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ARTICLE · 14 JULY 2006

Residency Exemption - Finance Brokers Control Act (WA)

Gadens Lawyers
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On 5 May 2006 the Western Australian Government proclaimed a regulation removing the requirement for a WA-licensed finance broker to be resident in WA.

AustraliaCorporate/Commercial Law

Key points

  • On 5 May 2006 the Western Australian Government proclaimed a regulation removing the requirement for a WA-licensed finance broker to be resident in WA.
    • Non-WA companies can now obtain a licence when they have no WA resident directors, but one or two of the directors will need to obtain an individual WA finance brokers licence.
    • WA is still considering the "up the line" exemption and the "responsible officer" exemption.

    Background

    The Finance Brokers Control Act requires finance brokers who lend to WA residents or conduct business in WA to be licensed in WA. "Finance broker" is widely defined and includes intermediaries or managers in respect of both loans regulated and not regulated by the Uniform Consumer Credit Code.

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