s 31
In forceProhibition on conducting business with unlicensed persons
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 1Introduction
Part 1-3Application of this Act and the Transitional Act
Division 2Constitutional basis and application of this Act and the Transitional Act
31 Prohibition on conducting business with unlicensed persons
Prohibition on conducting business with unlicensed persons
(1)
A licensee must not:
(a)
engage in a credit activity; and
(b)
in the course of engaging in that credit activity, conduct business with another person who is engaging in a credit activity;
if, by engaging in the credit activity, the other person contravenes section 29 (which deals with the requirement to be licensed).
Civil penalty: 5,000 penalty units.
Offence
(2)
A person commits an offence if:
(a)
the person is subject to a requirement under subsection (1); and
(b)
the person engages in conduct; and
(c)
the conduct contravenes the requirement.
Criminal penalty: 2 years imprisonment.
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