Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(regulation 28M)
4.1 Subsection 5(1), definition of licensee
substitute
"licensee" means:
(a) a person who holds a licence; or
(b) a person who has applied for a licence before 1 January 2011 in an application on which ASIC has not made a decision.
4.2 After paragraph 114(1)(e)
insert
(ea) the licensee is not required to give the consumer a quote in the circumstances prescribed by the regulations; and
4.3 After subsection 114(2)
insert
(2A) The regulations may prescribe circumstances where a licensee is not required to give the consumer a quote in accordance with subsection (2).
4.4 After subsection 114(4)
insert
No demanding payment if no quote given
(4A) The licensee must not request or demand payment of an amount for the licensee's credit assistance if the licensee has not given the consumer a quote in accordance with subsection (2).
Civil penalty: 5,000 penalty units.
4.5 Paragraph 121(2)(e)
omit
made.
insert
made;
4.6 After paragraph 121(2)(e)
insert
(f) any other information prescribed by the regulations.
4.7 After subsection 121(3)
insert
(3A) The regulations may prescribe information that need not be included in the credit proposal disclosure document, despite subsection (2).
4.8 After paragraph 137(1)(d)
insert
(da) the licensee is not required to give the consumer a quote in the circumstances prescribed by the regulations; and
4.9 After subsection 137(2)
insert
(2A) The regulations may prescribe circumstances in which a licensee is not required to give the consumer a quote in accordance with subsection (2).
4.10 After subsection 137(4)
insert
No demanding payment if no quote given
(4A) The licensee must not request or demand payment of an amount for the licensee's credit assistance if the licensee has not given the consumer a quote in accordance with subsection (2).
Civil penalty: 5,000 penalty units.
4.11 Paragraph 144(2)(d)
omit
lease.
insert
lease;
4.12 After paragraph 144(2)(d)
insert
(e) any other information prescribed by the regulations.
4.13 After subsection 144(3)
insert
(3A) The regulations may prescribe information that need not be included in the lease proposal disclosure document, despite subsection (2).