s 51C
In forceObligation to keep records of compliance
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 2Licensing of persons who engage in credit activities
Part 2-2Australian credit licences
Division 3How to get an Australian credit licence
51C Obligation to keep records of compliance
Obligation to keep records of compliance
(1)
A licensee must keep records sufficient to enable the licensee’s compliance with this Subdivision to be readily ascertained.
(2)
The regulations may specify records that the licensee must keep as part of the obligation in subsection (1).
Offence
(3)
A person commits an offence if:
(a)
the person is subject to a requirement in relation to records under subsection (1); and
(b)
the person engages in conduct; and
(c)
the conduct contravenes subsection (1).
Criminal penalty: 5 years imprisonment.
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