Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
CCH Note: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 982C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
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) ).
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