Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:25a
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 25A
Character Range: 132661–133655

25A  Modifications—credit representatives
  For the purposes of paragraph 110(1)(c) of the Act, section 67 of the Act applies as if it were modified by adding the following subsections after subsection 67(2):
 '(3) However, if:
 (a) a person (person 1) purports to authorise a registered person (within the meaning of the Transitional Act) to engage in a credit activity as a credit representative under subsection 64(1) or 65(1); and
 (b) at the time of making the purported authorisation, person 1 reasonably believes that the registered person will engage in the credit activity only as a credit representative;
the authorisation has effect when it is given and is taken not to contravene subsection (1).
 (4) If the registered person does not request the cancellation of the registered person's registration within 15 business days after the day on which the authorisation is given, the authorisation mentioned in subsection (3) ceases to have effect at the end of the 15 business days.'.