11Exemption ceases because of ASIC decision

11 Exemption ceases because of ASIC decision

(1) ASIC may, by written notice given to the provider, cancel the provider’s exemption under section 6 for an eligible credit activity if: (a) one or more of paragraphs 8(1)(c) to (i) now apply for the provider and the credit activity; or (b) a condition in section 14, 15, 16, 17 or 18 is not met for the credit activity; or (c) ASIC reasonably believes that engaging in the credit activity has resulted in significant detriment to one or more consumers.

Note 1: Before, or instead of, acting under this section for a failure to meet a condition in paragraph (b), ASIC could seek an order for the provider to comply with the condition (see subsection 110(3) of the Act).

Note 2: Before, or instead of, acting under this section because of paragraph (c), ASIC could consider making a make‑good order (see section 18).

(2) The cancellation takes effect on the day specified in the notice, which must not be a day before the notice is given to the provider. (3) Applications may be made to the Administrative Review Tribunal for review of decisions made by ASIC under subsection (1).

Note: This subsection is made for the purposes of paragraph 327(1)(i) of the Act.