NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 95 Obligation to retain financial records for 7 years

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 95

Requirement to retain financial records

  (1)   A licensee that is required by this Division to make a financial record must retain it for 7 years after the transactions covered by the record are completed.

Civil penalty:   5,000 penalty units.

Regulations

  (2)   The regulations may prescribe financial records to which subsection   (1) does not apply.

Records to be kept even if person stops carrying on business

  (3)   Financial records must be retained in accordance with this section, even if the person stops carrying on any business to which they relate.

Offence

  (4)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the conduct contravenes the requirement.

Criminal penalty:   6 months imprisonment.