VIC What Defines a "Finance Company"?

[nichy]

Under the STATUTORY DECLARATIONS REGULATIONS 1993 -
SCHEDULE 2 - Part 2 Other persons - Item 214:

"Finance company officer with 5 or more years of continuous service"

I am a complete outsider and have no legal bone in me. Looking for help on this.

What is the definition of a Finance company under Australian law?
and what are the qualifications to become Finance companies?

 

[Michael T]

Hi nichy,
Can you give some more context about your situation?

 

[nichy]

Hi nichy,
Can you give some more context about your situation?

I am employed by a company. It holds an AFSL. I am to review our application process. Found Stat Dec regulations & Anti ML. Legally I am not strong and seeking to learn if this company with AFSL qualifies as Finance company. I assume it refers to banks only but I cannot find legal terminology or a definition anywhere

 

[Tim W]

1. Application process? The process used by would-borrowers?
   
   
2. No, not just banks. Any business that is engaged in financial services (as defined in the Corporations Act 2001) needs an AFSL.
   
   
3. If your employer already has one, and is not a bank, then it is very likely to be a finance company.
   
   
4. Am I correct in thinking that your employer is small(ish) business, such as a payday lender?
   

 

[nichy]

Yes, small is correct Tim & No, not a pay lender ...or P2P.
Appreciate your thoughts.

 

[Sarah J]

Hi Nichy,

A finance company does not just include banks. It is quite a broad definition and includes any type of business that lends money or financial assets or deals with them: superannuation funds, trusts, insurance companies, fund managers, pawn stores and other bailment services, investment companies, just to name a few. In brief, it is any company that deals substantially with finance rather than goods or services.

 

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