Finance Brokers Control Act 1975 (WA)

Western Australia Finance Brokers Control Act 1975 Western Australia Finance Brokers Control Act 1975 Contents Part I — Preliminary 1. Short title 2 2. Commencement 2 4. Terms used 2 5. Exceptions to finance broker 4 Part II — The Commissioner Division 1 — General 6. Commissioner 6 7. General functions of Commissioner 6 8. Commissioner may delegate 7 9A. Arrangements with ASIC 7 9B. Information 8 9. Judicial notice 9 Division 2 — Powers of investigation and inquiry 13. Investigation and inquiry by Commissioner 9 14. Police investigations 9 15. Investigators 10 16. Additional investigative powers 10 17. Compliance checks at licensee's business premises 11 Division 2A — Specific investigatory powers 18. Powers 12 18A. Warrant to enter premises 13 18B. Issue of warrant 14 18C. Execution of warrant 15 18D. Seizure 16 18E. Incriminating information, questions, or documents 17 18F. Failure to comply with investigation 17 18G. Obstruction of investigator 19 18H. Information 19 Division 3 — Review of decisions of the Commissioner 23. Application for review 20 Part III — Licensing 24. Application 21 25. Objections 21 26. Finance brokers to be licensed 22 27A. No further grants of licences 22 27. Grant of licence to natural person 22 28. Grant of licence to firm 23 29. Grant of licence to body corporate 24 30. Effect of licence 25 31. Duration of licence 26 32. Applications for renewals 26 33. Refusal to renew 27 34. Conditions on licences 28 34B. Suspension of licence by State Administrative Tribunal 28 35. Bond or guarantee in respect of licence 29 35A. Prescribed person exempt from bond requirements 30 40. Licence not transferable 31 40A. Prohibition against doing business with unlicensed finance brokers 32 41. Use of business name 32 42. Notice to be exhibited 33 Part IV — Controls Division 1 — General 43. Disability of unlicensed person 34 44. Remuneration of finance brokers 34 45. Advertisements by licensees 36 46. Copy of loan documents 37 Division 2 — Trust accounts 47. Terms used 37 48. Trust accounts 37 49. Receipts and accounting to principal 38 50. Duty of finance broker to have trust accounts audited 39 51. Variation of date of audit 41 52. Qualification and approval of auditors 42 53. Appointment of auditor 42 54. Power to give directions for audit of business carried on at more than one place 43 55. Alteration of rights under this Division 43 57. Duties of finance brokers with respect to audit 44 58. Duty of banker with respect to audit 44 59. Contents of auditor's report 44 60. Statement of moneys etc. held by finance broker for or on behalf of other persons 45 61. Auditor's report where finance broker has not complied with Act etc. 46 62. Non‑disclosure by auditors 46 63. Right of persons beneficially interested to obtain information 47 64. Penalty for breach 47 65. Remuneration of auditor 48 66. Finance brokers having no accounts to audit 48 67. Accounts of firm or body corporate or finance broker with branch office 48 68. Power of Commissioner to order audit of trust account 49 69. Finance broker to produce books etc. to auditor 49 70. Cost of audit 49 71. Application of s. 62 50 72. Power of restraining dealing with trust accounts or other accounts 50 Division 3 — Discipline 81. Code of conduct for finance brokers 52 82. Disciplinary proceedings against finance brokers 52 83. Powers on inquiry 52 Part V — Miscellaneous 85. Certificates 54 87. Immunity of officers 54 88. Secrecy 54 89. Liability of directors of body corporate 56 90. Other rights or remedies 56 91. No waiver of rights 56 92. General penalty 56 92A. Infringement notices 56 93. Proceedings 58 94. Forms 59 95. Regulations 59 Schedule — Formula for calculating percentage rate of interest 1. Formula for calculating percentage rate of interest 61 Notes Compilation table 63 Uncommenced provisions table 65 Other notes 66 Defined terms Western Australia Finance Brokers Control Act 1975 An Act to make provision with respect to the licensing, regulation, and supervision of finance brokers, and for related purposes.