Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:2_5a:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 2 cl 5A (pt 1/2)
Character Range: 481792–484448

5A  Meaning of prescribed unlicensed carried over instrument lender
 (1) A prescribed unlicensed carried over instrument lender means a person:
 (a) for whom:
 (i) a prescribed State or Territory order is in force; or
 (ii) a banning or disqualification order under Division 8 of Part 7.6 of the Corporations Act 2001 is in force; or
 (iii) a judgement has been entered against as a result of a civil action taken by an agency of a State or Territory government under the old Credit Code in the last 10 years; or
 (b) who is banned from engaging in a credit activity under:
 (i) a law of a State or Territory; or
 (ii) Part 2‑4; or
 (c) who is disqualified from managing a corporation under Part 2D.6 of the Corporations Act 2001; or
 (d) who has been convicted of a serious fraud during the last 10 years; or
 (e) who is incapable of managing his or her affairs because of physical or mental incapacity; or
 (f) who is not a trustee of a trust and who is insolvent; or
 (g) who is or has been registered to engage in credit activities under Schedule 2 to the Transitional Act and whose registration was suspended or cancelled under item 23 of Schedule 2 to the Transitional Act, other than under paragraph 23(1)(a) or (b); or
 (h) who is or has been the holder of an Australian credit licence and whose licence is suspended or was cancelled under section 54, other than under paragraph 54(1)(a) or (b); or
 (i) who is or has been the holder of an Australian financial services licence and whose licence is suspended or was cancelled under section 915B of the Corporations Act 2001, other than under any of the following paragraphs of that Act:
 (i) paragraphs 915B(1)(a) or (e);
 (ii) paragraphs 915B(2)(a) or (d);
 (iii) paragraphs 915B(3)(a) or (d);
 (iv) paragraphs 915B(4)(a) or (d).
 (2) In this section person means:
 (a) if the person is a natural person—that person; and
 (b) if the person is a body corporate—each director or secretary of the body corporate; and
 (c) if the person is a partnership or a trustee of a trust—each partner of the partnership or each trustee of the trust.

2.6  Chapter 2, heading
substitute
       Chapter 2—Unlicensed carried over instrument lenders

2.7  Part 2‑1, Divisions 1 and 2
omit

2.8  Section 30
omit

2.9  Subsection 31(1)
omit
A licensee
insert
An unlicensed carried over instrument lender

2.10  Sections 32 and 33
omit

2.11  Part 2‑2, heading
substitute
       Part 2‑2—Obligations of unlicensed carried over instrument lenders

2.12  Part 2‑2, Divisions 1 to 3
omit

2.12A  Part 2‑2, Division 4 heading
substitute
Division 4—Conditions for unlicensed carried over instrument lender

2.13  Section 45