New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 189

189 Application of money in Statutory Interest Account

(1) Money in the Statutory Interest Account may be applied for any purpose for which it is required or permitted to be applied by or under this or any other Act.

(2) The Secretary may, with the consent of the Minister, apply money held in the Statutory Interest Account for all or any of the following purposes--

(a) supplementing the Compensation Fund by such amount as may be needed to enable the current liabilities of the fund to be met,

(b) providing grants or loans for providing or undertaking education or research programs relating to the property services industry and approved by the Minister,

(c) providing money for the establishment or administration of rental advisory services,

(d) meeting the costs of administering this Act, the Conveyancers Licensing Act 2003 and any other Act prescribed by the regulations for the purposes of this paragraph (or the prescribed provisions of any other Act),

(f) meeting the costs of operating a scheme or schemes for resolving disputes arising between consumers and providers of services provided in the property services industry,

(g) investing in schemes that relate to the provision of residential accommodation or, subject to such terms and conditions as may be prescribed by the regulations, in loans to authorised deposit-taking institutions.

(3) The Treasurer may determine whether any such money is to be invested in any such scheme or loan and the amount to be invested in a scheme or loan.

(4) In this section--

"property services industry" includes--

(a) the business of selling, managing or otherwise dealing with property (including businesses) that is subject to licensing, registration or regulation under the Property, Stock and Business Agents Act 2002 , or

(b) the carrying out of conveyancing work as defined by the Conveyancers Licensing Act 2003 ,

and includes anything prescribed by the regulations as being within this definition, but does not include anything prescribed as excluded from it.