Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An eligible student under a financial supplement contract has a right to cancel the contract. However, the student may waive the right to cancel the contract (see section 12KB). If the student waives the right to cancel the contract, subsections (2) to (6) do not operate in respect of that contract.
(2) To exercise the right to cancel the contract, the student must give to the participating corporation written notice that the student is withdrawing his or her application for financial supplement. The notice may be lodged at any office of the corporation.
(3) The student's right is exercisable at any time within the period of 14 days (the cooling off period ) after the day the corporation accepts the student's application under subsection 12K(1).
Note: When the corporation accepts the student's application a binding contract is formed--see subsection 12K(2).
(4) During the cooling off period the corporation must not make a payment to the student under the contract.
(5) If:
(a) the corporation makes a payment to the student under the contract before the end of the cooling off period; or
(b) the corporation makes a payment to the student after the end of the cooling off period and the student has exercised the right to cancel the contract within the cooling off period;
the payment is taken not to be a payment of financial supplement if an amount equal to the payment is repaid by the student to the corporation within 7 days after the day of the payment.