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3 years ago

By Professor Bryan Horrigan Report Co-Author Louis Waller Chair of ...

By Professor Bryan Horrigan Report Co-Author Louis Waller Chair of ...

Unconscionability

Unconscionability Relates to … Various equitable (and some common law) causes ofaction and bases for relief Statutory unconscionability under Trade Practices Act Statutory unconscionability under Fair Trading Acts Statutory unconscionability in financial services underASIC Act Unconscionable financial services licensee conduct underCorporations Act Unjust contracts laws (eg some Fair Trading Acts, NSWContracts Review Act) Related consumer credit laws Industry codes (eg Banking/Franchising Codes) State retail/commercial leasing laws6

Three Basic Forms of Statutory Unconscionability General prohibition on unconscionable conduct by corporations:- TPA s 51AA (in trade practices generally)- ASICA s 12CA (in financial services)- Corporations Act s 991A (financial services licencees) Unconscionable conduct in retail/personal/consumer contexts:- TPA s 51AB- ASICA s 12CB- Consumer Credit Code / Contracts Review Act (NSW) Unconscionable conduct in big/small business contexts:- TPA s 51AC- ASICA s 12CC- Some Fair Trading Acts- Some commercial/retail leasing Acts7