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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 38 When a licence may be granted--ADIs

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 38

When a licence may be granted--ADIs

    If:

  (a)   an ADI applies under section   36 for a licence; and

  (b)   the application includes a statement (in accordance with the requirements of the approved form) to the effect that the ADI will, if granted the licence, comply with its obligations as a licensee;

then ASIC must grant the ADI a licence authorising the ADI to engage in credit activities that equate (as closely as possible) to the credit activities in relation to which the application was made.

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).

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