(1)  Subject to subsection (2) , a cooling-off period applies to all mediation agreements.

(2)  The cooling-off period that applies to a mediation agreement expires –

(a) if a cooling-off period statement was included in the draft mediation agreement – at 5 p.m. on the 10th business day after the day on which the mediation agreement was entered into; or

(b) if a cooling-off period statement was not included in the draft mediation agreement – at 5 p.m. on the 10th business day after the day on which a cooling-off period statement is given to a farmer by a Creditor.

(3)  The Commissioner is not to issue an exemption certificate to a Creditor on the ground that satisfactory mediation in respect of a farm debt has taken place if –

(a) a mediation agreement is in force in relation to the farm debt; and

(b) the cooling-off period has not expired.