National Consumer Credit Protection Act 2009

ASIC may suspend or cancel a licensee’s licence (subject to complying with subsection (4)) if:

the licensee has contravened an obligation under section 47 (which deals with general conduct obligations of licensees); or

ASIC has reason to believe that the licensee is likely to contravene an obligation under that section; or

the requirement in section 37A (fit and proper person test) is not satisfied in relation to the licensee and the licence; or

the application for the licence:

was false in a material particular or materially misleading; or

omitted a material matter; or

any information, audit report or statement lodged with ASIC in accordance with a request under subsection 37(4) in relation to the application for the licence:

was false in a material particular or materially misleading; or

omitted a material matter; or

an application made by the licensee under paragraph 45(2)(b) in relation to the licence:

was false in a material particular or materially misleading; or

omitted a material matter; or

any information, audit report or statement lodged with ASIC in accordance with a request under subsection 46A(3) in relation to an application made by the licensee under paragraph 45(2)(b) in relation to the licence:

was false in a material particular or materially misleading; or

omitted a material matter.

ASIC may only suspend or cancel a licensee’s licence under this section after giving the licensee an opportunity:

to appear, or be represented, at a hearing before ASIC that takes place in private; and

to make submissions to ASIC on the matter.