Obligation to vary or revoke authorisation that ceases to have effect
70 Obligation to vary or revoke authorisation that ceases to have effect
Requirement to vary or revoke authorisation
If a person:
has authorised a credit representative under subsection 64(1) or 65(1); and
becomes aware of a matter because of which the authorisation of the credit representative has ceased to have effect under this Division;
the person must, as soon as practicable:
revoke the authorisation; or
vary the authorisation so that it is no longer, to any extent, of no effect under this Division.
Civil penalty: 5,000 penalty units.
Offence
A person commits an offence if:
the person is required to vary or revoke an authorisation under subsection (1); and
the person engages in conduct; and
the conduct contravenes subsection (1).
Criminal penalty: 2 years imprisonment.
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