Document ID: chunk:federal_register_of_legislation:C2024C00826:section:71
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 71
Character Range: 182514–184920

71  Obligation to notify ASIC etc. about credit representatives

Requirement to notify ASIC when credit representative authorised
 (1) If a person authorises a credit representative under subsection 64(1) or 65(1), the person must, within 15 business days of the authorisation, lodge with ASIC a written notice in accordance with subsection (3).
Civil penalty: 5,000 penalty units.

Requirement to notify licensee of sub‑authorisation
 (2) If:
 (a) a person authorises a natural person as a credit representative of a licensee under subsection 65(1) (which deals with sub‑authorisations); and
 (b) the consent of the licensee to the authorisation was given in relation to a specified class of natural persons;
then the person must, within 15 business days of the authorisation, give the licensee written notice of the authorisation in accordance with subsection (3).
Civil penalty: 5,000 penalty units.

Details to be included in notice
 (3) The notice must include the following details:
 (a) the name and business address of the credit representative;
 (b) details of the authorisation, including the date on which it was made and what the credit representative is authorised to do on behalf of the licensee;
 (c) details of the external dispute resolution scheme of which the credit representative is a member;
 (d) details of each other licensee on behalf of whom the credit representative is a credit representative.

Requirement to notify ASIC of change in details etc.
 (4) If:
 (a) a person authorises a credit representative under subsection 64(1) or 65(1); and
 (b) either:
 (i) any of the details that are referred to in subsection (3) in relation to the credit representative changes; or
 (ii) the person revokes the authorisation;
then the person must, within 10 business days of the change or revocation, lodge with ASIC a written notice of the change or revocation.
Civil penalty: 5,000 penalty units.
 (5) A notice given under subsection (1), (2) or (4) must be in the approved form.

Strict liability offence
 (6) A person commits an offence if:
 (a) the person is subject to a requirement to give a notice under subsection (1), (2) or (4); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 60 penalty units.
 (7) Subsection (6) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.