Commonwealth Consolidated Regulations

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION REGULATIONS 2001 - REG 3B

Deferred sales for add - on insurance products--when consumer enters into a commitment

  (1)   For the purposes of subsection   12DO(3) of the Act, a consumer is taken to have entered into a commitment to acquire a product or service of a class specified in column 1 of the following table at the time specified in column 2.

 

Deferred sales for add - on insurance products--when consumer enters into a commitment

 

Item

Column 1

Class of product or service

Column 2

Time of entering into commitment

1

A credit card

The time at which the consumer is informed in writing of the approval of the credit facility

2

A loan secured by a mortgage, charge or other security interest over residential property in Australia

The time at which the consumer is informed in writing of the approval of the credit facility

3

A loan for the purchase of a motor vehicle

The time at which the consumer is informed in writing of the approval of the credit facility

4

A loan for personal, domestic or household purposes

The time at which the consumer is informed in writing of the approval of the credit facility

5

The hire of a motor vehicle

Either:

(a) if the consumer makes a reservation for the hire of the vehicle before taking possession of the vehicle--the time at which the consumer makes the reservation; or

(b) otherwise--the time at which the consumer takes possession of the vehicle

 

  (2)   In this regulation:

"motor vehicle" means a motor - powered road vehicle (including a 4 - wheel - drive vehicle).


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