Victorian Numbered Acts Victorian Numbered Acts(1) A resident may rescind a prohibited transaction in relation to real or personal property or a reportable transaction between the resident and the provider, or a close associate of the provider within the cooling off period.
(2) During the cooling off period, a provider, or a close associate of the provider, as the case requires, who is a party to a transaction must not have any other dealings with the property to which the transaction relates.
Penalty: 120 penalty units, in the case of an individual;
600 penalty units, in the case of a body corporate.
(3) This section applies despite anything to the contrary in any Act other than the Charter of Human Rights and Responsibilities Act 2006 .
(4) In this section—
"cooling off period", in relation to a transaction, whether or not a prohibited transaction or reportable transaction, means the period ending 5 days after the day on which the transaction was entered into.