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Schedule 7—Power to obtain information, documents and evidence

Schedule 7 Power to obtain information, documents and evidence

   

Australian Securities and Investments Commission Act 2001

1  At the end of section 12GND

Add:

             (6)  If a consumer contract or a small business contract is:

                     (a)  a financial product; or

                     (b)  a contract for the supply, or possible supply, of services that are financial services;

ASIC may make such investigations or inquiries as it thinks appropriate into the terms of the contract for the purposes of determining whether or not to make an application to the Court under this section.

Competition and Consumer Act 2010

2  At the end of paragraph 155(2)(b)

Add:

                      ; or (v)  the Commission investigating or inquiring into the terms of a consumer contract or small business contract for the purposes of determining whether or not to make an application to the court under section 250 of the Australian Consumer Law.

3  Application

The amendment made by item 2 of this Schedule applies in relation to contracts entered into on or after the day this Schedule commences.