National Consumer Credit Protection Act - Australia

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      (a) that the person holds a licence; or

      (b) that the person holds a licence authorising the person to engage in a particular credit activity; or

      (c) that a credit activity engaged in by the person or by someone else is exempt from a requirement to hold a licence; or

      (d) that, in engaging in a credit activity, the person acts on behalf of another person; or

      (e) that conduct, or proposed conduct, of the person is within the authority of a licensee;

      if that is not the case.

      Civil penalty: 2,000 penalty units.

      (2) A person must not hold out or advertise that the person engages or is able to engage in a credit activity if the person would, if the person engaged in the credit activity, contravene section 29 (which deals with the requirement to be licensed).

      Civil penalty: 2,000 penalty units.

      Offence

      (3) A person commits an offence if:

      (a) the person is subject to a requirement under subsection (1) or (2); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 50 penalty units, or 1 year imprisonment, or both.

      31 Prohibition on conducting business with unlicensed persons

      Prohibition on conducting business with unlicensed persons

      (1) A licensee must not:

      (a) engage in a credit activity; and

      (b) in the course of engaging in that credit activity, conduct business with another person who is engaging in a credit activity;

      if, by engaging in the credit activity, the other person contravenes section 29 (which deals with the requirement to be licensed).

      Civil penalty: 2,000 penalty units.

      Offence

      (2) A person commits an offence if:

      (a) the person is subject to a requirement under subsection (1); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 200 penalty units, or 2 years imprisonment, or both.

      32 Prohibition on charging a fee etc.

      Prohibition on charging a fee etc.

      (1) A person must not demand, receive or accept any fee, charge or other amount from a consumer for engaging in a credit activity if, by engaging in that credit activity, the person contravenes, or would contravene, section 29 (which deals with the requirement to be licensed).

      Civil penalty: 2,000 penalty units.

      Offence

      (2) A person commits an offence if:

      (a) the person is subject to a requirement under subsection (1); and

      (b) the person engages in conduct; and

      (c) the conduct contravenes the requirement.

      Criminal penalty: 50 penalty units, or 1 year imprisonment, or both.

      33 Prohibition on giving misleading information etc.

      Prohibition on giving misleading information etc.

      (1) A person (the giver) must not, in the course of engaging in a credit activity, give information or a document to another person if the giver knows, or is reckless as to whether, the information or document is false in a material particular or materially misleading.

      Civil penalty: 2,000 penalty units.

      Offence

      (2) A person commits an offence if:

      (a) the person gives information or a document to another person; and

      (b) the person does so in the course of engaging in a credit activity; and

      (c) the information or document is false in a material particular or materially misleading.

      Criminal penalty: 100 penalty units, or 2 years imprisonment, or both.

      Part 2–2—Australian credit licences

      Division 1—Introduction

      34 Guide to this Part

      This Part is about Australian credit licences.

      Division 2 explains what an Australian credit licence is and the credit activities that are authorised by it.

      Division 3 is about how to get an Australian credit licence, including how to apply for it and when ASIC may grant or refuse to grant it.

      Division 4 is about the conditions that may be imposed on an Australian credit licence.

      Division 5 is about conduct obligations of licensees.

      Division 6 is about the suspension, cancellation or variation of an Australian credit licence.

      Division 2—Australian credit licences

      35 Australian credit licences

      (1) An Australian credit licence is a licence that authorises the licensee to engage in particular credit activities.

      (2) The credit activities that the licensee is authorised to engage in are those credit activities specified in a condition of the licence as the credit activities that the licensee is authorised to engage in.

      Division 3—How to get an Australian credit licence

      36 Applying for a licence

      (1) A person may apply for a licence by lodging an application with ASIC on or after 1 July 2010, or a later day prescribed by the regulations.

      (2) The application must be in the approved form.

      37 When a licence may be granted — applicants other than ADIs

      When ASIC must grant a licence

      (1) ASIC must grant a person (other than an ADI) a licence if (and must not grant the person a licence unless):

      (a) the person has applied for the licence in accordance with section 36; and

      (b) ASIC has no reason to believe that the person is likely to contravene the obligations that will apply under section 47 if the licence is granted; and

      (c) ASIC has no reason to believe that the person is not a fit and proper person to engage in credit activities; and

      (d) the person has given ASIC any additional information or audit report requested by ASIC under subsection (4); and

      (e) the person meets any other requirements prescribed by the regulations.

      Note: ASIC must not grant a licence to a person contrary to a banning order or disqualification order, or if a prescribed State or Territory order is in force against the person or certain representatives of the person (see section 40).

      Matters ASIC must have regard to

      (2) For the purposes of paragraphs (1)(b) and (c), ASIC must (subject to Part VIIC of the Crimes Act 1914) have regard to the following:

      (a) whether a registration under the Transitional Act, a licence or an Australian financial services licence of the person has ever been suspended or cancelled;

      (b) whether a banning order or disqualification order under Part 2–4 has ever been made against the person;

      (c) whether a banning

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