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Trade Practices Legislation Amendment Bill (No. 1) 2007

Schedule 3 Unconscionable conduct

   

Australian Securities and Investments Commission Act 2001

1  After paragraph 12CC(2)(j)

Insert:

                     (ja)  whether the supplier has a contractual right to vary unilaterally a term or condition of a contract between the supplier and the service recipient for the supply of the financial services; and

2  After paragraph 12CC(3)(j)

Insert:

                     (ja)  whether the acquirer has a contractual right to vary unilaterally a term or condition of a contract between the acquirer and the business supplier for the acquisition of the financial services; and

3  Subsection 12CC(8)

Omit “$3,000,000”, substitute “$10,000,000”.

4  Subsection 12CC(9)

Omit “$3,000,000”, substitute “$10,000,000”.

Trade Practices Act 1974

5  After paragraph 51AC(3)(j)

Insert:

                     (ja)  whether the supplier has a contractual right to vary unilaterally a term or condition of a contract between the supplier and the business consumer for the supply of the goods or services; and

6  After paragraph 51AC(4)(j)

Insert:

                     (ja)  whether the acquirer has a contractual right to vary unilaterally a term or condition of a contract between the acquirer and the small business supplier for the acquisition of the goods or services; and

7  Subsection 51AC(9)

Omit “$3,000,000”, substitute “$10,000,000”.

8  Subsection 51AC(10)

Omit “$3,000,000”, substitute “$10,000,000”.

9  Application of amendments

The amendments made by this Schedule apply in relation to conduct engaged in after the commencement of the amendments in relation to contracts for the supply or acquisition of goods or services made before or after commencement.

 

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 20 June 2007

Senate on 9 August 2007 ]

(131/07)