AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GFA Recovering commissions that exceed a cap under section 12DMC

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GFA

  (1)   If:

  (a)   a person provides a commission to another person in connection with the supply (by any person to any person) of a financial service; and

  (b)   the financial service is the provision of an add - on risk product to another person (the consumer ) in connection with:

  (i)   the sale or long - term lease of a motor vehicle to the consumer; or

  (ii)   the provision of credit connected with the sale or long - term lease of a motor vehicle to the consumer; and

  (c)   providing the commission contravenes section   12DMC;

the consumer is entitled to recover the value of the commission from the person.

Note:   For the value of the commission, see subsections   12DMC(5) to (7).

  (2)   If:

  (a)   a person (the motor vehicle dealer ) receives a commission in connection with the supply (by any person to any person) of a financial service; and

  (b)   the financial service is the provision of an add - on risk product to the motor vehicle dealer in connection with the giving of a warranty by the motor vehicle dealer in connection with the sale or long - term lease of a motor vehicle to another person (the consumer ); and

  (c)   providing the commission contravenes section   12DMC;

the consumer is entitled to recover the value of the commission from the motor vehicle dealer.

Note:   For the value of the commission, see subsections   12DMC(5) to (7).

  (3)   This section does not affect the other person's right to recover loss or damage under section   12GF.