Document ID: chunk:federal_register_of_legislation:C2020A00003:clause:3_53b
Version: federal_register_of_legislation:C2020A00003
Segment Type: clause
Provision Reference: sch 3 cl 53B
Character Range: 65200–66063

53B  Obligation to notify ASIC if licensee does not engage in credit activities

Requirement to notify ASIC if licensee does not engage in credit activities
 (1) If a licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted, the licensee must lodge a notification with ASIC:
 (a) in the approved form; and
 (b) before the end of 15 business days after the end of the 6 months.

Strict liability offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 30 penalty units.
 (3) Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.