Deferred sales for add‑on insurance products—when consumer enters into a commitment
3B Deferred sales for add‑on insurance products—when consumer enters into a commitment
For the purposes of subsection 12DO(3) of the Act, a consumer is taken to have entered into a commitment to acquire a product or service of a class specified in column 1 of the following table at the time specified in column 2.
Deferred sales for add‑on insurance products—when consumer enters into a commitment | ||
|---|---|---|
Item | Column 1 Class of product or service | Column 2 Time of entering into commitment |
1 | A credit card | The time at which the consumer is informed in writing of the approval of the credit facility |
2 | A loan secured by a mortgage, charge or other security interest over residential property in Australia | The time at which the consumer is informed in writing of the approval of the credit facility |
3 | A loan for the purchase of a motor vehicle | The time at which the consumer is informed in writing of the approval of the credit facility |
4 | A loan for personal, domestic or household purposes | The time at which the consumer is informed in writing of the approval of the credit facility |
5 | The hire of a motor vehicle | Either: (a) if the consumer makes a reservation for the hire of the vehicle before taking possession of the vehicle—the time at which the consumer makes the reservation; or (b) otherwise—the time at which the consumer takes possession of the vehicle |
In this regulation:
motor vehicle means a motor‑powered road vehicle (including a 4‑wheel‑drive vehicle).
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