Prohibitions on holding out and advertising etc
30 Prohibitions on holding out and advertising etc
Prohibitions on holding out and advertising etc.
A person must not hold out:
that the person holds a licence; or
that the person holds a licence authorising the person to engage in a particular credit activity; or
that a credit activity engaged in by the person or by someone else is exempt from a requirement to hold a licence; or
that, in engaging in a credit activity, the person acts on behalf of another person; or
that conduct, or proposed conduct, of the person is within the authority of a licensee;
if that is not the case.
Civil penalty: 5,000 penalty units.
A person must not hold out or advertise that the person engages or is able to engage in a credit activity if the person would, if the person engaged in the credit activity, contravene section 29 (which deals with the requirement to be licensed).
Civil penalty: 5,000 penalty units.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (1) or (2); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 1 year imprisonment.
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