Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients ' money  

Subdivision B - Loan money  

SECTION 982C   LICENSEE TO GIVE CLIENT STATEMENT SETTING OUT TERMS OF LOAN ETC.  

Obligation to give client a statement

982C(1)    
The licensee must, in accordance with the regulations, give the client a statement setting out:

(a)    the terms and conditions on which the loan is made and accepted; and

(b)    the purpose for which, and the manner in which, the licensee is to use the money.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Obligation to keep money in account until receive acknowledgment of receipt of statement

982C(2)    
The licensee must not take money out of the account before the client has given the licensee a written acknowledgment that the client has received the statement required by subsection (1).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).