Victorian Consolidated Legislation

Introduction Agents Act 1997 - SECT 28

Balance of contract price to be paid in instalments

28. Balance of contract price to be paid in instalments



(1) This section only applies to introduction agreements where the amount that
is to be paid under the agreement is more than $200 (or any other amount fixed
by the regulations).





(2) The agreement must provide that the amount that is to be paid under the
agreement is to be paid in equal instalments spread equally over the period of
the agreement (as specified for the purposes of section 25(1)(g)).

(3) Despite subsection (2), the first payment under the agreement may be for
an amount that is more than the amount of each of the subsequent instalments
to be paid under the agreement, but must not be for an amount that is more
than the percentage specified under section 27(1).

(4) The agreement may require the last instalment to be paid before the end of
the agreement.

(5) Despite subsection (2), the agreement may require a person to pay an
amount for ending the agreement before a specified date. The amount required
must not exceed the difference between-

   (a)  the total amount that would be payable under the agreement if it were
        to run its full course; and

   (b)  the amount that has been paid under the agreement up to the time it is
        ended.

(6) An introduction agent must not-

   (a)  enter into an introduction agreement that does not comply with this
        section; or

   (b)  demand or receive in respect of an introduction agreement an amount
        that is more than the amount that the agent is entitled to under the
        agreement at the time the amount is demanded or received.

Penalty applying to this subsection: 200 penalty units.