23Cancelling the registration of a broker

23 Cancelling the registration of a broker

(1) The Minister may, by writing, cancel the registration of a registered broker: (a) if the Minister is satisfied that the broker has breached a condition of the registration; or (b) if the Minister is satisfied that the broker has breached a condition of a permit given to the broker under this Part; or (c) if the broker is convicted 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; or (d) if the Minister is satisfied that the broker’s application under section 19 for the registration, or an application by the broker under subsection 21(1) to renew the registration, contained information that was false or misleading; or (e) in any other circumstances that the Minister considers appropriate. (2) The Minister must give the broker notice of the cancellation and the reasons for the cancellation. The cancellation takes effect at the time the broker receives the notice.

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

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

Automatic revocation of permits (3) If the Minister cancels a person’s registration as a registered broker, any permit held by the person under section 16 is taken to be revoked at the time that cancellation takes effect.