62Variation of customer contracts

62 Variation of customer contracts

(1)  A regulated entity may vary a customer contract.

(2)  Where a regulated entity proposes to vary a customer contract that has been approved by the Regulator under section 58 , the regulated entity is to submit the proposed variation to the Regulator for approval.

(3)  If a customer contract is varied under subsection (1) , the regulated entity must, at least 6 months before the variation becomes effective or within a shorter period approved by the Regulator –

(a) publish the variation to the customer contract on the regulated entity's internet website and notify all customers of the website address and that the customer contract is located on that website; or

(b) if the regulated entity does not maintain an internet website, provide a copy of the variation to the customer contract to all customers free of charge.

Penalty:  Fine not exceeding 50 penalty units.

(4)  If a customer contract is varied under subsection (1) , the regulated entity must provide a copy of the customer contract to a customer on request free of charge.

Penalty:  Fine not exceeding 50 penalty units.

(5)  The regulated entity must give a copy of the variation published under subsection (3) with the next account issued after the date of publication of the notice to the customer who is taken to have entered into the customer contract under section 60 .

(6)  Failure to comply with the requirements of subsection (5) does not affect the validity of the variation or any contract price made in accordance with the variation.

(7)  A variation published under subsection (3) is evidence that the Regulator has approved the variation of the customer contract unless the contrary is proved.

(8)  Subsections (1) , (3) , (4) , (5) and (6) do not apply to the variation of the customer contract to the extent that the variation relates to alteration of the price and the alteration is in accordance with a determination of the Regulator.