Document ID: chunk:federal_register_of_legislation:C2024C00826:section:51
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 51
Character Range: 153325–154380

51  Obligation to provide ASIC with assistance if reasonably requested

Requirement to provide assistance
 (1) If ASIC, or a person authorised by ASIC, reasonably requests assistance from a licensee in relation to whether the licensee and its representatives are complying with the credit legislation, the licensee must give ASIC or the authorised person the requested assistance.
Civil penalty: 5,000 penalty units.
 (2) If the request is in writing, it is not a legislative instrument.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement to give ASIC or an authorised person assistance under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.

Assistance may include showing ASIC credit books etc.
 (4) The assistance referred to in subsection (1) may include showing ASIC the person's credit books or giving ASIC other information.

Subdivision C—Notifying and remediating consumers affected by reportable situations