Commonwealth Consolidated Acts

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COMPETITION AND CONSUMER ACT 2010 - SECT 131A

Division does not apply to financial services

             (1)  Despite section 131, this Division does not apply (other than in relation to the application of Part 5-5 of Schedule 2 as a law of the Commonwealth) to the supply, or possible supply, of services that are financial services, or of financial products.

             (2)  Without limiting subsection (1):

                     (a)  Part 2-1 of Schedule 2 and sections 34 and 156 of Schedule 2 do not apply to conduct engaged in in relation to financial services; and

                     (b)  Part 2-3 of Schedule 2 does not apply to, or in relation to:

                              (i)  contracts that are financial products; or

                             (ii)  contracts for the supply, or possible supply, of services that are financial services; and

                     (c)  if a financial product consists of or includes an interest in land--the following provisions of Schedule 2 do not apply to that interest:

                              (i)  section 30;

                             (ii)  paragraphs 32(1)(c) and (d) and (2)(c) and (d);

                            (iii)  paragraphs 50(1)(c) and (d);

                            (iv)  section 152;

                             (v)  subparagraphs 154(1)(b)(iii) and (iv) and (2)(b)(iii) and (iv);

                            (vi)  subparagraphs 168(1)(b)(iii) and (iv); and

                     (d)  sections 39 and 161 of Schedule 2 do not apply to:

                              (i)  a credit card that is part of, or that provides access to, a credit facility that is a financial product; or

                             (ii)  a debit card that allows access to an account that is a financial product.



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