Cancel a licence
We will immediately cancel your licence if you:
- are convicted of a serious offence
- are affected by bankruptcy action (for individuals) or an executive officer is affected by bankruptcy action (for corporations), or wound up or struck off under the Corporations Act (for corporations).
If we cancel your licence, the licensee must return the licence within 14 days after the happening of the event.
Suspend a licence
We may suspend your licence if:
- an irregularity or deficiency occurs in your trust account
- a receiver is appointed over property
- you contravene, or are suspected of contravening, the Act.
We can suspend a licence for up to 28 days.
We must notify you within 14 days of beginning the suspension. You must return the licence to us within 14 days of receiving this notification.
Surrender a licence
If you wish to surrender your licence, you must notify us in writing and send us your licence.
The licence will be invalid from the day it is surrendered.
If you operate a trust account, you must immediately give written notice that you have closed the account. You must also give us a final audit within two months of closing the account.
Transfer a licence
You cannot transfer, sell, lend or hire a licence to another person, even if that person is suitable.
Last reviewed 01/03/2013