Victorian Consolidated Legislation

Consumer Credit (Victoria) Act 1995 - SECT 37C

Certain persons prohibited from engaging in finance broking

37C. Certain persons prohibited from engaging in finance broking



(1) A person is prohibited from engaging in finance broking if that person-

   (a)  in the case of a natural person-

   (i)  is under 18 years of age; or

   (ii) is an insolvent under administration; or

   (iii) is a represented person within the meaning of the
        Guardianship and Administration Act 1986; or

   (b)  in the case of a corporation-

   (i)  is an externally administered body corporate; or

   (ii) is a corporation one or more of the directors of which is-

                (A)  a person referred to in paragraph (a); or

                (B)  a disqualified person who does not hold permission given
                     by the Authority under Division 3 to be a director of a
                     corporation that engages in finance broking; or

   (iii) is a corporation that is managed or effectively controlled by a
        natural person who is-

                (A)  a person referred to in paragraph (a); or

                (B)  a disqualified person who does not hold permission given
                     by the Authority under Division 3 to manage or
                     effectively control a corporation that engages in finance
                     broking; or

   (c)  in any case, is a disqualified person that does not hold permission
        given by the Authority under Division 3 to engage in finance broking.

(2) A person prohibited by subsection (1) from doing so must not engage in
finance broking.

Penalty: In the case of a corporation, 240 penalty units; In any other case,
240 penalty units or 2 years imprisonment.