Introduction Agents Regulation 2018

1Short title

This regulation may be cited as the Introduction Agents Regulation 2018.

2Commencement

This regulation commences on 4 February 2019.

3Refund of fees

(1)Subsection (2) applies if—

(a)an applicant applies for a licence and—

(i)the chief executive refuses to grant the licence; or

(ii)the applicant withdraws the application for the licence before the chief executive has granted, or refused to grant, the licence; or

(b)a licensee applies for a renewal of the licensee’s licence and—

(i)the chief executive refuses to renew the licence; or

(ii)the licensee withdraws the application for the renewal of the licence before the chief executive has renewed, or refused to renew, the licence; or

(c)a licensee applies for the replacement of a lost, stolen or destroyed licence and—

(i)the chief executive refuses to replace the licence; or

(ii)the licensee withdraws the application for the replacement of the licence before the chief executive has replaced, or refused to replace, the licence.

(2)The chief executive may, after deducting a reasonable amount to cover the cost of processing the application, refund a part of the fee paid by the applicant or licensee.

(3)Subsection (4) applies if a licensee—

(a)surrenders the licensee’s licence before the licence ends; and

(b)complies with section 31(3) of the Act.

(4)The chief executive may refund a part of a fee for an application for the licence or for renewal of the licence.

(5)In deciding whether to refund part of the fee under subsection (4), and any amount to be refunded, the chief executive must have regard to the cost of processing the relevant application and the remaining term of the licence.

4Other information to be contained in register of licences—Act, s 33

For section 33(2)(b) of the Act, the following information is prescribed—

(a)for a licence held by an individual—

(i)the individual’s name; and

(ii)if the individual carries on the business of an introduction agent under a business name—the business name;

(b)for a licence held by a group of individuals—

(i)the individuals’ names; and

(ii)if the group of individuals carries on the business of an introduction agent under a business name—the business name;

(c)for a licence held by a corporation—

(i)the corporation’s name; and

(ii)if the corporation has an Australian company number—the Australian company number; and

(iii)if the corporation carries on the business of an introduction agent under a business name—the business name;

(d)for any licence—

(i)the name of any associated person of the licensee; and

(ii)any website of the licensee for the business of an introduction agent.

5Statement to be included in an introduction agreement—Act, s 44

(1)For section 44(1)(b)(iii) of the Act, the following statement is prescribed—

‘A cooling-off period applies to this introduction agreement!

You, the client, may end this introduction agreement during the cooling-off period.

If you choose to end this introduction agreement, you must indicate to the introduction agent your intention to do so before 5p.m. on the third (3rd) clear business day after you receive a copy of the introduction agreement signed by you and the introduction agent.

For example, if you receive a copy of the signed introduction agreement at 2p.m. on Monday, to end the agreement, you must indicate to the introduction agent your intention to end the agreement by 5p.m. on Thursday, assuming that Monday to Thursday are all business days.
If you end this introduction agreement during the cooling-off period, the introduction agent is entitled, under section 59 of the Introduction Agents Act 2001, to the lesser of $50 or an amount equal to 10% of the contract price for the agreement.

You may end this introduction agreement by signing the notice on the last page, detaching it, and giving it to the introduction agent.’.

(2)The statement in subsection (1) must be at least 16 point font size.

6Other requirements prescribed for an introduction agreement—Act, s 44

(1)For section 44(1)(c) of the Act, an introduction agreement must include the following form of notice as the last page of the agreement—

‘Cancellation of Agreement during cooling-off period

I, _________________________________, [client’s name] of ___________________________________, [client’s address] exercise my rights under section 58 of the Introduction Agents Act 2001 to end this introduction agreement during the cooling-off period. I exercise my rights by signing this notice and giving it to you.

Signed: _____________________________

Dated: _____________________________

Introduction agent’s information [to be provided by introduction agent]

___________________________[Introduction agent’s name]

_________________________[Introduction agent’s address]

_______________[Introduction agent’s email address, if any]

________________[Introduction agent’s fax number, if any]’.

(2)The form of notice in subsection (1) must be at least 16 point font size.

7Fees

The fees payable under the Act are stated in schedule 1.

8Repeal

The Introduction Agents Regulation 2002, SL No. 355 is repealed.

9References in s 3 to persons doing things

A reference in section 3 to a person doing a thing includes the person doing the thing before the commencement.

10References to repealed regulation

A reference in a document to the repealed Introduction Agents Regulation 2002 may, if the context permits, be taken to be a reference to this regulation.

section 7