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ASIC begins consumer credit surveillance

by Hilary Kincaid 24. September 2010 15:17

ASIC has begun its first nationwide surveillance activity to detect people and businesses engaging in credit activities without registration. Engaging in credit activities without registration has been an offence since 1 July 2010.

ASIC will be in the field from now until the end of the year.  Although the legislation allows for ASIC to prosecute or seek a civil remedy from the courts for non-compliance, the primary focus of the surveillance activity is to promote and drive compliance with the new consumer credit regime.

The maximum criminal penalties for operating without registration or a licence are $22,000 for individuals and $110,000 for corporations, or two years imprisonment, or both; or civil penalties of up to $220,000 for individuals and $1.1 million for corporations, partnerships or multiple trustees.

More information is available on the official ASIC site.

For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law.


Tags:

ASIC | Australian Consumer Credit Law | Compliance



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