sec.59Consequences of exercising rights in cooling-off period

### sec.59 Consequences of exercising rights in cooling-off period If a client ends an introduction agreement under section 58 — the introduction agent is entitled to the lesser of the following amounts— the amount prescribed under a regulation or, if no amount is prescribed, $50; an amount equal to 10% of the contract price for the agreement; and the agent must refund to the client the whole of the amount that the client has paid to the agent under the agreement, other than an amount the agent is entitled to under paragraph (a) ; and the client is not liable to the agent in any way for ending the agreement, despite anything to the contrary in the agreement. The introduction agent must refund the amount mentioned in subsection (1) (b) within 7 days after receiving the client’s notice. Maximum penalty—200 penalty units. If the introduction agent does not refund the amount mentioned in subsection (1) (b) to the client, the client may recover the amount from the agent as a debt due to the client. (sec.59-ssec.1) If a client ends an introduction agreement under section 58 — the introduction agent is entitled to the lesser of the following amounts— the amount prescribed under a regulation or, if no amount is prescribed, $50; an amount equal to 10% of the contract price for the agreement; and the agent must refund to the client the whole of the amount that the client has paid to the agent under the agreement, other than an amount the agent is entitled to under paragraph (a) ; and the client is not liable to the agent in any way for ending the agreement, despite anything to the contrary in the agreement. (sec.59-ssec.2) The introduction agent must refund the amount mentioned in subsection (1) (b) within 7 days after receiving the client’s notice. Maximum penalty—200 penalty units. (sec.59-ssec.3) If the introduction agent does not refund the amount mentioned in subsection (1) (b) to the client, the client may recover the amount from the agent as a debt due to the client. - (a) the introduction agent is entitled to the lesser of the following amounts— (i) the amount prescribed under a regulation or, if no amount is prescribed, $50; (ii) an amount equal to 10% of the contract price for the agreement; and - (i) the amount prescribed under a regulation or, if no amount is prescribed, $50; - (ii) an amount equal to 10% of the contract price for the agreement; and - (b) the agent must refund to the client the whole of the amount that the client has paid to the agent under the agreement, other than an amount the agent is entitled to under paragraph (a) ; and - (c) the client is not liable to the agent in any way for ending the agreement, despite anything to the contrary in the agreement. - (i) the amount prescribed under a regulation or, if no amount is prescribed, $50; - (ii) an amount equal to 10% of the contract price for the agreement; and