NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 88 Obligation to keep financial records

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 88

Requirement to keep financial records

  (1)   A licensee must:

  (a)   keep financial records that correctly record and explain the transactions and financial position of any business of engaging in credit activities carried on by the licensee; and

  (b)   keep those records in accordance with this Division; and

  (c)   comply with subsection   90(2) in relation to the conversion of records into the English language; and

  (d)   comply with section   91 in relation to the location and production of records and particulars.

Civil penalty:   5,000 penalty units.

Meaning of financial records

  (2)   Financial records includes:

  (a)   invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and

  (b)   documents of prime entry; and

  (c)   any trust account statement or trust account report required under section   100.

Offence

  (3)   A person commits an offence if:

  (a)   the person is subject to a requirement in relation to financial records under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes subsection   (1).

Criminal penalty:   5 years imprisonment.

Financial records may be kept with other records

  (4)   A licensee does not contravene this Division merely because some or all of the financial records are prepared as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee.

Note:   For the purposes of subsection   (3), a defendant bears an evidential burden in relation to the matter in subsection   (4) (see subsection   13.3(3) of the Criminal Code ).