NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 53B Obligation to notify ASIC if licensee does not engage in credit activities

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 53B

Requirement to notify ASIC if licensee does not engage in credit activities

  (1)   If a licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with ASIC:

  (a)   in the approved form; and

  (b)   before the end of 15 business days after the end of the 6 months.

Strict liability offence

  (2)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) to lodge a notification with ASIC; and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   30 penalty units.

  (3)   Subsection   (2) is an offence of strict liability.

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