21Renewing registration

21 Renewing registration

Application for renewal (1) A registered broker may apply to the Minister to renew the person’s registration (the current registration).

Note: Section 66 sets out application requirements.

(2) An application under subsection (1) must be made at least 3 months but not more than 6 months before the current registration is due to end. Minister’s decision (3) If a person makes an application under subsection (1) in accordance with subsection (2) and section 66, the Minister must decide whether or not to renew the person’s current registration. (4) The Minister must, in writing, renew the person’s current registration if the Minister is satisfied that the person is a fit and proper person. (5) In determining whether a 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 renewal; and (b) whether the person has breached a condition of the current registration; 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 renewal 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. (6) If the Minister is not satisfied that the person is a fit and proper person, the Minister must refuse to renew the person’s current registration. Notice of decision (7) The Minister must give the person notice of the Minister’s decision on the application. For a decision refusing renewal, 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.

Minister renews registration before expiry of registration (8) If the Minister renews the person’s current registration before the end of the period of that registration and that registration is not cancelled before the end of that period: (a) that registration is renewed for a period of 5 years beginning on the day after the last day of the current registration, unless cancelled earlier; and (b) that registration is renewed subject to the conditions applying to the current registration immediately before the renewal begins.