Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 (44 of 2010)

Schedule 3   Amendment of corporations legislation

Part 8   Enforcement and remedies relating to unfair contract terms

Australian Securities and Investments Commission Act 2001

55   Before section 12GO

Insert:

12GND Declarations

(1) The Court may, on the application of a party to a consumer contract or on the application of ASIC, declare that a term of such a contract is an unfair term.

(1A) Subsection (1) does not apply unless the consumer contract is a standard form contract that is:

(a) a financial product; or

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

(2) Subsection (1) does not limit any other power of the Court to make declarations.