Exemption by ASIC
323D Exemption by ASIC
ASIC may, by legislative instrument, exempt a scheme, or class of schemes, from all or specified provisions of section 323A.
An exemption may apply subject to any specific conditions imposed by ASIC.
Part 5—Consumer leases for indefinite terms
National Consumer Credit Protection Act 2009
63 Subsection 171(1) of the National Credit Code (heading)
Omit “or indefinite”.
64 Subsection 171(1) of the National Credit Code
Omit all the words after “or less”.
65 After subsection 171(1) of the National Credit Code
Insert:
Leases for an indefinite period
This Part does not apply to a consumer lease for an indefinite period unless:
the lessor is a constitutional corporation at the time that the lease is entered into; or
the lease was entered into in the course of constitutional trade and commerce; or
the lease was entered into using postal, telegraphic, telephonic or other like services (within the meaning of paragraph 51(v) of the Constitution).
66 Subsection 175H(1) of the National Credit Code
Omit “not later than 90 days before the end of the fixed term of a consumer lease”, substitute “by the time specified in subsection (1A)”.
67 After subsection 175H(1) of the National Credit Code
Insert:
The time by which the statement required by subsection (1) must be given is:
in the case of a consumer lease for an indefinite period—before the end of the period of 7 business days after:
the lessor receives a request for the statement from the lessee; or
if the lessor does not receive such a request before the consumer lease ends—the day that the consumer lease ends; or
in the case of a consumer lease for a fixed term—not later than 90 days before the end of the fixed term of the consumer lease.
68 Before subsection 179(1) of the National Credit Code
Insert:
Early termination of consumer leases for fixed terms
69 Subsection 179(1) of the National Credit Code
After “consumer lease”, insert “for a fixed term”.
70 After subsection 179(1) of the National Credit Code
Insert:
Consumer leases for indefinite periods
A lessee under a consumer lease for an indefinite period may, at any time, end the lease by returning the goods hired under the lease to the lessor:
during ordinary business hours; or
at such other time as may be agreed with the lessor or fixed by the court on the application of the lessee.
71 Before subsection 179(2) of the National Credit Code
Insert:
Amount payable by lessee on termination
72 Subsection 179(2) of the National Credit Code
Omit “before the end of its fixed term”.
73 Subsection 204(1) of the National Credit Code
Insert:
constitutional corporation has the same meaning as in section 5 of the National Credit Act.
constitutional trade and commerce has the same meaning as in section 5 of the National Credit Act.
Part 6—Consequential and other amendments
National Consumer Credit Protection Act 2009
74 Subsection 5(1)
Insert:
constrained document: see subsection 160CA(1).
constrained information: see subsection 160CA(1).
hardship notice has the same meaning as in section 204 of the National Credit Code.
75 Section 160A (after the paragraph beginning “Division 2”)
Insert:
Division 2A restricts the use and disclosure of certain documents and information.
76 After Division 2 of Part 3‑6A
Insert:
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