Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:104
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 104
Character Range: 370136–371541

104  Declaration about purpose of lease
 (1) For subsection 172(5) of the Code, the form of the declaration is:
  'I/We declare that the goods to be hired by me/us from the lessor are to be hired wholly or predominantly for business purposes.'
 (2) The declaration must contain the following warning immediately below the words of the declaration mentioned in subregulation (1) or, if the consumer lease is to be made by electronic communication, prominently displayed when (but not after) the person signs:

      IMPORTANT
      You should only sign this declaration if the goods are hired wholly or predominantly for business purposes.
      By signing this declaration you may lose your protection under the National Credit Code.
 (3) The declaration must contain:
 (a) the signature of each person making the declaration; and
 (b) either the date on which the declaration is signed or the date on which it is received by the lessor.
Note: The Code applies to consumer leases only if the goods are hired for personal, domestic or household purposes. Subsection 172(2) of the Code provides that goods hired under a consumer lease are presumed not to be hired for those purposes if the lessee declares, before hiring the goods, that the goods are hired wholly or predominantly for business purposes.
 The declaration is not effective unless it is substantially in the form required by the regulations.