Document ID: chunk:federal_register_of_legislation:C2020A00135:clause:4_14
Version: federal_register_of_legislation:C2020A00135
Segment Type: clause
Provision Reference: sch 4 cl 14
Character Range: 74422–75264

14  At the end of section 145 of the National Credit Code
Add:

ASIC determinations of caps on commissions
 (6) Despite subsection (1), this section does not apply to commission mentioned in that subsection if the insurance:
 (a) is an add‑on risk product of a kind covered by a determination under subsection 12DMC(3) of the Australian Securities and Investments Commission Act 2001; and
 (b) is provided in connection with:
 (i) the sale or long‑term lease of a motor vehicle; or
 (ii) the provision of credit connected with the sale or long‑term lease of a motor vehicle.
Note: Under subsection 12DMC(3) of the Australian Securities and Investments Commission Act 2001, ASIC may determine caps for commissions provided in connection with consumer credit insurance for credit connected with the sale or long‑term lease of a motor vehicle.