Document ID: chunk:federal_register_of_legislation:C2024C00826:section:70
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 70
Character Range: 181680–182514

70  Obligation to vary or revoke authorisation that ceases to have effect

Requirement to vary or revoke authorisation
 (1) If a person:
 (a) has authorised a credit representative under subsection 64(1) or 65(1); and
 (b) becomes aware of a matter because of which the authorisation of the credit representative has ceased to have effect under this Division;
the person must, as soon as practicable:
 (c) revoke the authorisation; or
 (d) vary the authorisation so that it is no longer, to any extent, of no effect under this Division.
Civil penalty: 5,000 penalty units.

Offence
 (2) A person commits an offence if:
 (a) the person is required to vary or revoke an authorisation under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes subsection (1).
Criminal penalty: 2 years imprisonment.