South Australian Current Acts

LAND AGENTS ACT 1994 - SECT 30

30—Claims on indemnity fund

        (1)         A person who has suffered a pecuniary loss as a result of a fiduciary default may make a claim for compensation to the Commissioner.

        (2)         The amount of the claim cannot exceed the sum of—

            (a)         the actual pecuniary loss suffered by the claimant in consequence of the fiduciary default; and

            (b)         any reasonable legal expenses incurred in taking action to recover the loss or in making the claim to the Commissioner,

less any amount that the claimant has received or may reasonably be expected to recover (apart from this Division) in reduction of the loss.

        (3)         A person is not entitled to make a claim under this Division where—

            (a)         the agent by whom the fiduciary default was committed, or to whom the fiduciary default relates, was required to be registered or licensed under this Act or a corresponding previous enactment; and

            (b)         that person knew, or ought to have known, at the time of appointing or instructing the agent, that the agent was not so registered or licensed.