Commonwealth Consolidated Acts

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 98

Requirement to maintain trust account

  (1)   The credit service licensee must maintain one more trust accounts (the trust account ) in accordance with this section.

Civil penalty:   5,000 penalty units.

Requirements for trust accounts

  (2)   The trust account must be maintained with an Australian ADI (within the meaning of section   9 of the Corporations Act 2001 ).

  (3)   The trust account must be designated as the credit service licensee's trust account.

Offence

  (4)   The credit service licensee commits an offence if:

  (a)   the credit service licensee is subject to a requirement under subsection   (1); and

  (b)   the credit service licensee engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   6 months imprisonment.