Obligation to notify ASIC if licensee does not engage in credit activities
53B Obligation to notify ASIC if licensee does not engage in credit activities
Requirement to notify ASIC if licensee does not engage in credit activities
If a licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with ASIC:
in the approved form; and
before the end of 15 business days after the end of the 6 months.
Strict liability offence
A person commits an offence if:
the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 30 penalty units.
Subsection (2) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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