Document ID: chunk:federal_register_of_legislation:C2022A00087:clause:4_147a
Version: federal_register_of_legislation:C2022A00087
Segment Type: clause
Provision Reference: sch 4 cl 147A
Character Range: 22495–23972

147A  Licensee who makes representations about credit assistance in relation to consumer leases for household goods must display and give information

Requirement
 (1) If a licensee represents that the licensee provides, or is able to provide, credit assistance to consumers in relation to consumer leases for household goods, the licensee must:
 (a) display information; and
 (b) give information to consumers;
in accordance with any determination made by ASIC under subsection (2).
Civil penalty: 5,000 penalty units.
 (2) ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection (1):
 (a) the information that the licensees must display;
 (b) how the licensees must display the information;
 (c) when the licensees must display the information;
 (d) the information that the licensees must give to consumers;
 (e) how the licensees must give the information to consumers;
 (f) when the licensees must give the information to consumers.
 (3) In making a determination under subsection (2), ASIC must take into account the risks associated with consumer leases for household goods and the alternatives that may be available to consumers.

Offence
 (4) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.