116Cancellation of existing pre-paid contracts

#### 116 Cancellation of existing pre-paid contracts 116 Cancellation of existing pre-paid contracts > > (1) Any existing pre-paid contract entered into by a person to whom this Division applies shall, on and from the prescribed day, be deemed to be cancelled and the person who paid any money or gave any other valuable consideration under the contract shall be entitled to the payments authorised to be made to him or her under section 119. > > > (2) A person shall not, after the prescribed day— > > > > > (a) accept any instalment under an existing pre-paid contract that is deemed to be cancelled under subsection (1), or > > > > > (b) repay any money or return any other valuable consideration paid or given under an existing pre-paid contract except in accordance with this Part. > > > > Maximum penalty—20 penalty units. > > **s 116:** Am 1992 No 112, Sch 1.