Victorian Consolidated Legislation

Consumer Credit (Victoria) Act 1995 - SECT 37E

Who or what is a disqualified person?

37E. Who or what is a disqualified person?



(1) A disqualified person for the purposes of this Part is a natural person
who, or a corporation that-

   (a)  in the preceding 10 years has been found guilty-

   (i)  in Victoria or elsewhere, of an offence involving fraud, dishonesty,
        drug trafficking or violence; or

   (ii) of an offence against the Credit Act 1984, the
        Credit (Administration) Act 1984, this Act, the Consumer Credit
        (Victoria) Code or a similar enactment of another State or a Territory
        of Australia; or

   (iii) of an offence against the Finance Brokers Act 1969 or a similar
        enactment of another State or a Territory of Australia; or

   (b)  in the preceding 2 years has had their application for the grant or
        renewal of a finance broker's licence under the Finance Brokers Act
        1969 refused; or

   (c)  in the preceding 2 years has had their application for the grant or
        renewal of a finance broker's licence, or for registration to act as a
        finance broker, refused under any enactment of another State or a
        Territory of Australia; or

   (d)  is a disqualified person for the purposes of this Part by force of
        subsection (2).

(2) A natural person or a corporation that-

   (a)  has carried on any occupation, profession or business that is
        regulated under any enactment of Victoria or of the Commonwealth or of
        another State or a Territory of Australia; and

   (b)  under that enactment has had their licence, registration or permission
        to carry on that occupation, profession or business suspended or
        cancelled, or has been disqualified from carrying on that occupation,
        profession or business-

is a disqualified person for the purposes of this Part-

   (c)  in the case of a suspension, during the period of the suspension; and

   (d)  in the case of a cancellation, during the 5 years following the
        cancellation; and

   (e)  in the case of a disqualification, during the 5 years following the
        disqualification or the period of the disqualification, whichever is
        the longer.

(3) Any person that-

   (a)  immediately before 1 July 1999 held a finance broker's licence under
        the Finance Brokers Act 1969 or any enactment of another State or a
        Territory of Australia, or was registered to act as a finance broker
        under any enactment of another State or Territory of Australia; and

   (b)  but for this subsection would become a disqualified person within the
        meaning of subsection (1) at the beginning of that date by reason of a
        finding of guilt, refusal, suspension, cancellation or
        disqualification that occurred before that date-

is not to be regarded as a disqualified person for the purposes of this Part.

(4) A person that-

   (a)  at any time after 1 July 1999 becomes a disqualified person within the
        meaning of subsection (1); and

   (b)  immediately before becoming a disqualified person was engaged in
        finance broking or was a director of, or managed or effectively
        controlled, a corporation that was engaged in finance broking (as the
        case may be)-

is not to be regarded as a disqualified person for the purposes of this Part
until-

   (c)  the expiry of 30 days after becoming a disqualified person; or

   (d)  if an application for permission under Division 3 is made before that
        expiry, the application is withdrawn or refused.

Division 3-Permission to engage in finance broking