Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person contravenes this subsection if:
(a) the person, in trade or commerce, accepts payment or other consideration for financial services; and
(b) at the time of acceptance, the person intends:
(i) not to supply the financial services; or
(ii) to supply financial services materially different from the financial services in respect of which the payment or other consideration is accepted.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(2) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraph (1)(a) of this section.
Note: For strict liability , see section 6.1 of the Criminal Code .
(3) A person contravenes this subsection if:
(a) the person, in trade or commerce, accepts payment or other consideration for financial services; and
(b) at the time of acceptance, there are reasonable grounds for believing that the person will not be able to supply the financial services within the period specified by the person or, if no period is specified, within a reasonable time.
Note: Failure to comply with this subsection is an offence (see section 12GB).
(4) An offence under subsection 12GB(1) relating to subsection (3) of this section is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .