Document ID: chunk:federal_register_of_legislation:F2020L01098:reg:4:p1
Version: federal_register_of_legislation:F2020L01098
Segment Type: reg
Provision Reference: reg 4 (pt 1/3)
Character Range: 1372–4300

4  Registered debt agreement administrator conditions—general
 (1) For the purposes of subsection 186F(4) of the Bankruptcy Act 1966, this section sets out the conditions that a person's registration as a debt agreement administrator is subject to under subsection 186F(3) of that Act.
Note: The conditions apply to all persons (including companies that are registered debt agreement administrators). Subsection 186G(2B) of the Bankruptcy Act 1966 also allows the Minister to determine additional conditions that only apply to such companies.

Advertising or promotion
 (2) In the case of the advertising or promotion (in any form or medium) of the services of the administrator (whether the advertisement or promotion is done by, or on behalf of, the administrator):
 (a) there must be included in the advertisement or promotion the full name of the administrator and the administrator's registration number; and
 (b) the advertisement or promotion must not be false, misleading or deceptive.

Disclosure of information to debtors
 (3) The administrator must, at least 5 business days before a debtor signs a debt agreement proposal where the person specified under paragraph 185C(2)(c) of the Bankruptcy Act 1966 is the administrator, give the debtor the following information either orally or in writing using a form approved by the Inspector‑General and published on the Australian Financial Security Authority's website:
 (a) information about how a debt agreement operates and the consequences of entering into a debt agreement;
 (b) information about alternatives to entering into a debt agreement;
 (c) information about free financial counselling services;
 (d) a statement that it is an act of bankruptcy for a debtor to give the Official Receiver a debt agreement proposal;
 (e) information about the consequences of the debtor failing to make payments required to be made under a debt agreement;
 (f) an estimate of the amount of remuneration payable to the administrator for the following:
 (i) preparing the proposal;
 (ii) administering any debt agreement resulting from the acceptance of the proposal;
 (g) an estimate of the amount of charge imposed by Part 3 of the Bankruptcy (Estate Charges) Act 1997 that would be payable by the administrator in administering any debt agreement resulting from the acceptance of the proposal;
 (h) the amount of the fee that may be payable under an instrument made under section 316 of the Bankruptcy Act 1966 for giving the Official Receiver the proposal;
 (i) information about the role of the Inspector‑General in relation to registered debt agreement administrators.
 (4) The administrator must, after complying with subsection (3) in relation to a debtor and at least one business day before the debtor signs the debt agreement proposal, give the debtor the following information in writing using a form approved by the Inspector‑General and published on the Australian