3) The notice must include the following details:
a) the name and business address of the credit representative;
b) details of the authorisation, including the date on which it was made and what the credit representative is authorised to do on behalf of the licensee;
c) details of the external dispute resolution scheme of which the credit representative is a member;
d) details of each other licensee on behalf of whom the credit representative is a credit representative.
Requirement to notify ASIC of change in details etc.
4) If:
a) a person authorises a credit representative under subsection 64(1) or 65(1); and
b) either:
i) any of the details that are referred to in subsection (3) in relation to the credit representative changes; or(ii) the person revokes the authorisation;
then the person must, within 10 business days of the change or revocation, lodge with ASIC a written notice of the change or revocation.
Civil penalty: 2,000 penalty units.
5) A notice given under subsection (1), (2) or (4) must be in the approved form.
Strict liability offence
6) A person commits an offence if:
a) the person is subject to a requirement to give a notice under subsection (1), (2) or (4); and
b) the person engages in conduct; and
c) the conduct contravenes the requirement.
Criminal penalty: 25 penalty units, or 6 months imprisonment, or both.
7) Subsection (6) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
72 Credit representative numbers
(1) Within a reasonable period after receiving a notice under subsection 71(1) of the authorisation of a credit representative, ASIC must allocate the credit representative a unique credit representative number.
(2) ASIC must give written notice of the credit representative number to:
(a) the credit representative; and
(b) the person who authorised the credit representative.
(3) This section does not apply in relation to a credit representative that has already been allocated a credit representative number.
Division 3—Information about representatives
73 ASIC may give licensee information about representatives
ASIC may give licensee information about representatives
1) If ASIC considers it appropriate to do so, it may give information to a licensee about a person whom ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.
Requirements about use of information
2) A licensee to whom information is given under subsection (1) may make use of, make a record of, or give to another person, the information for a purpose connected with:
a) the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or
b) the licensee taking action pursuant to such a decision.
3) A licensee to whom information is given under subsection (1) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection (2).
Civil penalty: 2,000 penalty units.
4) A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection may make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.
5) A person to whom information has been given for a purpose or purposes under subsection (2) or (4) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection (4).
Civil penalty: 2,000 penalty units.
Offence
6) A person commits an offence if:
a) the person is subject to a requirement under subsection (3) or (5); and
b) the person engages in conduct; and
c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units, or 1 year imprisonment, or both.
Qualified privilege
7) A person has qualified privilege in relation to an act done by the person under subsection (2) or (4).
Use of information obtained under this section in court
8) A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:
a) for a purpose connected with:
i) a licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or
(ii) a licensee taking action pursuant to that decision; or (iii) proving in proceedings in that court that particular action taken by a licensee in relation to the representative was taken pursuant to that decision; or
b) in proceedings in that court, in so far as the proceedings relate to an alleged contravention of this section; or
c) in proceedings about giving to a court false information some, at least, of which was the information given under this section.
9) For the purposes of subsection (8), a licensee takes action in relation to a representative if the licensee:
a) takes action by way of making, terminating or varying the terms and conditions of an agreement; or
b) otherwise takes action in relation to an agreement;
to the extent that the agreement relates to the representative acting on behalf of the licensee.
10) Subsection (8) also has the effect it would have if:
a) a reference in it to a court were a reference to a court of an external Territory or of a country outside Australia and the external Territories; and
b) paragraph (8)(b) were omitted.
Division 4—Liability of licensees for representatives
74 Application of this Division
This Division applies to any conduct of a representative of a licensee:
a) that relates to a credit activity; and
b) on which a third person (the client) could reasonably be expected to rely; and
c) on which the client in fact relied in good faith.
75 Responsibility if representative of only one licensee
If the representative is the representative of only one licensee, the licensee is responsible, as between the licensee and the client, for the conduct of the representative, whether or not the representative’s conduct is within the authority of the licensee.
76 Representatives of multiple licensees
When this section