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:

  • at the end of the agreement
    or
  • in 12 monthly instalments of $175.