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Licensing and registration requirements by State
Victoria |
The Consumer Credit (Finance Brokers) Act 1998 also
operates on a negative licensing basis. In Victoria, certain people are prohibited from operating as a finance broker - for example,
those who are bankrupt or in liquidation or receivership or administration, or those who are disqualified, such as those who have been found guilty of certain offences in the
preceding 10 years. It may be possible to gain permission to operate as a finance broker in some cases and application should be made to the Business Licensing Authority.
The Business Licensing Authority in Victoria also provides a form called the "Declaration of Eligibility to be Engaged in Finance or Mortgage Broking" which is particularly useful if
you are employing or sub-contracting a loan writer. The form helps to identify anyone who may be prohibited or disqualified. Whilst the form does not need to be sent to the BLA,
it is recommended that it be completed and kept on file for your records. Forms and further information can be found on the BLA website - www.bla.vic.gov.au .
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