Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p5
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 5/11)
Character Range: 30568–33722

must not require an applicant to accept any finance offered to the applicant.
              (5) A licensee must take reasonable steps to ensure an applicant is given a spoken warning (verbal consumer warning) consisting of the words set out in subsection 912AK(4) if the applicant is present during any seminar or sales presentation (whether conducted in person or by telephone or electronic communication) relating to the registered time-sharing scheme and which involves the licensee or any of its representatives.
              (6) A licensee must not issue or sell an interest in a registered time-sharing scheme to an applicant, or allow any of its associates to do so, unless the applicant has provided the responsible entity of the scheme with the applicant's signed and dated:

                  (a)          acknowledgement of receipt of the cooling-off statement; and

                  (b)          acknowledgement of receipt of the subject to finance notice.

              (7) A licensee must maintain written records of the following for a period of 7 years:

                  (a)          the name of each applicant the licensee gives a cooling-off statement to;

                  (b)          the date the licensee gives a cooling-off statement to an applicant;

                  (c) each signed and dated acknowledgement of receipt of the cooling-off statement provided to the licensee by an applicant.
              (8) A licensee that receives an application for an interest in a registered time-sharing scheme from an applicant must give the applicant copies of the following documents for the applicant to keep by the day referred to in subsection (9):
                  (a)          the applicant's signed and dated application form;
                  (b)          a copy of the Product Disclosure Statement, if it is given under subparagraph (3)(b)(i);
                  (c)          if there is no Product Disclosure Statement for the interests in use before a person acquires an interest in the scheme—the information referred to in subparagraph (13)(b) in writing;
                  (d) the applicant's signed and dated acknowledgement of receipt of:
                  (i) the cooling off statement; and
                  (ii)  the subject to finance notice.
              (9) The day by which a licensee must give the documents referred to in subsection (8) to an applicant is:
                  (a) if the applicant has given the application to the licensee in person—the day on which the licensee receives the application; and
                  (b) otherwise—the next business day after the day the licensee receives the application.
              Cooling-off rights and subject to finance rights
              (10) A licensee that is the responsible entity of a registered time-sharing scheme must confer on an applicant for the issue or sale of an interest in the scheme from the licensee or an associate referred to in subsection (2) a right to withdraw an application made by the applicant and a right to return the interest in the scheme (if applicable), if the applicant notifies the licensee by post, email or