Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 113

113 Limits on recovery from fund

(1) A claimant can not recover from the fund an amount more than the balance of the claimant’s financial loss after deducting from the claimant’s loss—

(a) the amount, including the value of all benefits, received or recovered by the claimant from a source other than the fund, or from a special payment by the chief executive, in reduction of the loss; and

(b) the amount, including the value of all benefits, the chief executive or QCAT considers the claimant might reasonably have received or recovered if not for the claimant’s neglect or default.

Examples of paragraph (a)—

• compensation received from the agent for the loss

• a payment from a receiver for the loss

(2) A claimant may not recover from the fund for a single claim an amount more than the amount prescribed under a regulation.

(3) Also, the claimant may not recover more than $35,000 from the fund for a single claim for financial loss if the claim relates to a non-investment residential property purchased by the claimant because of, or arising out of, a marketeering contravention.

(4) A regulation may prescribe the total amount that may be paid from the fund because of, or arising out of, a contravention, failure to ensure clear title to a vehicle, stealing, misappropriation or misapplication by a single person.

(5) Interest is not payable from the fund for a claim allowed against the fund.