National Consumer Credit Protection Act 2009
CHAPTER 2
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LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES
PART 2-5
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FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS
Division 3
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Trust accounts of credit service licensees
SECTION 98
OBLIGATION FOR CREDIT SERVICE LICENSEES TO MAINTAIN TRUST ACCOUNT
Requirement to maintain trust account
98(1)
The credit service licensee must maintain one more trust accounts (the trust account ) in accordance with this section.
Requirements for trust accounts
98(2)
The trust account must be maintained with an Australian ADI (within the meaning of section 9 of the Corporations Act 2001 ).
98(3)
The trust account must be designated as the credit service licensee ' s trust account.
Offence
98(4)
The credit service licensee commits an offence if:
(a) the credit service licensee is subject to a requirement under subsection (1); and
(b) the credit service licensee engages in conduct; and
(c) the conduct contravenes the requirement.
Requirement to maintain trust account
98(1)
The credit service licensee must maintain one more trust accounts (the trust account ) in accordance with this section.
Civil penalty: 5,000 penalty units.
View history note
Hide history noteRequirements for trust accounts
98(2)
The trust account must be maintained with an Australian ADI (within the meaning of section 9 of the Corporations Act 2001 ).
98(3)
The trust account must be designated as the credit service licensee ' s trust account.
Offence
98(4)
The credit service licensee commits an offence if:
(a) the credit service licensee is subject to a requirement under subsection (1); and
(b) the credit service licensee engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.