Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A seller under a lay-by sale agreement shall not, in the exercise of a power expressly or impliedly given to him or her under the terms of the lay-by sale agreement, determine the lay-by sale agreement unless—
(a) he or she has given notice of
his or her intention so to do by serving on the buyer, at the last address of
the buyer known to him or her, a notice of his or her intention to determine
the
lay-by sale agreement; and
(b) he or she has specified, in the notice, the date, not earlier than 14 days after the service of the notice, when he or she intends to determine the lay-by sale agreement; and
(c) he or she has served on the buyer, at the time of serving the notice of his or her intention to determine the lay-by sale agreement, a written statement signed by him or her specifying—
(i) the purchase price of the goods under the lay-by sale agreement; and
(ii) the amount of the storage charge (if any) at the date when it is intended to determine the lay-by sale agreement; and
(iii) the total amount of money paid, or the value of any other consideration provided, towards the purchase price by the buyer; and
(iv) the amount that the seller estimates is sufficient to recoup him or her for selling costs in relation to the lay-by sale agreement; and
(v) the balance payable by the buyer to complete the lay-by sale agreement; and
(vi) the balance (if any) that the seller estimates to be the amount to be due, under section 17, to the buyer or to the seller.
(2) If, on or before the date specified in the notice as the date when the seller intends to determine the lay-by sale agreement, the buyer tenders to the seller the balance due in relation to the purchase price of the goods and the storage charge under the lay-by sale agreement (if any) the seller shall deliver the goods to the buyer.
Maximum penalty: 50 penalty units.