Obligation to provide ASIC with assistance if reasonably requested
51 Obligation to provide ASIC with assistance if reasonably requested
Requirement to provide assistance
If ASIC, or a person authorised by ASIC, reasonably requests assistance from a licensee in relation to whether the licensee and its representatives are complying with the credit legislation, the licensee must give ASIC or the authorised person the requested assistance.
Civil penalty: 5,000 penalty units.
If the request is in writing, it is not a legislative instrument.
Offence
A person commits an offence if:
the person is subject to a requirement to give ASIC or an authorised person assistance under subsection (1); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.
Assistance may include showing ASIC credit books etc.
The assistance referred to in subsection (1) may include showing ASIC the person’s credit books or giving ASIC other information.
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