Document ID: chunk:federal_register_of_legislation:C2007A00044:clause:2_186la
Version: federal_register_of_legislation:C2007A00044
Segment Type: clause
Provision Reference: sch 2 cl 186LA
Character Range: 73478–74937

186LA  Inspector‑General may obtain information about debt agreement administration trust accounts

Scope

 (1) This section applies to a bank if:
 (a) the Inspector‑General believes on reasonable grounds that:
 (i) a person who is or was an administrator of a debt agreement holds or held an account with the bank; and
 (ii) the account was kept, or purportedly kept, in compliance with subsection 185LD(1); and
 (b) the Inspector‑General has asked the person:
 (i) under subsection 186K(3) or 186L(3), to give the Inspector‑General a written explanation why the person should continue to be registered as a debt agreement administrator; or
 (ii) under subsection 155H(1), to give the Inspector‑General a written explanation why the person should continue to be registered as a trustee; and
 (c) if subparagraph (b)(ii) applies—the Inspector‑General asked for the explanation on the basis of paragraph 155H(1)(fa).

Requirement

 (2) The Inspector‑General may, by written notice given to the bank, require the bank to give to the Inspector‑General, within the period and in the manner specified in the notice, such information about the account as is specified in the notice.

Offence

 (3) A person commits an offence if:
 (a) the person has been given a notice under subsection (2); and
 (b) the person omits to do an act; and
 (c) the omission contravenes a requirement in the notice.

Penalty for contravention of this subsection: 60 penalty units.