NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 73 ASIC may give licensee information about representatives

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 73

ASIC may give licensee information about representatives

  (1)   If ASIC considers it appropriate to do so, it may give information to a licensee about a person whom ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.

Requirements about use of information

  (2)   A licensee to whom information is given under subsection   (1) may make use of, make a record of, or give to another person, the information for a purpose connected with:

  (a)   the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or

  (b)   the licensee taking action pursuant to such a decision.

  (3)   A licensee to whom information is given under subsection   (1) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection   (2).

Civil penalty:   5,000 penalty units.

  (4)   A person to whom information has been given for a purpose or purposes under subsection   (2) or this subsection may make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.

  (5)   A person to whom information has been given for a purpose or purposes under subsection   (2) or (4) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection   (4).

Civil penalty:   5,000 penalty units.

Offence

  (6)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (3) or (5); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   1 year imprisonment.

Qualified privilege

  (7)   A person has qualified privilege in relation to an act done by the person under subsection   (2) or (4).

Use of information obtained under this section in court

  (8)   A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:

  (a)   for a purpose connected with:

  (i)   a licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or

  (ii)   a licensee taking action pursuant to that decision; or

  (iii)   proving in proceedings in that court that particular action taken by a licensee in relation to the representative was taken pursuant to that decision; or

  (b)   in proceedings in that court, in so far as the proceedings relate to an alleged contravention of this section; or

  (c)   in proceedings about giving to a court false information some, at least, of which was the information given under this section.

  (9)   For the purposes of subsection   (8), a licensee takes action in relation to a representative if the licensee:

  (a)   takes action by way of making, terminating or varying the terms and conditions of an agreement; or

  (b)   otherwise takes action in relation to an agreement;

to the extent that the agreement relates to the representative acting on behalf of the licensee.

  (10)   Subsection   (8) also has the effect it would have if:

  (a)   a reference in it to a court were a reference to a court of a country outside Australia; and

  (b)   paragraph   (8)(b) were omitted.