New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 25

25 Duration of licence

(1) An application for a licence or for renewal of a licence is to nominate one of the following terms of duration for the licence (the
"nominated term" )--

(a) 1 year,

(b) 3 years,

(c) 5 years.

(2) The Secretary may grant or renew a licence for a shorter term than the nominated term if satisfied that it is in the public interest to do so.

(3) If an application for renewal of a licence has been made but the application is not finally determined by the Secretary before the expiry of the licence, the licence (if not suspended or sooner cancelled) continues in force until the application is finally determined.

(4) If a licence is granted or renewed for the nominated term or a shorter term than the nominated term, the Secretary is to refund to the applicant the difference between the fee for the nominated term and the fee for the term that was granted.

(5) The suspension of a licence does not affect the term of the licence.

(6) This section does not affect the term of any licence granted under this Act and in force immediately before the substitution of this section by the Fair Trading Legislation Amendment (Reform) Act 2018 .