Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:9:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 9 (pt 1/3)
Character Range: 53263–55860

9  The conditions on the licence
 (1) For section 45 of the Act, an Australian credit licence is subject to the conditions set out in this regulation.
 (2) If:
 (a) there is a change in a matter particulars of which are entered in the credit register for licensees; and
 (b) the change is not a direct consequence of an act by ASIC;
the licensee must lodge particulars of the change with ASIC, in the approved form, within 10 business days after the change occurs.
 (3) If:
 (a) there is a change in a matter particulars of which are entered in the credit register for credit representatives; and
 (b) the change is not required to be reported in accordance with section 71 of the Act; and
 (c) the change is not a direct consequence of an act by ASIC;
the licensee must ensure that particulars of the change are lodged with ASIC in the approved form within 15 business days after the change occurs.
 (4) The licensee must ensure that each credit representative of the licensee that may give an authorisation to an individual is aware of the requirements in section 71 of the Act.
 (5) The licensee must ensure that, before the licensee authorises an individual to engage in a credit activity on its behalf as mentioned in section 64 of the Act, reasonable inquiries are made to establish:
 (a) the individual's identity; and
 (b) whether the individual has already been allocated a number by ASIC as a credit representative.
 (6) The licensee must ensure that, before a body corporate that is a credit representative of the licensee authorises an individual to engage in a credit activity on behalf of the licensee as mentioned in section 65 of the Act, reasonable inquiries are made to establish:
 (a) the individual's identity; and
 (b) whether the individual has already been allocated a number by ASIC as a credit representative.
 (7) The licensee must ensure that, if:
 (a) ASIC has allocated a number to a credit representative; and
 (b) the licensee, or a body corporate that has authorised an individual to engage in a credit activity on behalf of the licensee as mentioned in section 65 of the Act, lodges a document with ASIC that refers to the credit representative;
the document refers to the number.
 (8) The licensee must provide evidence of an authorisation of any of its credit representatives:
 (a) on request by any person; and
 (b) free of charge; and
 (c) as soon as practicable after receiving the request and, in any event, within 10 business days after the day on which it received the request.
 (9) The licensee must take reasonable steps to ensure that each of its credit