sec.54Balance of contract price to be paid at end of agreement or in equal instalments

### sec.54 Balance of contract price to be paid at end of agreement or in equal instalments This section applies to an introduction agreement only if— the contract price for the agreement is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or the total of the contract price for the agreement and all other amounts that the person entering into the agreement with the introduction agent paid, or became liable to pay, the agent for any other introduction agreements— in the 30 days immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or in the 12 months immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $2,500. An introduction agreement must provide that, apart from the first payment made under the agreement, the balance of the contract price for the agreement is to be paid— at the end of the agreement; or in equal instalments spread equally over the term of the agreement as the term is set out in the agreement. 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 prepayment limit for the agreement; and the agreement may require the last instalment to be paid before the end of the agreement. An introduction agent must not— enter into an introduction agreement that does not comply with subsection (2) as qualified by subsection (3) ; or in relation to an introduction agreement, demand of, or receive from, a client or someone else on the client’s behalf an amount in contravention of this section. Maximum penalty—200 penalty units. An associated person of an introduction agent must not, in relation to an introduction agreement, demand of, or receive from, a client or someone else on the client’s behalf an amount in contravention of this section. Maximum penalty—200 penalty units. Any amount that the client has paid to the agent under the agreement that is more than the amount permitted to be paid under this section is immediately recoverable by the client from the agent as a debt due to the client. (sec.54-ssec.1) This section applies to an introduction agreement only if— the contract price for the agreement is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or the total of the contract price for the agreement and all other amounts that the person entering into the agreement with the introduction agent paid, or became liable to pay, the agent for any other introduction agreements— in the 30 days immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or in the 12 months immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $2,500. (sec.54-ssec.2) An introduction agreement must provide that, apart from the first payment made under the agreement, the balance of the contract price for the agreement is to be paid— at the end of the agreement; or in equal instalments spread equally over the term of the agreement as the term is set out in the agreement. (sec.54-ssec.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 prepayment limit for the agreement; and the agreement may require the last instalment to be paid before the end of the agreement. (sec.54-ssec.4) An introduction agent must not— enter into an introduction agreement that does not comply with subsection (2) as qualified by subsection (3) ; or in relation to an introduction agreement, demand of, or receive from, a client or someone else on the client’s behalf an amount in contravention of this section. Maximum penalty—200 penalty units. (sec.54-ssec.5) An associated person of an introduction agent must not, in relation to an introduction agreement, demand of, or receive from, a client or someone else on the client’s behalf an amount in contravention of this section. Maximum penalty—200 penalty units. (sec.54-ssec.6) Any amount that the client has paid to the agent under the agreement that is more than the amount permitted to be paid under this section is immediately recoverable by the client from the agent as a debt due to the client. - (a) the contract price for the agreement is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or - (b) the total of the contract price for the agreement and all other amounts that the person entering into the agreement with the introduction agent paid, or became liable to pay, the agent for any other introduction agreements— (i) in the 30 days immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or (ii) in the 12 months immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $2,500. - (i) in the 30 days immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or - (ii) in the 12 months immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $2,500. - (i) in the 30 days immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $500; or - (ii) in the 12 months immediately before the date the agreement was signed, is at least the amount prescribed under a regulation or, if no amount is prescribed, at least $2,500. - (a) at the end of the agreement; or - (b) in equal instalments spread equally over the term of the agreement as the term is set out in the agreement. - (a) 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 prepayment limit for the agreement; and - (b) the agreement may require the last instalment to be paid before the end of the agreement. - (a) enter into an introduction agreement that does not comply with subsection (2) as qualified by subsection (3) ; or - (b) in relation to an introduction agreement, demand of, or receive from, a client or someone else on the client’s behalf an amount in contravention of this section.