§ 6 — Regulation of debt collection businesses and debt collection activities relating to regulated businesses

6.—(1) A person must not, on or after the start date, carry on a debt collection business, or carry out any debt collection activity in the course of the business, unless the person is an entity which is authorised to carry on the debt collection business by a valid licence under this Act.(2) A person who carries on a regulated business must not, on or after the start date, carry out any debt collection activity to collect any debt that is owed to the person in the course of the regulated business, unless the person is authorised to carry out the debt collection activity under a class licence determined by the Minister under section 14(1).

(3) A person must not, on or after the start date, advertise or otherwise hold himself, herself or itself out that the person is carrying on a debt collection business unless the person holds a valid licence under this Act.

(4) Subsections (1) and (3) do not apply to an excluded person.

(5) A person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —(a)

to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both; but

(b)

where the person is a repeat offender — to a fine of not less than $20,000 and not more than $100,000 or to imprisonment for a term not exceeding 5 years or to both.

(6) In this section, “start date” means the date which falls 3 months after the date of commencement of this section.

—(1) A person must not, on or after the start date, carry on a debt collection business, or carry out any debt collection activity in the course of the business, unless the person is an entity which is authorised to carry on the debt collection business by a valid licence under this Act.

(2) A person who carries on a regulated business must not, on or after the start date, carry out any debt collection activity to collect any debt that is owed to the person in the course of the regulated business, unless the person is authorised to carry out the debt collection activity under a class licence determined by the Minister under section 14(1).

(3) A person must not, on or after the start date, advertise or otherwise hold himself, herself or itself out that the person is carrying on a debt collection business unless the person holds a valid licence under this Act.

(4) Subsections (1) and (3) do not apply to an excluded person.

(5) A person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —(a)

to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both; but

(b)

where the person is a repeat offender — to a fine of not less than $20,000 and not more than $100,000 or to imprisonment for a term not exceeding 5 years or to both.

(6) In this section, “start date” means the date which falls 3 months after the date of commencement of this section.