Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 10

10 Application and grant of authority to open a trust account—collection agents

(1) Before opening a trust account under this part, a collection agent must apply, in the approved form, to the chief executive for an authority to open the account.

Penalty—

Maximum penalty—200 penalty units.

(2) The application must be accompanied by the amount required for obtaining a criminal history report about the collection agent under the Debt Collectors (Field Agents and Collection Agents) Act 2014 , section 106 .

(3) The chief executive must decide to grant the authority if the chief executive considers the applicant is a suitable person to open a trust account.

(4) In considering whether an applicant is a suitable person to open a trust account, the chief executive must have regard to the matters relating to the suitability of the applicant to perform a debt collection activity under the Debt Collectors (Field Agents and Collection Agents) Act 2014 , as stated in section 102 or 103 of that Act.

(5) The chief executive must—

(a) give the applicant written notice of the chief executive’s decision about the application; and

(b) if the decision is to refuse the application—give the applicant an information notice complying with the QCAT Act , section 157 (2) for the decision.

(6) If the chief executive decides to refuse the application, the applicant can not make another application under this section for 3 months after the day the chief executive gives the applicant the information notice under subsection (5) (b) for the decision.

(7) However, subsection (6) does not apply if—

(a) the applicant is a corporation; and

(b) the applicant satisfies the chief executive that, because of a genuine sale—

(i) no person who was a shareholder of, or held a beneficial interest in, the corporation when the refused application was made is a shareholder of, or holds a beneficial interest in, the applicant corporation; and

(ii) no person who was in a position to control or influence the affairs of the corporation when the refused application was made is in a position to control or influence the affairs of the applicant corporation.