New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 55

55 No entitlement to commission or expenses without agency agreement

(1) A licensee is not entitled to any commission or expenses from a person for or in connection with services performed by the licensee in the capacity of licensee for or on behalf of the person unless--

(a) the services were performed pursuant to an agreement in writing (an
"agency agreement" ) signed by or on behalf of--

(i) the person, and

(ii) the licensee, and

(b) the agency agreement complies with any applicable requirements of the regulations, and

(c) a copy of the agency agreement signed by or on behalf of the licensee was served by the licensee on that person within 48 hours after the agreement was signed by or on behalf of the person.

Note : Section 55A allows a court or tribunal to order that commission and expenses are recoverable in certain circumstances despite subsection (1).

(2) The regulations may make provision for or with respect to regulating the form of agency agreements and the terms, conditions and other provisions that an agency agreement must or must not contain. Without limiting this subsection, the regulations may prescribe one or more standard forms of agency agreement.

(3) Without limiting the means by which a copy of the agency agreement may be served on a person, it may be served by electronic means or by such other means as the regulations may allow.

(4) A licensee must not require a person to pay a commission or expense in accordance with a prohibited provision.

: Maximum penalty--

(a) for a corporation--500 penalty units, or

(b) otherwise--100 penalty units.

(5) In this section--

"prohibited provision" means a term, condition or other provision that, under a regulation made under subsection (2), must not be included in an agency agreement.