Document ID: chunk:federal_register_of_legislation:C2022A00087:clause:4_32
Version: federal_register_of_legislation:C2022A00087
Segment Type: clause
Provision Reference: sch 4 cl 32
Character Range: 32118–32752

32  Subsection 113(3) of the National Credit Code
Repeal the subsection, substitute:

Prudential standing
 (3) The court, in considering the imposition of a penalty, must have regard primarily to the prudential standing of:
 (a) any credit provider or lessor concerned; or
 (b) any subsidiary of the credit provider or lessor (within the meaning of the Corporations Act 2001);
if the credit provider, lessor or subsidiary takes deposits or is a borrowing corporation (within the meaning of that Act). However, the court is to have regard to that prudential standing only if the credit provider or lessor requests the court to do so.