Document ID: chunk:federal_register_of_legislation:F2020L01098:reg:4:p2
Version: federal_register_of_legislation:F2020L01098
Segment Type: reg
Provision Reference: reg 4 (pt 2/3)
Character Range: 4058–6952

(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 Financial Security Authority's website:
 (a) information about alternatives to entering into a debt agreement;
 (b) information about the consequences of giving the Official Receiver the proposal;
 (c) information about sources of financial advice and guidance to persons facing or contemplating entering into a debt agreement;
 (d) a statement that it is an act of bankruptcy for a debtor to give the Official Receiver a debt agreement proposal;
 (e) 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 (assuming the debtor makes all the payments required to be made under the agreement);
 (f) 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 (assuming the debtor makes all the payments required to be made under the agreement);
 (g) 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;
 (h) information about the role of the Inspector‑General in relation to registered debt agreement administrators;
 (i) details of any internal or external dispute resolution processes available to the debtor in relation to the conduct of the administrator;
 (j) details for making complaints to the Inspector‑General in relation to the conduct of the administrator.
 (5) The administrator must ensure that information given to a debtor under subsection (3) or (4) is factual and objective.

Making of records
 (6) The administrator must make a record of information given to a debtor under subsection (3) or (4) before the end of the second business day after the day that information was given.

Retention of records
 (7) If:
 (a) the administrator makes a record under subsection (6); and
 (b) the administrator administers a debt agreement resulting from the acceptance of the debt agreement proposal concerned;
the administrator must retain the record until the end of 6 years beginning on the day the debt agreement was made.

Membership of Australian Financial Complaints Authority
 (8) The administrator must be a member of the Australian Financial Complaints Authority.
 (9) However, if:
 (a) a company is a registered debt agreement administrator; and
 (b) an individual (a manager) who takes overall responsibility for managing the company's debt agreement activities is a registered debt agreement administrator;
then subsection (8) does not apply to