Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 993D

Failing to pay loan money into account as required

             (1)  A financial services licensee contravenes this subsection if:

                     (a)  the licensee is required by subsection 982B(1) to pay particular money into an account in accordance with that subsection; and

                     (b)  the licensee does not pay the money into an account in accordance with that subsection.

Fault-based offence

             (2)  A person commits an offence if the person contravenes subsection (1).

Strict liability offence

             (3)  A person commits an offence of strict liability if the person contravenes subsection (1).

Civil liability

             (4)  A person contravenes this subsection if the person contravenes subsection (1).

Note:          This subsection is a civil penalty provision (see section 1317E).