New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 4

4 Regulations may exempt persons and activities from Act

(1) The regulations may make provision for or with respect to exempting a specified person, or a person who is a member of a specified class of persons, from the operation of all or specified provisions of this Act in respect of any act or omission by the person in the person's capacity as agent--

(a) for a specified class of persons, or

(b) in respect of a specified class of activities, or

(c) in respect of activities involving a specified class of property.

(2) The regulations may make provision that is necessary or convenient in connection with an exemption under subsection (1), including provisions for or with respect to any of the following--

(a) imposing liabilities on a person (not necessarily the agent concerned) in respect of pecuniary loss suffered by a person because of a failure by the agent to account for money or other valuable property entrusted to the agent or an employee of the agent in the course of activities to which an exemption under this section applies,

(b) requiring the disclosure of information to the Secretary in connection with the activities of a person pursuant to an exemption under this section,

(c) requiring the obtaining of insurance, including professional indemnity insurance and fidelity guarantee insurance, in connection with the activities of a person pursuant to an exemption under this section,

(d) requirements as to the holding of money on behalf of a party to a transaction in connection with which a person acts as agent pursuant to an exemption under this section,

(e) disclosures to be made by a person acting pursuant to an exemption under this section,

(f) regulating the payment of commission and other remuneration in connection with the activities of a person pursuant to an exemption under this section,

(g) the placing of limitations on the authority of a person to act as agent pursuant to an exemption under this section,

(h) the auditing of compliance with conditions and requirements imposed by the regulations under this section,

(i) modifying the operation of any provision of this Act in its application to the activities of a person pursuant to an exemption under this section,

(j) the payment of fees to the Secretary in connection with an exemption under this section.

(3) The regulations under this section may also create offences punishable by a penalty not exceeding 100 penalty units for any contravention of the regulations under this section or conditions or requirements imposed by those regulations.

(4) Nothing in this section affects the generality of section 230 (2) (g).