Replacement scheme disclosure statement
46 Replacement scheme disclosure statement
(1) This section applies if, before the contract is completed, the seller becomes aware the disclosure statement in force for the unit contains:
(a) inaccurate or incomplete information; or
(b) information that is out of date.
(2) Within
20 working days after the seller becomes so aware, or a longer period agreed between the buyer and seller, the seller must give the buyer a replacement scheme disclosure statement in force under section 45(3) (a replacement statement) that corrects the information.
Example for subsection (2)
If the proposed scheme statement included in the disclosure statement has been revised, the seller must give the buyer a replacement statement that includes the revised proposed scheme statement.
(3) The seller must not compel the buyer to complete the contract before the end of 10 working days after giving the replacement statement.
(4) The seller must comply with subsections (2) and (3).
Fault element: Strict liability offence.
Maximum penalty: 100 penalty units.
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