Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 4   Caps on commissions

Australian Securities and Investments Commission Act 2001

2   Subsection 12BA(1)

Insert:

add-on risk product has the meaning given by subsection 12DMC(2).

Australian Consumer Law means Schedule 2 to the Competition and Consumer Act 2010 as applied under Subdivision A of Division 2 of Part XI of that Act.

commission includes:

(a) any financial or other benefit in the nature of a commission; and

(b) in relation to an add-on risk product provided to a person in connection with the person providing a warranty to another person - the amount (if any) by which the consideration for the warranty exceeds so much of the consideration for the add-on risk product as relates to the warranty.

It may take any form of monetary consideration, or any form of non-monetary consideration to which a monetary value can be assigned.

long-term lease , of a motor vehicle, means a contract for the hire of the motor vehicle for a fixed period of more than 4 months, or for an indefinite period.

money has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.

motor vehicle means:

(a) any motor-powered vehicle of a kind intended for use as land transport (other than rail transport), whether or not it is for use on a road; or

(b) any other vehicle of a kind intended to be towed by such a motor-powered vehicle;

but does not include a vehicle (other than a vehicle for use on a road) that is of a kind intended primarily for use by persons with restricted mobility.

National Credit Code has the same meaning as in the National Consumer Credit Protection Act 2009.