Commonwealth Consolidated Regulations

TRADE PRACTICES (REMOVAL OF EXCEPTIONS) REGULATIONS - REG 3

(1)

For the purposes of paragraph 51 (1) (b) of the Act, a requirement by a prescribed society that a borrower from the society shall cause insurance to be effected in a State with an insurer, or one of the insurers, specified, nominated or approved by the society shall not be disregarded in determining whether a contravention of a provision of Part IV of the Act has been committed.

(2)

A reference in this regulation to a prescribed society shall be read as a reference to a building society, co-operative society or credit union.

(3)

In this regulation:

"co-operative society" means a society registered or incorporated as a co-operative society or similar society under the law in force in a State or a Territory relating to such societies.

"credit union" means a society or other body of persons:

(a) that is registered or incorporated as a credit union or credit society under the law in force in a State or a Territory relating to credit unions or credit societies; or

(b) the principal business of which consists of borrowing moneys from its members or intended members and lending those moneys to its members and which is incorporated under the law in force in a State or a Territory.