Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 84

84 Persons who can not claim generally

(1) A person who suffers financial loss because of, or arising out of, the stealing, misappropriation or misapplication of an amount that a relevant person was directed to invest under section 17 can not make a claim against the fund.

(2) Also, the following persons can not make a claim against the fund for the following financial losses—

(a) a seller of livestock who suffers financial loss in relation to the sale of the livestock if—

(i) the livestock are received by a relevant person from the seller; and

(ii) the relevant person and the seller agree in writing that the relevant person guarantees payment to the seller of the livestock’s purchase price;

Note—

The practice described in subparagraph (ii) is commonly referred to as ‘del credere’.

(b) a relevant person who suffers financial loss in the course of performing an activity, or carrying on a business, as a relevant person;

(c) a person holding a licence, however described, under a corresponding law that is similar to a licence under this Act who suffers financial loss in the course of performing an activity, or carrying on business, under the person’s licence;

(d) a financier who incurs financial loss acting in the capacity of a financier;

(e) a person who suffers financial loss because the person guaranteed a motor dealer’s obligations under a financial arrangement made by the motor dealer;

(f) a person who suffers financial loss because of a failure to disclose or make effective disclosure under the Property Occupations Act 2014 , section 158 ;

(g) a person who suffers financial loss because of, or arising out of, a marketeering contravention relating to the purchase by the person of a residential property, other than a non-investment residential property.

(3) In this section—

"financier" means a person whose ordinary and primary business, whether or not it carries on any other business, is providing credit.

"livestock" see the Motor Dealers and Chattel Auctioneers Act 2014 , schedule 4 .