Queensland Consolidated Acts

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AGENTS FINANCIAL ADMINISTRATION ACT 2014

- As at 1 December 2014
- Act 18 of 2014

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

           Division 1 - Introduction

   1.      Short title
   2.      Commencement
   3.      Act binds all persons
   4.      Exemption—public officials
   5.      Relationship with Fair Trading Inspectors Act 2014

           Division 2 - Object

   6.      Main object

           Division 3 - Interpretation

   7.      Definitions
   8.      Meaning of agent

   PART 2 - TRUST ACCOUNTS

           Division 1 - Opening and keeping trust accounts

   9.      Who may open trust account
   10.     Application and grant of authority to open a trust account—collection agents
   11.     Requirements for opening and keeping trust accounts
   12.     Account’s name
   13.     Notice of account’s opening, closing or name change
   14.     Agreements with financial institutions

           Division 2 - Payments to trust accounts

   15.     Application of ss 16 and 17
   16.     Dealing with amount on receipt
   17.     Investments—property agents
   18.     No other payments to trust account
   19.     Multiple trust accounts not required
   20.     Trust money not available to agent’s creditors

           Division 3 - Payments from trust accounts

   21.     When payments may be made from trust accounts
   22.     Permitted drawings from trust accounts

           Division 4 - Other trust account obligations

   23.     Accounting to clients
   24.     Duties of financial institution managers

           Division 5 - Payments from trust accounts if dispute arises or is likely to arise

   25.     Application of div 5
   26.     When amount in dispute may be paid
   27.     Dealing with amount in dispute if not dealt with under s 26
   28.     Where amount in dispute must be paid if person is entitled under s 27 or proceeding is started

   PART 3 - AUDIT REQUIREMENTS

           Division 1 - Preliminary

   29.     Definition for pt 3

           Division 2 - Provisions about auditors

   30.     Agent must appoint auditor and notify chief executive
   31.     Steps to be taken if auditor’s appointment ends
   32.     Chief executive may make information available to supervisory bodies

           Division 3 - Audit of trust accounts

   33.     Definitions for div 3
   34.     What trust accounts must be audited
   35.     Time for audit
   36.     Auditors—functions
   37.     Auditor’s advice to chief executive
   38.     Auditor may ask agent to produce other accounts
   39.     Audit on ceasing to be principal agent
   40.     Audit reports

   PART 4 - DIRECTIONS ABOUT TRUST ACCOUNTS AND APPOINTING RECEIVERS AND SPECIAL INVESTIGATORS

           Division 1 - Definitions

   41.     Definitions for pt 4

           Division 2 - Giving directions about agents’ accounts

   42.     Chief executive may give directions about agent’s accounts in particular cases
   43.     Account not to be operated unless chief executive allows
   44.     Financial institution must comply with direction
   45.     Person may ask QCAT to review chief executive’s decision
   46.     Withdrawal of direction

           Division 3 - Receivers

              Subdivision 1 - Appointment

   47.     When receiver may be appointed
   48.     Trust property over which receiver may be appointed
   49.     Who may be appointed
   50.     How receivers are appointed

              Subdivision 2 - Receiver’s functions and powers

   51.     Receivers—functions
   52.     Requiring information
   53.     Possession of receivership property
   54.     Orders for possession of receivership property
   55.     Enforcing orders
   56.     Improperly withdrawing, destroying or concealing receivership property
   57.     Dealing with receivership property
   58.     Obstructing receivers

              Subdivision 3 - Distributing receivership property

   59.     Notice to claimants against receivership property
   60.     Access to documents
   61.     Deciding claims
   62.     Payment of claims
   63.     Money not dealt with by receiver

              Subdivision 4 - Recovery of receivers’ remuneration and costs

   64.     Recovery of remuneration and costs

              Subdivision 5 - Ending receivership

   65.     Ending receiver’s appointment
   66.     Dealing with receivership property when appointment ends
   67.     Returns by receiver

              Subdivision 6 - Miscellaneous

   68.     Receiver not personal representative
   69.     Receivership property free from execution or attachment

           Division 4 - Special investigators

   70.     Appointment of special investigator
   71.     Special investigators—functions
   72.     Special investigators—powers
   73.     Agent must comply with special investigator’s lawful requests
   74.     Reports to chief executive
   75.     Recovery of remuneration and costs
   76.     Ending special investigator’s appointment

   PART 5 - JURISDICTION OF QCAT

   77.     Jurisdiction

   PART 6 - CLAIM FUND

   78.     Claim fund
   79.     How fund may be applied

   PART 7 - CLAIMS AGAINST THE FUND

           Division 1 - Preliminary

   80.     Definitions for pt 7
   81.     What is the purchase of a non-investment residential property

           Division 2 - Persons who may claim

   82.     Claims
   83.     Claim may be made whether or not claim made against receiver
   84.     Persons who can not claim generally
   85.     General time limit for making claims
   86.     Time limit for making particular claims relating to marketeering contraventions and non-investment residential property
   87.     Time limit for a claim notified by receiver

