Darren Chester (Gippsland, National Party, Minister for Veterans' Affairs) Share this | Link to this | Hansard source

I present a supplementary explanatory memorandum to the Treasury Laws Amendment (Australian Consumer Law Review) Bill 2018. I move the government amendment as circulated:

Schedule 7, item 1, page 10 (lines 5 to 14), omit the item, substitute:

1 At the end of section 13

Add:

(7) If a consumer contract or a small business contract is:

(a) a financial product; or

(b) a contract for the supply, or possible supply, of services that are financial services;

ASIC may make such investigations as it thinks expedient into the terms of the contract for the purposes of determining whether or not to make an application to the Court under section 12GND.

(8) Expressions used in subsection (7) that are defined in Division 2 of Part 2 have the same meaning as in that Division.

Question agreed to.

Bill, as amended, agreed to.