Western Australian Current Acts

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FINANCE BROKERS CONTROL ACT 1975


TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title
            
   2.      Commencement
            
   4.      Terms used
            
   5.      Exceptions to finance broker

   PART II -- The Commissioner

           Division 1 -- General  

   6.      Commissioner
            
   7.      General functions of Commissioner
            
   8.      Commissioner may delegate
            
   9A.     Arrangements with ASIC
            
   9B.     Information
            
   9.      Judicial notice

           Division 2 -- Powers of investigation and inquiry  

   13.     Investigation and inquiry by Commissioner
            
   14.     Police investigations
            
   15.     Investigators
            
   16.     Additional investigative powers
            
   17.     Compliance checks at licensee’s business premises

           Division 2A -- Specific investigatory powers  

   18.     Powers
            
   18A.    Warrant to enter premises
            
   18B.    Issue of warrant
            
   18C.    Execution of warrant
            
   18D.    Seizure
            
   18E.    Incriminating information, questions, or documents
            
   18F.    Failure to comply with investigation
            
   18G.    Obstruction of investigator
            
   18H.    Information

           Division 3 -- Review of decisions of the Commissioner  

   23.     Application for review

   PART III -- Licensing  

   24.     Application
            
   25.     Objections
            
   26.     Finance brokers to be licensed
            
   27A.    No further grants of licences
            
   27.     Grant of licence to natural person
            
   28.     Grant of licence to firm
            
   29.     Grant of licence to body corporate
            
   30.     Effect of licence
            
   31.     Duration of licence
            
   32.     Applications for renewals
            
   33.     Refusal to renew
            
   34.     Conditions on licences
            
   34B.    Suspension of licence by State Administrative Tribunal
            
   35.     Bond or guarantee in respect of licence
            
   35A.    Prescribed person exempt from bond requirements
            
   40.     Licence not transferable
            
   40A.    Prohibition against doing business with unlicensed finance brokers
            
   41.     Use of business name
            
   42.     Notice to be exhibited

   PART IV -- Controls

           Division 1 -- General  

   43.     Disability of unlicensed person
            
   44.     Remuneration of finance brokers
            
   45.     Advertisements by licensees
            
   46.     Copy of loan documents

           Division 2 -- Trust accounts  

   47.     Terms used
            
   48.     Trust accounts
            
   49.     Receipts and accounting to principal
            
   50.     Duty of finance broker to have trust accounts audited
            
   51.     Variation of date of audit
            
   52.     Qualification and approval of auditors
            
   53.     Appointment of auditor
            
   54.     Power to give directions for audit of business carried on at more than one place
            
   55.     Alteration of rights under this Division
            
   57.     Duties of finance brokers with respect to audit
            
   58.     Duty of banker with respect to audit
            
   59.     Contents of auditor’s report
            
   60.     Statement of moneys etc. held by finance broker for or on behalf of other persons
            
   61.     Auditor’s report where finance broker has not complied with Act etc.
            
   62.     Non-disclosure by auditors
            
   63.     Right of persons beneficially interested to obtain information
            
   64.     Penalty for breach
            
   65.     Remuneration of auditor
            
   66.     Finance brokers having no accounts to audit
            
   67.     Accounts of firm or body corporate or finance broker with branch office
            
   68.     Power of Commissioner to order audit of trust account
            
   69.     Finance broker to produce books etc. to auditor
            
   70.     Cost of audit
            
   71.     Application of s.
            
   72.      Power of restraining dealing with trust accounts or other accounts

           Division 3 -- Discipline  

   81.     Code of conduct for finance brokers
            
   82.     Disciplinary proceedings against finance brokers
            
   83.     Powers on inquiry

   PART V -- Miscellaneous  

   85.     Certificates
            
   87.     Immunity of officers
            
   88.     Secrecy
            
   89.     Liability of directors of body corporate
            
   90.     Other rights or remedies
            
   91.     No waiver of rights
            
   92.     General penalty
            
   92A.    Infringement notices
            
   93.     Proceedings
            
   94.     Forms
            
   95.     Regulations
           SCHEDULE


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