What the official record says
This Act is the Consumer Guarantees Amendment Act . This Act comes into force on the day after the date on which it receives the Royal assent. This Act amends the Consumer Guarantees Act 1993. The purposes of this Act are— to assist consumers to make informed decisions about purchasing extended warranties: to provide for a cooling-off period following the purchase of an extended warranty in which a consumer can reconsider that purchase, and, where a consumer cancels the purchase of the extended warranty in such a period, they are entitled to receive a full refund of the amount paid for the extended warranty without any other penalty: to provide for the guarantees provided in the principal Act to apply when a supplier supplies goods and services through a competitive bidding process using a