Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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).