Queensland Numbered Acts Queensland Numbered Acts(1) This section applies if—
(a) the chief executive reasonably considers that a licensee's licence was obtained, or renewed or restored, because of materially incorrect or misleading information; or
(b) the chief executive reasonably considers that an irregularity or deficiency exists in a licensee's trust account; or
(c) the chief executive is satisfied a licensee has failed to file an audit report as required under the Administration Act, section 34; or
(d) a receiver is appointed under the Administration Act, section 47 over property—
(i) held by a licensee; or
(ii) held by another person for a licensee; or
(iii) recoverable by a licensee; or
(e) the chief executive reasonably considers that a licensee—
(i) has contravened or is contravening this Act or the Administration Act; or
(ii) has contravened PAMDA; or
(iii) is likely or proposing to engage in conduct that would contravene this Act or the Administration Act.
(2) The chief executive may, whether or not disciplinary proceedings have been started under this Act—
(a) suspend the licensee's licence; or
(b) without limiting paragraph (a), for subsection (1)(b), suspend a licence held by an employee of the licensee if the chief executive considers, on reasonable grounds, the employee is responsible in any way for the irregularity or deficiency in the licensee's trust account.
(3) If the chief executive suspends a licence for a reason mentioned in subsection (1)(a), (b), (d) or (e), the licence may be suspended for the period, of not more than 28 days, and on the conditions, the chief executive decides.
(4) If the chief executive suspends the licence for the reason mentioned in subsection (1)(c), the licence is suspended until whichever of the following happens first—
(a) the licensee files the required audit report;
(b) an application to QCAT for the cancellation of the licence is heard and decided.
(5) The chief executive must give the licensee an information notice about the suspension within 14 days after suspending the licensee's licence.
(6) The licensee must return the licence to the chief executive within 14 days after the licensee receives the notice, unless the person has a reasonable excuse.
Maximum penalty for subsection (6)—100 penalty units.