Obligation to notify ASIC etc. about credit representatives
71 Obligation to notify ASIC etc. about credit representatives
Requirement to notify ASIC when credit representative authorised
If a person authorises a credit representative under subsection 64(1) or 65(1), the person must, within 15 business days of the authorisation, lodge with ASIC a written notice in accordance with subsection (3).
Civil penalty: 5,000 penalty units.
Requirement to notify licensee of sub‑authorisation
If:
a person authorises a natural person as a credit representative of a licensee under subsection 65(1) (which deals with sub‑authorisations); and
the consent of the licensee to the authorisation was given in relation to a specified class of natural persons;
then the person must, within 15 business days of the authorisation, give the licensee written notice of the authorisation in accordance with subsection (3).
Civil penalty: 5,000 penalty units.
Details to be included in notice
The notice must include the following details:
the name and business address of the credit representative;
details of the authorisation, including the date on which it was made and what the credit representative is authorised to do on behalf of the licensee;
details of the external dispute resolution scheme of which the credit representative is a member;
details of each other licensee on behalf of whom the credit representative is a credit representative.
Requirement to notify ASIC of change in details etc.
If:
a person authorises a credit representative under subsection 64(1) or 65(1); and
either:
any of the details that are referred to in subsection (3) in relation to the credit representative changes; or
the person revokes the authorisation;
then the person must, within 10 business days of the change or revocation, lodge with ASIC a written notice of the change or revocation.
Civil penalty: 5,000 penalty units.
A notice given under subsection (1), (2) or (4) must be in the approved form.
Exceptions—sub‑authorisations relating to low cost credit contracts
Subsections (1) and (4) do not apply to an authorisation under subsection 65(1) (which deals with sub‑authorisations) that authorises a person to engage in credit activities in relation to a low cost credit contract.
Strict liability offence
A person commits an offence if:
the person is subject to a requirement to give a notice under subsection (1), (2) or (4); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 60 penalty units.
Subsection (6) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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