186HApplication to change or remove registration conditions

186H  Application to change or remove registration conditions

 (1) If there are conditions on a person’s registration as a debt agreement administrator, the person may apply to the Inspector‑General for the conditions to be changed or removed.

 (1A) Subsection (1) does not apply in relation to conditions determined in an instrument under subsection 186F(4) or 186G(2B).

 (2) The application must:

 (b) be accompanied by such information and documents (if any) as are specified in the regulations.

 (3) After considering an application made under subsection (1), the Inspector‑General must:

 (a) decide that the conditions on the applicant’s registration as a debt agreement administrator should not be changed or removed; or

 (b) decide that specified modifications should be made to the conditions imposed on the applicant’s registration as a debt agreement administrator.

Note: See the definition of modifications in subsection 5(1).

Notice of decision

 (4) If the Inspector‑General decides that the conditions on the applicant’s registration as a debt agreement administrator should not be changed or removed, the Inspector‑General must give the applicant a written notice of the decision, and the reasons for it.

 (5) If the Inspector‑General decides that specified modifications should be made to the conditions imposed on the applicant’s registration as a debt agreement administrator, the Inspector‑General must give the applicant a written notice of the decision, and the reasons for it.

 (6) The applicant may apply to the Administrative Review Tribunal for review of a decision of the Inspector‑General made under this section.

 (7) In subsection (6):

decision has the same meaning as in the Administrative Review Tribunal Act 2024.

Subdivision BA—Insurance

186HA  Registered debt agreement administrator to maintain insurance

 (1) A person who is a registered debt agreement administrator must maintain:

 (a) adequate and appropriate professional indemnity insurance; and

 (b) adequate and appropriate fidelity insurance;

against the liabilities that the person may incur working as a registered debt agreement administrator.

Penalty: 1,000 penalty units.

Penalty for contravention of this subsection: 60 penalty units.

Subdivision C—Surrender and cancellation of registration as a debt agreement administrator