Document ID: chunk:federal_register_of_legislation:C2024C00826:section:31
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 31
Character Range: 108181–108909

31  Prohibition on conducting business with unlicensed persons

Prohibition on conducting business with unlicensed persons
 (1) A licensee must not:
 (a) engage in a credit activity; and
 (b) in the course of engaging in that credit activity, conduct business with another person who is engaging in a credit activity;
if, by engaging in the credit activity, the other person contravenes section 29 (which deals with the requirement to be licensed).
Civil penalty: 5,000 penalty units.

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