AUSTRALIAN CONSUMER LAW AND FAIR TRADING ACT 2012 (NO. 21 OF 2012) - SECT 98 Restriction on prepayments

AUSTRALIAN CONSUMER LAW AND FAIR TRADING ACT 2012 (NO. 21 OF 2012) - SECT 98

    (1)     An introduction agent must not demand or receive, before any part of an introduction service is provided, an amount that is more than 30% of the price at which the agent agrees to provide the service.

Penalty:     240 penalty units.

    (2)     This section does not apply to an introduction agreement if—

        (a)     the amount that is to be paid under the agreement is $1000 (or any other amount fixed by the regulations) or less; and

        (b)     the total of that amount and all amounts that the person entering into the agreement with the introduction agent paid, or became liable to pay, the agent in respect of any other introduction agreements—

              (i)     in the 30 days immediately before the date the agreement was signed is $1000 (or any other amount fixed by the regulations) or less; and

              (ii)     in the 12 months immediately before the date of the agreement was signed is $5000 (or any other amount fixed by the regulations) or less.