Section 982C — Corporations Act 2001: Licensee to give client statement setting out terms of loan etc.

Obligation to give client a statement (1) The licensee must, in accordance with the regulations, give the client a statement setting out: (a) the terms and conditions on which the loan is made and accepted; and (b) the purpose for which, and the manner in which, the licensee is to use the money. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). Obligation to keep money in account until receive acknowledgment of receipt of statement (2) The licensee must not take money out of the account before the client has given the licensee a written acknowledgment that the client has received the statement required by subsection (1). Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).