National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-5 - FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS  

Division 2 - Financial records of licensees  

SECTION 95   OBLIGATION TO RETAIN FINANCIAL RECORDS FOR 7 YEARS  
Requirement to retain financial records

95(1)    

A licensee that is required by this Division to make a financial record must retain it for 7 years after the transactions covered by the record are completed.

Civil penalty: 5,000 penalty units.

Regulations

95(2)    
The regulations may prescribe financial records to which subsection (1) does not apply.

Records to be kept even if person stops carrying on business

95(3)    
Financial records must be retained in accordance with this section, even if the person stops carrying on any business to which they relate.

Offence

95(4)    

A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 6 months imprisonment.