National Consumer Credit Protection Act. Australia

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СКАЧАТЬ may prescribe streamlined process for other applicants

      Despite sections 36 and 37, the regulations may provide that:

      (a) some or all of sections 36 and 37 do not apply in relation to particular classes of applicants; and

      (b) alternative processes apply to applications for licences by, and the grant of licences to, those classes of applicants.

      40 Licences must not be granted to certain applicants

      Banning or disqualification order in force against person

      (1) Despite subsection 37(1) and section 38, ASIC must not grant a licence that authorises a person to engage in a credit activity if a banning order or disqualification order under Part 2–4 is in force against the person in relation to that credit activity.

      Prescribed State or Territory order in force against person etc.

      (2) Despite subsection 37(1) and section 38, ASIC must not grant a licence to a person if:

      (a) the person is a natural person against whom a prescribed State or Territory order is in force; or

      (b) the person is a body corporate, and a prescribed State or Territory order is in force against a director, secretary or senior manager of the body corporate who would perform duties in relation to the credit activities to be authorised by the licence; or

      (c) the person is a partnership or the trustees of a trust, and a prescribed State or Territory order is in force against a partner or trustee who would perform duties in relation to the credit activities to be authorised by the licence.

      41 Applicant must be given hearing before refusal of licence

      ASIC may only refuse to grant a licence after giving the person who applied for the licence an opportunity:

      (a) to appear, or be represented, at a hearing before ASIC that takes place in private; and

      (b) to make submissions to ASIC in relation to the refusal.

      42 Notice of grant or refusal of licence and date of effect

      (1) ASIC must give a person (the applicant) who has applied for a licence written notice of:

      (a) ASIC’s decision on the application; and

      (b) if the decision is to grant the applicant a licence — the day on which the licence takes effect; and

      (c) if the decision is not to grant the applicant a licence — the reasons for the decision.

      (2) The licence comes into force on the day specified in the notice, which must not be before the day on which the decision to grant the licence was made.

      43 Australian credit licence numbers

      (1) ASIC must allocate each licence a unique Australian credit licence number when it is granted.

      (2) If:

      (a) a person is granted a licence; and

      (b) the person holds an Australian financial services licence;

      then the Australian credit licence number that ASIC gives to the licence held by that person must be the same number as the person’s Australian financial services licence number.

      (3) ASIC must give the licensee written notice of the Australian credit licence number.

      44 Basis on which licence is granted

      A licence granted under this Division is granted on the basis that:

      (a) conditions on the licence may be imposed, varied or revoked under section 45 or 46; and

      (b) the licence may be suspended under section 54, 55 or 56; and

      (c) the licence may be cancelled under section 54, 55 or 56; and

      (d) the licence may be varied under section 57; and

      (e) the licence may be cancelled, revoked, terminated or varied by or under later legislation; and

      (f) no compensation is payable if:

      (i) conditions on the licence are imposed, varied or revoked as referred to in paragraph (a); or(ii) the licence is suspended, cancelled, varied, revoked or terminated as referred to in paragraphs (b) to (e).

      Division 4—Conditions on an Australian credit licence

      45 The conditions on the licence

      ASIC may impose, vary or revoke conditions on licences

      (1) ASIC may, at any time:

      (a) impose conditions, or additional conditions, on a licence; and

      (b) vary or revoke conditions imposed on a licence.

      (2) ASIC may do so:

      (a) on its own initiative; or

      (b) if the licensee lodges an application with ASIC for the imposition, variation or revocation.

      (3) The application must be in the approved form.

      Notice and effect of imposition, variation or revocation of conditions

      (4) ASIC must give the licensee written notice of the imposition, variation or revocation of the conditions. The imposition, variation or revocation of the conditions comes into force on the day specified in the notice, which must not be before the day on which the decision to impose, vary or revoke the conditions was made.

      ASIC must give the licensee a hearing

      (5) Despite subsection (1), ASIC may only impose conditions or additional conditions, or vary or revoke the conditions, on the licence after giving the licensee an opportunity:

      (a) to appear, or be represented, at a hearing before ASIC that takes place in private; and

      (b) to make submissions to ASIC in relation to the conditions.

      This subsection does not apply to ASIC imposing conditions when the licence is granted.

      Condition in relation to credit activities authorised

      (6) ASIC must ensure that the licence is subject to a condition that specifies the credit activities or classes of credit activities that the licensee is authorised to engage in.

      Regulations may prescribe conditions

      (7) The licence is subject to such other conditions as are prescribed by the regulations. However, ASIC cannot vary or revoke those conditions.

      46 Licence conditions — special procedures for APRA-regulated bodies

      Special procedures for APRA-regulated bodies (other than ADIs)

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