New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 171

171 Meaning of "failure to account"

(1) In this Division, a reference to a failure to account is a reference to a failure by a licensee to account for money or other valuable property entrusted to the licensee or an associate of the licensee in the course of the carrying on of the licensee's business as a licensee.

(2) This Division applies only to a failure to account that arises from an act or omission of the licensee or associate.

(3) For the purposes of this Division, it does not matter that the failure to account occurred after the licensee ceased to be licensed, if the money or other valuable property concerned was entrusted to the licensee (or an associate of the licensee) before the licensee ceased to be licensed.

(4) This Division applies whether the failure to account, or the act or omission, took place before or after the commencement of this Division.

(5) For the purposes of this Division, a licensee's business includes acting as a selling agent for a home in a residential community under the Residential (Land Lease) Communities Act 2013 .