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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 2 - Dealing with clients' money    View history reference

Subdivision B - Loan money    View history reference

SECTION 982C  LICENSEE TO GIVE CLIENT STATEMENT SETTING OUT TERMS OF LOAN ETC.  

 View history reference

982C(1)  Obligation to give client a statement.  


The licensee must, in accordance with the regulations, give the client a statement setting out:


(a) the terms and conditions on which the loan is made and accepted; and


(b) the purpose for which, and the manner in which, the licensee is to use the money.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

982C(2)  Obligation to keep money in account until receive acknowledgment of receipt of statement.  


The licensee must not take money out of the account before the client has given the licensee a written acknowledgment that the client has received the statement required by subsection (1).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).


 



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