sec.42Records must be kept for 7 years

### sec.42 Records must be kept for 7 years An introduction agent must keep a copy of a document required to be made under this Act for 7 years after— if the document is required to be signed—the document is signed; or if the document is not required to be signed—the document is given to a person. introduction agreements, pre-contractual disclosure statements Maximum penalty—100 penalty units. If the ownership of an introduction agent’s business changes, the agent must transfer records held by the agent to the new licensee carrying on the business. Maximum penalty—100 penalty units. If subsection (2) applies, the new licensee must comply with subsection (1) for the transferred records. (sec.42-ssec.1) An introduction agent must keep a copy of a document required to be made under this Act for 7 years after— if the document is required to be signed—the document is signed; or if the document is not required to be signed—the document is given to a person. introduction agreements, pre-contractual disclosure statements Maximum penalty—100 penalty units. (sec.42-ssec.2) If the ownership of an introduction agent’s business changes, the agent must transfer records held by the agent to the new licensee carrying on the business. Maximum penalty—100 penalty units. (sec.42-ssec.3) If subsection (2) applies, the new licensee must comply with subsection (1) for the transferred records. - (a) if the document is required to be signed—the document is signed; or - (b) if the document is not required to be signed—the document is given to a person.