Document ID: chunk:federal_register_of_legislation:F2020L01259:body:0:p2
Version: federal_register_of_legislation:F2020L01259
Segment Type: other
Provision Reference: 
Character Range: 2908–5354

estimate of the date on which the longest running carried over instrument will be finalised, if payments are made in accordance with the terms of the instrument;
                  (i) if the lender is a prescribed unlicensed carried over instrument lender—the grounds on which the lender is a prescribed unlicensed carried over instrument lender; and
                  (j) any other information requested by ASIC.
              The notice must be lodged with ASIC on the first day paragraphs (1)(a) and (b) both apply in relation to the lender.
              Civil penalty: 2,000 penalty units.
              (3) The lender does not have to comply with subitem (2) if the lender has lodged the notice with ASIC up to 6 weeks before it must be so lodged under that subitem.
              (4) The information contained in the notice must be current at the date the notice is lodged with ASIC.
Offence
              (5) A person commits an offence if:
                  (a) the person is subject to a requirement under subitem (2); and
                  (b) the person engages in conduct; and
                  (c) the conduct contravenes this requirement.
              Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.
Strict liability offence
              (6) A person commits an offence if:
                  (a) the person is subject to a requirement under subitem (2); and
                  (b) the person engages in conduct; and
              (c) the conduct contravenes this requirement.
              Criminal penalty: 10 penalty units
              (7) Subitem (6) is an offence of strict liability.
                  Note: For strict liability, see section 6.1 of the Criminal Code.".
            Note 1:  The declaration in this instrument substantially produces the effect that item 39A of Schedule 2 to the Transitional Credit Act (as notionally inserted by regulation 16E of the National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010 as in force on 24 May 2010) would have had but for some drafting anomalies. As a result of those anomalies, that item did not have any operation.
            Note 2: A prescribed unlicensed carried over instrument lender is defined in subsection 5(1) and section 5A of the National Consumer Credit Protection Act 2009 (as notionally inserted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010).