Prohibition on receiving loans unless details recorded
50 Prohibition on receiving loans unless details recorded
(cf section 96G EFED Act)
It is unlawful for a person to receive a reportable loan (other than a loan from a financial institution), unless, within 30 days of receiving the loan, the person makes a record of the following—
the terms and conditions of the loan,
the name and address of the entity or other person making the loan.
For the purposes of this section—
separate loans made by one entity or other person to the same party, elected member, group, candidate or person within a relevant disclosure period are to be aggregated and treated as a single loan, and
each transaction in which credit is provided by the use of a credit card is taken to be a separate loan.
In this section—
financial institution means an entity whose principal business is the provision of financial services or financial products, and includes an authorised deposit-taking institution.
loan means an advance of money, the provision of credit or any other transaction that in substance effects a loan of money.
reportable loan means a loan that, if it had been a gift, would be a reportable political donation that is required to be disclosed under this Part.
This Act’s bill:Explanatory memorandumSecond reading speech
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