Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:2_45:p5
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 2 cl 45 (pt 5/8)
Character Range: 495065–497925

who satisfies the criteria to be a fit and proper person to hold a responsible person position under Prudential Standard APS 520.
Note: Prudential Standard APS 520 is in Schedule 1 to the Banking (prudential standard) determination No. 1 of 2006—Prudential Standard APS 520 Fit and Proper.

2.35  Division 6, Part 2‑2
omit

2.36  Part 2‑3, heading
substitute

       Part 2‑3—Representatives of unlicensed carried over instrument lender

2.37  Part 2‑3, Divisions 1 and 2
omit

2.38  Section 73, including the heading and subsection headings
omit each mention of
licensee
insert
unlicensed carried over instrument lender

2.39  Part 2‑3, Division 4
substitute

       Division 4—Appointment of licensee or registered person to act on behalf of prescribed unlicensed carried over instrument lender

       74  Obligation for prescribed unlicensed carried over instrument lender to appoint licensee or registered person
 (1) This section applies to a prescribed unlicensed carried over instrument lender on or after 1 July 2010.
 (2) The prescribed unlicensed carried over instrument lender:
 (a) must not engage in a credit activity in relation to a carried over instrument (other than the credit activity that is engaged in solely by the lender being the credit provider under a credit contract or the lessor under a consumer lease); and
 (b) must appoint, in writing, a licensee or registered person as the lender's representative to engage in a credit activity in relation to the carried over instrument (other than the credit activity that is engaged in solely by the lender being the status of the credit provider under a credit contract or the lessor under a consumer lease) on behalf of the lender.
Civil penalty: 5,000 penalty units.
Note: Having the status of a credit provider under a credit contract or a lessor under a consumer lease is itself a credit activity.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.

Strict liability offence
 (4) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 20 penalty units.
 (5) Subsection (4) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

       75  Lodgment obligations for prescribed unlicensed carried over instrument lender
 (1) If a licensee or registered person is appointed by a prescribed unlicensed carried over instrument lender to act on the lender's behalf, the lender must lodge with ASIC, no later than 15 business days after the appointment is made:
 (a) a copy of the appointment under