36BMeaning of layby sale agreement

1. In this subpart, layby sale agreement means an agreement (whether or not described as a layby sale agreement) between a supplier and a consumer for the supply of goods on terms (whether express or implied) that provide that—

2. the consumer will not take possession of the goods until all or a specified portion of the total price of the goods has been paid; and
3. the price of the goods is to be paid by—
   1. 3 or more instalments; or
   2. if the agreement specifies that it is a layby sale agreement, 2 or more instalments.

4. However, a layby sale agreement does not include an agreement for the supply of goods that have a purchase price that is more than $60,000 or, if greater, the amount specified in section 10(1A)(b) of the Disputes Tribunal Act 1988.

5. For the purposes of subsection (1)(b), a deposit paid by the consumer for the goods is an instalment.

6. Repealed

7. Repealed