FINANCE BROKERS CONTROL ACT 1975

Table of Provisions

• Long Title

PART I -- Preliminary  

• 1 Short title
 
• 2 Commencement
 
• 4 Terms used
 
• 5 Exceptions to finance broker

PART II -- The Commissioner

Division 1 -- General  

• 6 Commissioner
 
• 7 General functions of Commissioner
 
• 8 Commissioner may delegate
 
• 9A Arrangements with ASIC
 
• 9B Information
 
• 9 Judicial notice

Division 2 -- Powers of investigation and inquiry  

• 13 Investigation and inquiry by Commissioner
 
• 14 Police investigations
 
• 15 Investigators
 
• 16 Additional investigative powers
 
• 17 Compliance checks at licensee’s business premises

Division 2A -- Specific investigatory powers  

• 18 Powers
 
• 18A Warrant to enter premises
 
• 18B Issue of warrant
 
• 18C Execution of warrant
 
• 18D Seizure
 
• 18E Incriminating information, questions, or documents
 
• 18F Failure to comply with investigation
 
• 18G Obstruction of investigator
 
• 18H Information

Division 3 -- Review of decisions of the Commissioner  

• 23 Application for review

PART III -- Licensing  

• 24 Application
 
• 25 Objections
 
• 26 Finance brokers to be licensed
 
• 27A No further grants of licences
 
• 27 Grant of licence to natural person
 
• 28 Grant of licence to firm
 
• 29 Grant of licence to body corporate
 
• 30 Effect of licence
 
• 31 Duration of licence
 
• 32 Applications for renewals
 
• 33 Refusal to renew
 
• 34 Conditions on licences
 
• 34B Suspension of licence by State Administrative Tribunal
 
• 35 Bond or guarantee in respect of licence
 
• 35A Prescribed person exempt from bond requirements
 
• 40 Licence not transferable
 
• 40A Prohibition against doing business with unlicensed finance brokers
 
• 41 Use of business name
 
• 42 Notice to be exhibited

PART IV -- Controls

Division 1 -- General  

• 43 Disability of unlicensed person
 
• 44 Remuneration of finance brokers
 
• 45 Advertisements by licensees
 
• 46 Copy of loan documents

Division 2 -- Trust accounts  

• 47 Terms used
 
• 48 Trust accounts
 
• 49 Receipts and accounting to principal
 
• 50 Duty of finance broker to have trust accounts audited
 
• 51 Variation of date of audit
 
• 52 Qualification and approval of auditors
 
• 53 Appointment of auditor
 
• 54 Power to give directions for audit of business carried on at more than one place
 
• 55 Alteration of rights under this Division
 
• 57 Duties of finance brokers with respect to audit
 
• 58 Duty of banker with respect to audit
 
• 59 Contents of auditor’s report
 
• 60 Statement of moneys etc. held by finance broker for or on behalf of other persons
 
• 61 Auditor’s report where finance broker has not complied with Act etc.
 
• 62 Non-disclosure by auditors
 
• 63 Right of persons beneficially interested to obtain information
 
• 64 Penalty for breach
 
• 65 Remuneration of auditor
 
• 66 Finance brokers having no accounts to audit
 
• 67 Accounts of firm or body corporate or finance broker with branch office
 
• 68 Power of Commissioner to order audit of trust account
 
• 69 Finance broker to produce books etc. to auditor
 
• 70 Cost of audit
 
• 71 Application of s.
 
• 72 Power of restraining dealing with trust accounts or other accounts

Division 3 -- Discipline  

• 81 Code of conduct for finance brokers
 
• 82 Disciplinary proceedings against finance brokers
 
• 83 Powers on inquiry

PART V -- Miscellaneous  

• 85 Certificates
 
• 87 Immunity of officers
 
• 88 Secrecy
 
• 89 Liability of directors of body corporate
 
• 90 Other rights or remedies
 
• 91 No waiver of rights
 
• 92 General penalty
 
• 92A Infringement notices
 
• 93 Proceedings
 
• 94 Forms
 
• 95 Regulations
• SCHEDULE