Notification of Director by credit provider
49 Notification of Director by credit provider
A financier who is a credit provider within the meaning of the Credit Act 1984 or the National Credit Code within the meaning of the National Consumer Credit Protection Act 2009 of the Commonwealth—
whose ordinary business includes the provision of credit to persons who the financier knows or ought reasonably to know require the credit for the purpose of acquiring motor cars from motor car traders; and
who, in the course of carrying on the business, becomes aware of any contravention or proposed contravention of section 48 by a motor car trader—
must notify the Director in writing of the contravention or proposed contravention within 7 days of becoming so aware.
- 10 penalty units.
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