Exemptions and modifications by ASIC
163 Exemptions and modifications by ASIC
ASIC may:
exempt:
a person; or
a person and all of the person’s credit representatives;
from all or specified provisions to which this Part applies; or
exempt a credit contract from all or specified provisions to which this Part applies; or
exempt a consumer lease from all or specified provisions to which this Part applies; or
declare that provisions to which this Part applies apply in relation to a person, credit contract or consumer lease as if specified provisions were omitted, modified or varied as specified in the declaration.
An exemption or declaration under subsection (1) is not a legislative instrument.
ASIC may, by legislative instrument:
exempt a class of persons from all or specified provisions to which this Part applies; or
exempt a class of credit contracts from all or specified provisions to which this Part applies; or
exempt a class of consumer leases from all or specified provisions to which this Part applies; or
declare that provisions to which this Part applies apply in relation to a class of persons, credit contracts or consumer leases, as if specified provisions were omitted, modified or varied as specified in the declaration.
An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The court may order the person to comply with the condition in a specified way. Only ASIC may apply to the court for the order.
An exemption or declaration under subsection (1) must be in writing and ASIC must publish notice of it on its website.
If conduct (including an omission) of a person would not have constituted an offence if a particular declaration under paragraph (1)(d) or (3)(d) had not been made, that conduct does not constitute an offence unless, before the conduct occurred:
the text of the declaration was published by ASIC on its website; or
ASIC gave written notice setting out the text of the declaration to the person;
(in addition to complying with the requirements of the Legislation Act 2003 if the declaration is made under subsection (3)).
In a prosecution for an offence to which subsection (6) applies, the prosecution must prove that paragraph (6)(a) or (b) was complied with before the conduct occurred.
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