AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DD Cash price to be stated in certain circumstances

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DD

  (1)   A person must not, in trade or commerce, in connection with:

  (a)   the supply or possible supply of financial services; or

  (b)   the promotion by any means of the supply or use of financial services;

make a representation about an amount that, if paid, would constitute a part of the consideration for the supply of the services unless the person also specifies the cash price for the services.

Note:   Failure to comply with this subsection is an offence (see section   12GB).

  (2)   This section does not apply to dealings in securities (within the meaning of Chapter   6 of the Corporations Act).

  (3)   An offence under subsection   12GB(1) relating to subsection   (1) of this section is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .