20Registering brokers

20 Registering brokers

Minister’s decision (1) If a person makes an application under section 19 in accordance with section 66, the Minister must decide whether or not to register the person as a broker under this Division. (2) The Minister must, in writing, register the person as a broker under this Division if the Minister is satisfied that the person is a fit and proper person. (3) In determining whether the person is a fit and proper person, the Minister must have regard to: (a) any conviction of the person of an offence against a law of the Commonwealth, a State, a Territory or a foreign country punishable by imprisonment for 12 months or longer, if that offence was committed within the 10 years immediately before the application for registration; and (b) if the person has been previously registered under this Division—whether the person breached a condition of that registration or whether that registration was cancelled; and (c) if the person has been given a permit under this Part—whether the person has breached a condition of that permit; and (d) the financial position of the person; and (e) whether the application for registration contains information that is false or misleading; and (f) if the person is a body corporate—the following matters in relation to a manager of the body corporate: (i) any conviction of the manager of an offence covered by paragraph (a); (ii) the financial position of the manager. The Minister may have regard to any other matters that the Minister considers appropriate. (4) If the Minister is not satisfied that the person is a fit and proper person, the Minister must refuse to register the person as a broker under this Division. Notice of decision (5) The Minister must give the person notice of the Minister’s decision on the application. For a decision refusing registration, the notice must set out the reasons for the refusal.

Note 1: Section 67 deals with giving notices under this Act.

Note 2: Section 68 deals with disclosing reasons for decisions.

Period of registration (6) If the Minister registers the person as a broker under this Division, the Minister must specify in the notice under subsection (5) the day on which the registration begins. The registration is for a period of 5 years, unless cancelled earlier.

Note: Section 21 deals with renewing registration and section 23 deals with cancelling registration.

Conditions of registration (7) A registered broker’s registration is subject to any conditions specified in the notice under subsection (5).

Note: Section 22 deals with changing conditions of registration.

Automatic revocation of permits (8) If a registered broker’s registration ceases to be in force (other than because the registration is cancelled), any permit held by the broker under section 16 is taken to be revoked at the time that registration ceases to be in force.