BLA - Finance brokers - Applying for permission to engage in finance broking

Applying for permission to engage in finance broking

Individuals and corporations disqualified from being a finance/mortgage broker under the Consumer Credit (Victoria) Act 1995 can apply to the Authority for permission to:

Engage in finance/mortgage broking; or,
Be a director of, manage or effectively control a corporation engaging in finance/mortgage broking.

If you are doing either of the above and become disqualified, you risk a penalty of up to 240 penalty units (one penalty unit = $110.20) if you continue to engage in finance/mortgage broking and do not apply for permission within 30 days of the disqualifying event. Additionally, individuals risk up to two year's imprisonment.

How to apply
Complete an Application for Permission Form and send it to the Business Licensing Authority with an application fee of $170.30 (no GST applicable). The Authority may also request additional information.

In your application, specify if you are seeking permission for at least one of the following:

Engage in finance/mortgage broking or be an agent or employee of a finance/mortgage broker;
Be a director of a corporation that engages in finance/mortgage broking; and/or,
Manage or effectively control a corporation that engage in finance/mortgage broking.

To give its permission, the Authority must be satisfied that:

To do so is not contrary to the public interest; and,
If the person was found guilty of an offence involving fraud, dishonesty, drug trafficking or violence, the offence was not related to behaviour while engaging in finance/mortgage broking;
In the case of suspension, cancellation or disqualification from an occupation, profession or business, it did not involve finance broking; and,
Special circumstances led to the offence, refusal, suspension, cancellation or disqualification.

Conditional permission
In giving its permission to an otherwise disqualified person to engage in finance/mortgage broking, the Authority may impose appropriate conditions to ensure ongoing protection of the public interest. If conditions are not complied with, permission may be revoked and a fine or imprisonment may result.

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Last Updated: 08/07/2008