply with a notice given under this section within the time specified in the notice.

Civil penalty:   5,000 penalty units.

Offence

  (7)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (6); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   6 months imprisonment.

Strict liability offence

  (8)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (6); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   20 penalty units.

  (9)   Subsection   (8) is an offence of strict liability.

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