Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p7
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 7/11)
Character Range: 36307–39507

that is the responsible entity of a registered time-sharing scheme must ensure:
                  (a) any Product Disclosure Statement for interests in the scheme and any website that is maintained by or on behalf of the responsible entity for the scheme, explains:
                     (i) if the constitution for the scheme contains provisions to the effect of paragraphs 601GA(1A)(b) to (l) as notionally inserted by ASIC Corporations (Time-sharing Schemes) Instrument 2017/272:
                         (A) that a member may lodge a hardship application requesting to withdraw from the scheme due to hardship;
                         (B) the hardship criteria and the procedures set out in paragraphs 601GA(1A)(b) to (l); and
                     (ii) if the constitution does not contain provisions to the effect of paragraphs 601GA(1A)(a) to (l)—the reason why the constitution has not been modified to include such provisions;
                     (iii) if applicable, that the responsible entity may forfeit a member's interest or exercise a power of sale on behalf of a defaulting member;
                     (iv) if applicable, the responsible entity's procedures for forfeiting a member's interest or exercising a power of sale on behalf of a defaulting member; and
                  (b) before an applicant acquires an interest in the scheme from the responsible entity or an associate at a time when no Product Disclosure Statement for the interests is in use—the person has been given the information referred to in paragraph (a) in writing.
           Written consumer warning and prominent summary of key features in the Product Disclosure Statement
              (14) A licensee that is the responsible entity of a registered time-sharing scheme must ensure that any Product Disclosure Statement for an interest in the scheme contains:
(a) on the front cover, a boxed warning (written consumer warning) in the form set out in subsection 912AK(3);
(b) on or before page 7 of the Product Disclosure Statement (counting the cover of the Product Disclosure Statement as page 1 of the Product Disclosure Statement), the following information:
                     (i) the membership term applicable to membership of the scheme;
                     (ii) any criteria used by the responsible entity to identify persons the responsible entity considers most likely to be:
                         (A)        suited to the scheme; and
                         (B)        interested in acquiring an interest in the scheme through its sales presentations (if applicable);
                     (iii) a description of the restrictions on the ability of members to cease holding an interest if they no longer want to hold an interest;
                     (iv) a statement to the effect that a member should have no expectation of being able to sell the membership on any market or get any money back;
                     (v) a description of the cooling-off period, the subject to finance rights, and the cooling-off rights;
                     (vi) a description of the key limitations on access to accommodation (such as seasonality or other factors);
                     (vii)  a summary