sec.103Option to purchase during cooling-off period

### sec.103 Option to purchase during cooling-off period This section applies if a used motor vehicle is subject to a prior contract with a prospective buyer that is not immediately enforceable. The motor dealer may give not more than 1 other person ( option holder ) an option to purchase the vehicle even though the vehicle is subject to a prior contract. If the motor dealer gives an option to purchase the motor vehicle to someone else while an option to purchase is still current, the dealer commits an offence. Maximum penalty—100 penalty units. The motor dealer must give the option holder a written statement under this section. Maximum penalty—200 penalty units. The statement must include the following— the motor vehicle, clearly identified, to which the statement relates; the names and addresses of the motor dealer and option holder; the option to purchase is conditional on a prior contract for the sale of the vehicle being avoided by the buyer under the prior contract; the option holder has no legally enforceable rights under the option to purchase the vehicle, unless the prior contract is avoided; when the option holder may exercise the holder’s rights under the option; the day and time when the statement is given; the amount of non-refundable deposit forfeited by the option holder if the holder declines to enter into a contract for the purchase of the vehicle for any reason other than because the prior contract was not avoided; any other thing prescribed under a regulation. The statement must be signed and dated by the option holder and the motor dealer or someone authorised or apparently authorised to sign for the motor dealer. The motor dealer or authorised person must give the statement to the option holder immediately before the option holder signs the option to purchase the vehicle. Maximum penalty—200 penalty units. The motor dealer must keep a copy of the statement. Maximum penalty—100 penalty units. (sec.103-ssec.1) This section applies if a used motor vehicle is subject to a prior contract with a prospective buyer that is not immediately enforceable. (sec.103-ssec.2) The motor dealer may give not more than 1 other person ( option holder ) an option to purchase the vehicle even though the vehicle is subject to a prior contract. (sec.103-ssec.3) If the motor dealer gives an option to purchase the motor vehicle to someone else while an option to purchase is still current, the dealer commits an offence. Maximum penalty—100 penalty units. (sec.103-ssec.4) The motor dealer must give the option holder a written statement under this section. Maximum penalty—200 penalty units. (sec.103-ssec.5) The statement must include the following— the motor vehicle, clearly identified, to which the statement relates; the names and addresses of the motor dealer and option holder; the option to purchase is conditional on a prior contract for the sale of the vehicle being avoided by the buyer under the prior contract; the option holder has no legally enforceable rights under the option to purchase the vehicle, unless the prior contract is avoided; when the option holder may exercise the holder’s rights under the option; the day and time when the statement is given; the amount of non-refundable deposit forfeited by the option holder if the holder declines to enter into a contract for the purchase of the vehicle for any reason other than because the prior contract was not avoided; any other thing prescribed under a regulation. (sec.103-ssec.6) The statement must be signed and dated by the option holder and the motor dealer or someone authorised or apparently authorised to sign for the motor dealer. (sec.103-ssec.7) The motor dealer or authorised person must give the statement to the option holder immediately before the option holder signs the option to purchase the vehicle. Maximum penalty—200 penalty units. (sec.103-ssec.8) The motor dealer must keep a copy of the statement. Maximum penalty—100 penalty units. - (a) the motor vehicle, clearly identified, to which the statement relates; - (b) the names and addresses of the motor dealer and option holder; - (c) the option to purchase is conditional on a prior contract for the sale of the vehicle being avoided by the buyer under the prior contract; - (d) the option holder has no legally enforceable rights under the option to purchase the vehicle, unless the prior contract is avoided; - (e) when the option holder may exercise the holder’s rights under the option; - (f) the day and time when the statement is given; - (g) the amount of non-refundable deposit forfeited by the option holder if the holder declines to enter into a contract for the purchase of the vehicle for any reason other than because the prior contract was not avoided; - (h) any other thing prescribed under a regulation.