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 5
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Obligations of licensees
Subdivision C
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Notifying and remediating consumers affected by reportable situations
SECTION 51C
OBLIGATION TO KEEP RECORDS OF COMPLIANCE
Obligation to keep records of compliance
51C(1)
A licensee must keep records sufficient to enable the licensee ' s compliance with this Subdivision to be readily ascertained.
51C(2)
The regulations may specify records that the licensee must keep as part of the obligation in subsection (1) .
Offence
51C(3)
A person commits an offence if: (a) the person is subject to a requirement in relation to records under subsection (1) ; and (b) the person engages in conduct; and (c) the conduct contravenes subsection (1) .
View history note
Hide history noteObligation to keep records of compliance
51C(1)
A licensee must keep records sufficient to enable the licensee ' s compliance with this Subdivision to be readily ascertained.
51C(2)
The regulations may specify records that the licensee must keep as part of the obligation in subsection (1) .
Offence
51C(3)
A person commits an offence if: (a) the person is subject to a requirement in relation to records under subsection (1) ; and (b) the person engages in conduct; and (c) the conduct contravenes subsection (1) .
Criminal penalty: 5 years imprisonment.