Introduction industry conduct
You must follow certain rules if you’re an introduction agent.
You face penalties if you break the law.
Licence number
You must display your licence:
- in a clearly visible place
- at each of your offices.
You must display your licence number on:
- introduction agreements
- your website homepage
- any promotional material.
Over 18s only
In your introduction agent business, your employees can not be under 18 years of age, if they:
- directly, or indirectly, negotiate agreements
- provide introduction services.
Your clients cannot be under 18 years of age.
Payments
You cannot demand more than 30% of the price up front before you provide a service, when the total amount to be paid:
- is $500 or more
or - under the agreement and any other agreements between you and the client in the past 30 days is $500 or more
or - under the agreement and any other agreements between you and the client in the past 12 months is $2500 or more.
The client can pay the rest, either:
- at the end of the agreement
or - in equal instalments during the term of the agreement.
Example: If the agreed amount is $3,000 for a 12 month agreement, you can not take more than $900 up front. The balance is $2,100. The client can pay the balance, either:
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