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standards or requirements made by ASIC; or

      (b) approvals given by ASIC.

      48 Requirements for compensation arrangements

      Requirement to have adequate compensation arrangements

      (1) A licensee must have adequate arrangements for compensating persons for loss or damage suffered because of a contravention of this Act by the licensee or its representatives.

      When arrangements are adequate

      (2) For the purposes of subsection (1), arrangements are adequate if, and only if, they:

      (a) satisfy any requirements prescribed by the regulations; or

      (b) are approved in writing by ASIC.

      Approval of arrangements by ASIC

      (3) Before approving arrangements under paragraph (2)(b), ASIC must have regard to:

      (a) the credit activities authorised by the licence; and

      (b) whether the arrangements will continue to cover persons after the licensee ceases to engage in credit activities, and the length of time for which that cover will continue; and

      (c) any other matters that are prescribed by the regulations.

      (4) Without limiting paragraph (3)(c), the regulations may, in particular, prescribe additional details in relation to the matters to which ASIC must have regard under paragraphs (3)(a) and (b).

      49 Obligation to provide a statement or obtain an audit report if directed by ASIC

      Notice to licensee to provide a statement

      (1) ASIC may give a licensee a written notice directing the licensee to lodge with ASIC a written statement containing specified information about the credit activities engaged in by the licensee or its representatives.

      (2) Notices under subsection (1):

      (a) may be given at any time; and

      (b) may be given to one or more particular licensees, or to each licensee in one or more classes of licensee, or to all licensees; and

      (c) may require all the same information, or may contain differences as to the information they require; and

      (d) may require a statement containing information to be given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice.

      Notice to licensee to obtain an audit report

      (3) ASIC may also give a licensee a written notice directing the licensee to obtain an audit report, prepared by a suitably qualified person specified in the notice, on a statement, or on each statement in a class of statements, under subsection (1) before the statement is given to ASIC.

      (4) A notice under subsection (3) is not a legislative instrument.

      Notice must specify day by which licensee must comply

      (5) A notice given under this section must specify the day by which the licensee must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the licensee.

      Requirement to comply with notice

      (6) The licensee must comply with a notice given under this section within the time specified in the notice.

      Civil penalty: 2,000 penalty units.

      Offence

      (7) A person commits an offence if:

      (a) the person is subject to a requirement under subsection (6); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.

      Strict liability offence

      (8) A person commits an offence if:

      (a) the person is subject to a requirement under subsection (6); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 10 penalty units.

      (9) Subsection (8) is an offence of strict liability.

      Note: For strict liability, see section 6.1 of the Criminal Code.

      50 Obligation to give ASIC information required by the regulations

      Regulations may require licensee to give information

      (1) The regulations may require a licensee, or each licensee in a class of licensees, to give ASIC specified information about the credit activities engaged in by the licensee or its representatives.

      Requirement to comply with regulations

      (2) If regulations under subsection (1) require a licensee to give ASIC information, the licensee must give ASIC that information.

      Civil penalty: 2,000 penalty units.

      Offence

      (3) A person commits an offence if:

      (a) the person is subject to a requirement to give ASIC information under subsection (2); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.

      Strict liability offence

      (4) A person commits an offence if:

      (a) the person is subject to a requirement to give ASIC information under subsection (2); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 10 penalty units.

      (5) Subsection (4) is an offence of strict liability.

      Note: For strict liability, see section 6.1 of the Criminal Code.

      51 Obligation to provide ASIC with assistance if reasonably requested

      Requirement to provide assistance

      (1) If ASIC, or a person authorised by ASIC, reasonably requests assistance from a licensee in relation to whether the licensee and its representatives are complying with the credit legislation, the licensee must give ASIC or the authorised person the requested assistance.

      Civil penalty: 2,000 penalty units.

      (2) If the request is in writing, it is not a legislative instrument.

      Offence

      (3) A person commits an offence if:

      (a) the person is subject to a requirement to give ASIC or an authorised person assistance under subsection (1); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.

      Assistance may include showing ASIC credit books etc.

      (4) The assistance referred to in subsection (1) may include showing ASIC the person’s credit books or giving ASIC other information.

      52 Obligation to cite Australian credit licence number

      When this section applies

      (1) This section applies on or after the day that is 2 years after the day section 3 commences.

      Requirement to include licence number in documents

      (2) Whenever a licensee

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