Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subsection 45(7) of the Act, the licence is subject to the conditions set out in this regulation if the licensee is a party to a servicing agreement with a special purpose funding entity.
(2) The licensee must lodge with ASIC a notice, in an approved form, stating that the licensee is a party to a servicing agreement with a special purpose funding entity.
(3) For subregulation (2):
(a) if the servicing agreement was entered into before 1 July 2010, the licensee must notify ASIC no later than 30 business days after 1 July 2010; and
(b) if the servicing agreement was entered into on or after 1 July 2010, the licensee must lodge with ASIC a notice, in an approved form and stating that the service agreement was entered into, no later than 20 business days after the servicing agreement was entered into.
(4) If the licensee ceases to be a party to a servicing agreement with a special purpose funding entity, the licensee:
(a) must lodge with ASIC a notice, in an approved form, stating that the licensee has ceased to be a party to the servicing agreement with the entity; and
(b) must lodge the notice no later than 15 business days after the licensee ceases to be a party.
(5) The licensee:
(a) must lodge with ASIC a notice, in an approved form, setting out any action by a natural person in a position to control or influence the special purpose funding entity that has or may have the effect of directing the licensee to act inconsistently with:
(i) the licensee's licence conditions; or
(ii) the credit legislation; and
(b) must lodge the notice no later than 15 business days after the action occurs.