           Division 3 - Making and dealing with claims

   88.     Making claims other than particular claims relating to marketeering contraventions and non-investment residential property
   89.     Making particular claims relating to marketeering contraventions and non-investment residential property
   90.     Invalid claims
   91.     Chief executive to give respondent notice of claim
   92.     Corporation to give notices relating to claim
   93.     Dealing with claims that have not settled
   94.     Inspector may investigate claims and report and related documents may be referred to QCAT

           Division 4 - Deciding claims

              Subdivision 1 - Who decides claim

   95.     Chief executive may decide or refer claim

              Subdivision 2 - Procedure for chief executive to decide claims

   96.     Chief executive must invite comments about inspector’s report
   97.     Amendment of claim
   98.     Requiring information
   99.     Respondent fails to respond to claim
   100.    Deciding claims
   101.    Chief executive’s decision binds the parties and no extension of time is allowed
   102.    Notifying decision
   103.    Party may ask QCAT to review chief executive’s decision
   104.    Public access to information about decisions

           Division 5 - QCAT proceedings

   105.    Deciding claims
   106.    Orders QCAT may make on claim hearing
   107.    QCAT to give chief executive final decision or notify chief executive of appeal
   108.    Application of QCAT Act, s 131

           Division 6 - Deciding financial loss for non-investment residential property

   109.    Application of div 6
   110.    General test for working out loss
   111.    Adjustment for on-sale not at market value

   PART 8 - PAYMENTS FROM THE FUND

           Division 1 - Payment and recovery of claims

   112.    Payment of claims
   113.    Limits on recovery from fund
   114.    Notice of other recovery

           Division 2 - Special payments

   115.    Chief executive may make special payment

           Division 3 - Liability for payments

   116.    Liability for payment from the fund

           Division 4 - Applications for reimbursement orders

   117.    Application for reimbursement order
   118.    Respondent to be advised of application
   119.    Reimbursement orders

           Division 5 - Other reimbursements to fund

   120.    Recovery of payments—general
   121.    Recovery of overpayments

   PART 9 - OTHER MATTERS FOR PROCEEDINGS RELATING TO FUND

   122.    QCAT may extend time
   123.    Chief executive may make submissions
   124.    Publication

   PART 10 - INJUNCTIONS AND UNDERTAKINGS

           Division 1 - Injunctions

   125.    Grounds for injunction
   126.    Who may apply for injunction
   127.    Injunctions
   128.    Court’s powers for injunctions
   129.    Terms of injunction
   130.    Undertakings as to costs

           Division 2 - Undertakings

   131.    Chief executive may seek undertaking after contravention
   132.    Undertaking about other matter
   133.    Variation and withdrawal of undertakings
   134.    Enforcement of undertakings
   135.    Register of undertakings

   PART 11 - GENERAL CONTRAVENTIONS, EVIDENTIARY MATTERS AND LEGAL PROCEEDINGS

           Division 1 - General contraventions

   136.    Offence to deal with trust account
   137.    False or misleading statements
   138.    False or misleading documents

           Division 2 - Evidentiary matters

   139.    Evidentiary provisions
   140.    Entries in agent’s documents

           Division 3 - Proceedings

   141.    Stopping contraventions
   142.    Proceedings for an offence
   143.    Responsibility for acts or omissions of representatives
   144.    Chief executive’s right of appeal against decision of QCAT or appeal tribunal
   145.    Power of court
   146.    Allegations of false or misleading representations or statements etc.

   PART 12 - GENERAL

   147.    Application of particular provisions to appointees under an Agents Act
   148.    Public warning statements
   149.    Civil remedies not affected
   150.    Criminal Proceeds Confiscation Act 2002 not limited
   151.    Delegation—chief executive
   152.    Approved forms
   153.    Regulation-making power

   PART 13 - TRANSITIONAL PROVISIONS

   154.    Definition for pt 13
   155.    Claim fund
   156.    Existing special investigators
   157.    Continuation of reviews under the repealed Act
   158.    Proceedings
   159.    Injunctions relating to pre-commencement conduct
   160.    Undertakings relating to pre-commencement conduct
   161.    Continuation of register of undertakings
   162.    Existing approved financial institutions
   163.    Existing agreements with financial institutions
   164.    Existing trust accounts
   165.    Existing auditors
   166.    New approved auditors
   167.    Existing audits
   168.    Existing disputes about trust money
   169.    Existing receivers
   170.    Receivership property
   171.    Proceedings for offences under the repealed Act
   172.    Existing delegations
   173.    Chief executive may accept PAMDA forms approved
           SCHEDULE 1


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