Document ID: chunk:federal_register_of_legislation:F2024C00882:clause:2_45:p4
Version: federal_register_of_legislation:F2024C00882
Segment Type: clause
Provision Reference: sch 2 cl 45 (pt 4/8)
Character Range: 492433–495305

engage in the credit activities;
 (iii) the extent to which the contravention, or likely contravention, indicates that the lender's arrangements to ensure compliance with its obligations under this Part are inadequate;
 (iv) the actual or potential financial loss to consumers, or the lender itself, arising from the contravention, or likely contravention.
 (3) For the purposes of subsection (2), an unlicensed carried over instrument lender is likely to contravene an obligation referred to in that subsection if, and only if, the person is no longer able to comply with the obligation.

Offence
 (4) 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: 6 months imprisonment.

Strict liability offence
 (5) 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: 20 penalty units.
 (6) Subsection (5) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

2.28  Subsection 53(1)
omit
A licensee must, no later than 45 days after the licensee's licence anniversary in each year,
insert
An unlicensed carried over instrument lender must, no later than 15 August in 2011 and each subsequent year,

2.29  Subsection 53(1)
omit
to the licensee.
insert
to the unlicensed carried over instrument lender.

2.30  Paragraph 53(3)(a)
omit each mention of
licensee
insert
unlicensed carried over instrument lender

2.31  Paragraph 53(3)(b)
substitute
 (b) if the unlicensed carried over instrument lender is a body corporate—a kind of person mentioned in subsection 53(7); or

2.32  Paragraph 53(3)(c)
omit
licensee
insert
unlicensed carried over instrument lender

2.33  Subsection 53(4)
omit
licensee
insert
unlicensed carried over instrument lender

2.34  Subsection 53(7), including subsection heading
substitute

Kinds of persons
 (7) For paragraph (3)(b), the kinds of persons are:
 (a) if the body corporate is not an ADI:
 (i) the Chief Executive Officer of the body corporate; or
 (ii) if the body corporate does not have a Chief Executive Officer—the person who:
 (A) is responsible for managing the affairs of the body corporate; and
 (B) has authority to make decisions in relation to the allocation of resources so that the body corporate complies with the Act; and
 (b) if the body corporate is an ADI:
 (i) the Chief Executive Officer of the body corporate; or
 (ii) a person 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