Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Court may declare that a term of a consumer contract is an unfair term, on application by:
(a) a party to the contract; or
(b) ASIC; or
(c) if the contract is an Insurance Contracts Act insurance contract--a person who is a third party beneficiary (within the meaning of the Insurance Contracts Act 1984 ) under the contract.
(2) The Court may declare that a term of a small business contract is an unfair term, on application by:
(a) a party to the contract, if the party was covered by paragraph 12BF(4)(b) at the time the contract was entered into; or
(b) ASIC; or
(c) if the contract is an Insurance Contracts Act insurance contract--a person who is a third party beneficiary (within the meaning of the Insurance Contracts Act 1984 ) under the contract.
(3) Subsections (1) and (2) do not apply unless the contract is a standard form contract that is:
(a) a financial product; or
(b) a contract for the supply, or possible supply, of services that are financial services.
(4) Subsections (1) and (2) do not apply if Subdivision BA does not apply to the contract.
(5) Subsections (1) and (2) do not limit any other power of the Court to make declarations.