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Section 12DC Australian Securities and Investments Commission Act
False or misleading representations in relation to financial products that involve interests in land

Division 2, subdivision D of the Australian Securities and Investments Commission Act 2001 contains consumer protections relating to financial services and products, including prohibitions of misleading or deceptive conduct, false or misleading representations, cash prizes, rebates, bait advertising, referral selling, pyramid-type schemes, harassment, coercion and unsolicited offers of credit and debit cards.

Section 12DC is titled False or misleading representations in relation to financial products that involve interests in land and forms part of that subdivision.

The section is extracted below.

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The Legislation

False or misleading representations in relation to financial products that involve interests in land

(1) A person must not, in trade or commerce, in connection with the supply, or the possible supply, of a financial product that consists of, or includes, an interest in land, or in connection with the promotion by any means of a financial product that consists of, or includes, an interest in land:
(a) represent that the person has a sponsorship, approval or affiliation it does not have; or
(b) make a false or misleading representation concerning the nature of the interest in the land, the price payable for the financial product, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put or the existence or availability of facilities associated with the land.
Note: Failure to comply with this subsection is an offence (see section 12GB).

(1AA) Subsection (1) applies whether or not a representation is made before or after the financial product consists of, or includes, an interest in land.

(1A) 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 .

(2A) A person contravenes this subsection if:
(a) a person uses physical force or undue harassment or coercion; and
(b) the person uses such force, harassment or coercion in connection with the supply, or the possible supply, of a financial product mentioned in subsection (1), or the payment for such a financial product.
Note: Failure to comply with this subsection is an offence (see section 12GB).

(2B) Subsection (2A) applies whether or not a person uses physical force, undue harassment or coercion before or after the financial product consists of, or includes, an interest in land.

(2C) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraph (2A)(b) of this section.
Note: For strict liability , see section 6.1 of the Criminal Code .

(2D) Nothing in this section is to be taken as implying that other provisions in this Subdivision do not apply in relation to the supply or acquisition, or the possible supply or acquisition, of a financial product mentioned in subsection (1).

(3) In this section:
“interest” , in relation to land, means:
(a) a legal or equitable estate or interest in the land; or
(b) a right of occupancy of the land, or of a building or part of a building erected on the land, arising by virtue of the holding of shares, or by virtue of a contract to purchase shares, in an incorporated company that owns the land or building; or
(c) a right, power or privilege over, or in connection with, the land.

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  8. Accredited Specialists

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  12. Convenience

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    • the Sydney CBD, on Castlereagh Street, directly opposite Downing Centre Court,
    • Liverpool, directly opposite Liverpool Local Court, and
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    If you are going to court and wish to arrange a free first consultation, call our 24 hour hotline on (02) 9261 8881 or send us an email at info@sydneycriminallawyers.com.au.

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