National Consumer Credit Protection Act 2009
CHAPTER 2
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LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES
PART 2-2
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AUSTRALIAN CREDIT LICENCES
Division 3
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How to get an Australian credit licence
SECTION 42
NOTICE OF GRANT OR REFUSAL OF LICENCE AND DATE OF EFFECT
42(1)
[
Form and content of notice]
(a) ASIC's decision on the application; and
(b) if the decision is to grant the applicant a licence - the day on which the licence takes effect; and
(c) if the decision is not to grant the applicant a licence - the reasons for the decision. 42(2) [ Day on which licence comes into force]
ASIC must give a person (the applicant ) who has applied for a licence written notice of:
(a) ASIC's decision on the application; and
(b) if the decision is to grant the applicant a licence - the day on which the licence takes effect; and
(c) if the decision is not to grant the applicant a licence - the reasons for the decision. 42(2) [ Day on which licence comes into force]
The licence comes into force on the day specified in the notice, which must not be before the day on which the decision to grant the licence was made.