Effect of banning orders

Offence title:

Effect of banning orders

Act:

920C Corporations Act

Offence:

(1)   If banned, a person cannot be granted an Australian Financial Services Licence.

(2)   A person must not breach a banning order.

(3)   A person commits an offence if they breach (2).

(4)   A person contravenes this subsection if they breach (2).

Penalty:

(3)   5 years imprisonment

Summary/Indictable/mixed:

Mixed

Jurisdiction:

Local, District or Supreme Court

How committed:

A mortgage broker who has been banned from acting as mortgage broker, continues to provide mortgage broking services.