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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 4A - Special provisions relating to margin lending facilities    View history reference

Subdivision A - Responsible lending conduct for margin lending facilities    View history reference

SECTION 985J  GIVING THE RETAIL CLIENT THE ASSESSMENT  

 View history reference

985J(1)  Requirement to give assessment if requested.  


If, before the margin lending facility is issued or the limit is increased, the retail client requests a copy of the assessment from the provider, the provider must give the retail client a written copy of the assessment before issuing the facility or increasing the limit.

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

Note 2: This subsection is a civil penalty provision (see section 1317E).

Note 3: The provider is not required to give the retail client a copy of the assessment if the margin lending facility is not issued or the limit is not increased.

985J(2)  [When copy of assessment must be given]  


If, during the period that:


(a) starts on the critical day referred to in subsection 985E(1); and


(b) ends 7 years after that day;

the retail client requests a copy of the assessment from the provider, the provider must give the retail client a written copy of the assessment:


(c) if the request is made within 2 years of the critical day - before the end of 7 business days after the day the provider receives the request; and


(d) otherwise - before the end of 21 business days after the day the provider receives the request.

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

Note 2: This subsection is a civil penalty provision (see section 1317E).

985J(3)  Manner of giving assessment.  


The provider must give the retail client the copy of the assessment in the manner (if any) prescribed by the regulations.

985J(4)  No payment for assessment.  


The provider must not request or demand payment of an amount for giving the retail client a copy of the assessment.

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

Note 2: This subsection is a civil penalty provision (see section 1317E).

985J(5)  Strict liability.  


An offence based on subsection (1), (2) or (4) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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