Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p8
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 8/11)
Character Range: 39195–42078

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 of the fees and costs involved in acquiring and holding an interest that contains a cross-reference to where further information about those fees and costs can be found in the Product Disclosure Statement;
                     (viii)  for schemes with a points-based program—a summary of how the program works and a cross-reference to where further information about the operation of the program can be found in the Product Disclosure Statement.
           Licensee must notify of non-compliance
              (15) If a licensee that is the responsible entity of a registered time-sharing scheme becomes aware that it, or any of its associates, has failed to comply with any of subsections (3), (application accompanied by a cooling-off statement and subject to finance notice), (5) (verbal consumer warning), (6) (signed and dated documents received from applicant), and (8) (give applicant copies of specified documents)  in relation to the issue or sale of an interest in a time-sharing scheme to an applicant by the licensee, the licensee must immediately give a written notice to the applicant that:
(a) describes the failure to comply; and
(b) the applicant may give the licensee a written notice by post or by any manner described in the Product Disclosure Statement within 21 days of the date of the licensee's notice to the applicant of its failure to comply; and
(c) specifies that if the applicant gives the licensee a notice referred to in paragraph (b):
(i) the applicant will be entitled to a refund from the licensee within 14 days of the notice of all amounts paid in relation to the interest in the scheme and any application for finance from a related finance provider (less the reasonable value of the services supplied by the related finance provider up to the date of termination of any contract between the applicant the credit provider and less any amount paid to the applicant under a provision of the constitution of the scheme to the effect of subparagraph 601GA(1A)(l)(vi)); and
(ii) any contract (other than the constitution of the scheme) between the applicant and licensee in relation to the interest in the time-sharing scheme will be void; and
(iii) the interest in the scheme will be returned to the responsible entity.
           Charges and levies
              (16) A licensee that is the responsible entity of a registered time-sharing scheme must:
                  (a) pay and ensure that any of its associates pay the same continuing charges and levies (such as maintenance levies and special levies) as a member would be required