NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 50 Obligation to give ASIC information required by the regulations

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 50

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:   5,000 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:   6 months imprisonment.

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:   20 penalty units.

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

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