18LCooling off period for mediation agreement

18L Cooling off period for mediation agreement

18L Cooling off period for mediation agreement

(1) There is to be a cooling off period for each mediation agreement between a farmer and a creditor.

(2) The cooling off period expires:

(a) at 5 pm on the 10th business day after the day on which the mediation agreement is entered into, or

(b) if a statement relating to the cooling off period was not included in the draft mediation agreement—at 5 pm on the 10th business day after the day on which a statement relating to the cooling off period is given to the farmer by the creditor as required by this Part.

(3) The cooling off period may be waived or varied by agreement in writing between the farmer and the creditor.

(4) The Authority may not issue an exemption certificate to a creditor on the ground that satisfactory mediation in respect of a farm debt has taken place if:

(a) a mediation agreement is in force in relation to the farm debt, and

(b) the cooling off period has not expired.

ss 18J–18L: Ins 2018 No 16, Sch 1 [10].