Section 112U of the Principal Act is amended by omitting subsections (1) and (2) and substituting the following subsections:

(1)  The Commission may suspend a prescribed licence by notice in writing given to the prescribed licence holder if it is satisfied that –

(a) the holder or an associate of the holder has been charged with –

(i) an offence against this Act; or

(ii) an offence involving fraud or dishonesty, whether that offence or a conviction for the offence occurred in Tasmania or elsewhere; or

(b) it is in the public interest to suspend the licence.

(1A)  The Commission may also suspend a prescribed licence by notice in writing if the prescribed licence holder fails to pay any fee, taxation, levy or other amount payable under this Act for that licence –

(a) within one month of it becoming payable; or

(b) by any later date to which the person to whom the fee, taxation, levy or other amount is payable may agree.

(2)  The suspension of a prescribed licence takes effect –

(a) on and from the date specified in the notice; and

(b) for the period specified in the notice.