National Consumer Credit Protection Act 2009

CHAPTER 6 - COMPLIANCE AND ENFORCEMENT  

PART 6-7A - PRODUCT INTERVENTION ORDERS  

Division 2 - Product intervention orders  

SECTION 301L   ASIC TO ISSUE PUBLIC NOTICE OF PRODUCT INTERVENTION ORDERS  

Product intervention orders

301L(1)    
ASIC must serve a copy of a product intervention order that is not a legislative instrument on any person to whom ASIC considers the order applies. Failure to comply with this subsection does not invalidate the order.

301L(2)    
ASIC must publish each product intervention order, as in force for the time being, on its website.

Note:

The Legislation Act 2003 requires legislative instruments to be registered on the Federal Register of Legislation and provides for compilations of legislative instruments.

301L(3)    
ASIC must also publish on its website, with the product intervention order, a notice that:

(a) describes the significant detriment to consumers that has resulted from, or will or is likely to result from, the credit product or class of credit products to which the order relates, and sets out why the order is an appropriate way of reducing the detriment; and

(b) describes the consultation that ASIC undertook in relation to the order; and

(c) if the order comes into force after it is published - specifies the day it comes into force.

301L(4)    
ASIC must publish on its website, with the product intervention order, each declaration under section 301H (which relates to extensions of product intervention orders) that relates to the order.

Amendments of product intervention orders

301L(5)    
ASIC must serve a copy of the instrument amending a product intervention order that is not a legislative instrument on any person to whom ASIC considers the order applies. Failure to comply with this subsection does not invalidate the order.

301L(6)    
ASIC must publish on its website, with the product intervention order, each amendment of the product intervention order.

301L(7)    
ASIC must also publish on its website, with the amendment, a notice that:

(a) sets out why the amendment is appropriate; and

(b) describes the consultation that ASIC undertook in relation to the amendment; and

(c) if the day the amendment is to take effect is later than the day after the day of publication of the amendment - specifies the day the amendment is to take effect.

Revocation of product intervention orders

301L(8)    
If a product intervention order is revoked, ASIC must publish notice of the revocation on its website.