50Prohibition on receiving loans unless details recorded

#### 50 Prohibition on receiving loans unless details recorded 50 Prohibition on receiving loans unless details recorded (cf section 96G EFED Act) > > (1) It is unlawful for a person to receive a reportable loan (other than a loan from a financial institution), unless, within 30 days of receiving the loan, the person makes a record of the following— > > > > > (a) the terms and conditions of the loan, > > > > > (b) the name and address of the entity or other person making the loan. > > > (2) For the purposes of this section— > > > > > (a) separate loans made by one entity or other person to the same party, elected member, group, candidate or person within a relevant disclosure period are to be aggregated and treated as a single loan, and > > > > > (b) each transaction in which credit is provided by the use of a credit card is taken to be a separate loan. > > > (3) In this section— > > > > financial institution means an entity whose principal business is the provision of financial services or financial products, and includes an authorised deposit-taking institution. > > > > loan means an advance of money, the provision of credit or any other transaction that in substance effects a loan of money. > > > > reportable loan means a loan that, if it had been a gift, would be a reportable political donation that is required to be disclosed under this Part. > > **s 50:** Am 2026 No 6, Sch 2\[18\].