Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 23

23 Accounting to clients

(1) An agent must account as required under this section to a client who appoints the agent to perform an activity, for all amounts received for a transaction, including an amount mentioned in subsection (2) (c) .

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.

(2) The account must be in writing and state—

(a) the amounts received for the transaction; and

(b) how the amounts were or are to be paid out; and

(c) the source and the amount of any rebate, discount, commission or benefit the agent received—

(i) for any expenses the agent incurred for the client in connection with the performance of a service; or

(ii) for referring the client to someone else for services relating to the transaction.

(3) The agent must give the client the account—

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

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