Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 22

22 Permitted drawings from trust accounts

(1) An agent may draw an amount from the agent’s trust account to pay the agent’s transaction fee or transaction expenses for a transaction only if—

(a) the amount is drawn against the transaction fund for the transaction; and

(b) the agent is authorised to draw the amount under this section.

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.

(2) The agent is authorised to draw an amount from the transaction fund to pay a transaction expense when the expense becomes payable.

(3) After the transaction is finalised, the agent is authorised—

(a) to draw an amount from the transaction fund to pay the person entitled to the amount, or someone else in accordance with the person’s written direction, that is equal to the difference between—

(i) the balance of the transaction fund; and

(ii) the total of the agent’s transaction fee and any outstanding transaction expense; and

(b) after the amount, if any, mentioned in paragraph (a) has been paid—to draw the agent’s transaction fee from the transaction fund.

Example of when a transaction is finalised—

the settlement of a contract for the sale of property or the termination of the contract

(4) For subsection (3) (a) or (b) , if a dispute about the transaction fund arises, the transaction is not taken to be finalised until the agent is authorised to pay out the transaction fund under division 5 .

(5) The agent must pay an amount mentioned in subsection (3) (a) to the person entitled to it, or someone else in accordance with the person’s written direction—

(a) if the person asks, in writing, for the balance—within 14 days after receiving the request; or

(b) if the person has not asked, in writing, for the balance—within 42 days after the transaction is finalised.

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.

(6) In this section—

"transaction expense" means an expense an agent is authorised to incur in connection with the performance of the agent’s activities for a transaction.

"transaction fee" means fees, charges and commission payable for the performance of an agent’s activities for a transaction.

"transaction fund" means an amount held in an agent’s trust account for a transaction.