Western Australian Current Acts

SETTLEMENT AGENTS ACT 1981

TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title
            
   2.      Commencement
            
   3.      Terms used
            
   4.      Term used: settlement agent
            
   22.     Powers of investigation
            
   23.     Application for review by SAT

   PART III -- Licensing  

   24.     Applications for licences
            
   26.     Settlement agents must be licensed
            
   26A.    Licensed real estate agent may be exempted for certain settlements
            
   26B.    Licensed business agent may be exempted for certain settlements
            
   27.     Licensing of individuals
            
   28.     Firms, licensing of
            
   29.     Bodies corporate, licensing of
            
   30.     Licence, effect of
            
   31.     Licensee’s triennial certificate: grant and renewal
            
   32.     Licensee’s triennial certificate: late renewal
            
   33.     Licensee’s triennial certificate: late renewal after 12 months
            
   34.     Conditions on licences and triennial certificates
            
   34AA.   Imposing special conditions on licences or triennial certificates
            
   34AB.   Removing special conditions on licences or triennial certificates
            
   34A.    Commissioner may grant licence or triennial certificate without notice to applicant
            
   34B.    SAT may suspend licence in some cases
            
   34C.    Licensee may surrender licence and triennial certificate
            
   34D.    Firm or body corporate must surrender licence and triennial certificate in certain circumstances
            
   35.     Fidelity insurance and professional indemnity insurance for licensees
            
   36.     Licensees to notify Commissioner of certain changes
            
   37.     Registered office of licensee
            
   38.     Branch office of licensee
            
   39.     Triennial certificates, contents of
            
   40.     Licence and triennial certificate not transferable etc.
            
   41A.    Duplicate licence or triennial certificate
            
   41B.    Licensee to comply with prescribed educational requirements
            
   41.     Use of business names by licensees
            
   42.     Notices to be exhibited at offices; particulars to appear on documents

   PART IV -- Controls

           Division 1 -- General  

   43.     Remuneration of settlement agents
            
   44.     Maximum remuneration, disputes over remuneration etc.
            
   45.     Records and premises, licensees’ duties as to
            
   46.     Real estate settlement agents, functions of
            
   47.     Business settlement agents, functions of

           Division 2 -- Trust accounts  

   48.     Terms used
            
   49.     Trust accounts etc. of licensees
            
   49A.    Client may ask settlement agent for separate trust account
            
   49B.    Interest on trust accounts
            
   49C.    Settlement agents to give Commissioner information about trust accounts
            
   50.     Receipts, accounts etc. by settlement agents
            
   51.     Audits of trust accounts
            
   52.     Date of audit, Commissioner may change
            
   53.     Auditors, qualification and approval of
            
   54.     Auditors, appointment of
            
   55.     Audit of business carried on at more than one place, directions as to
            
   56.     Approvals etc. under this Division, Commissioner’s power to cancel etc.
            
   58.     Audits, settlement agents’ duties and auditors’ powers as to
            
   59.     Audits, bankers’ duties as to
            
   60.     Auditors’ reports, content of
            
   61.     Moneys etc. held on trust, statement of by settlement agents
            
   62.     Auditor’s report to report breaches of law etc.
            
   63.     Auditors’ duty of confidentiality
            
   64.     Right of some persons to information in auditors’ reports
            
   65.     Offences under this Division
            
   66.     Auditors’ remuneration
            
   67.     Settlement agents with no accounts to audit
            
   68.     Accounts of firm or body corporate or settlement agent with branch office, effect of audits as to
            
   69.     Audit of trust account, Commissioner may do
            
   70.     Settlement agent to allow Commissioner’s auditor etc. to inspect accounts etc.
            
   71.     Cost of audit done under s.
            
   72.      Application of s. 63 to certain persons
            
   73.     Restraining bank etc. from dealing with settlement agent’s account, SAT’s powers as to
            
   74.     Suspension of settlement agents, appointment of supervisors etc., SAT’s powers as to
            
   75.     Effect of s. 74 orders appointing supervisor
            
   76.     Supervisors’ duties
            
   77.     Hindering etc. supervisors, offence
            
   78.     Discharge or variation of s. 73 or 74 order
            
   79.     SAT’s additional powers as to s. 73, 74 or 78 orders
            
   80.     Service of s. 73, 74, 78 and 79 orders; penalty for breach of
            
   81.     Banks etc., duty to disclose certain accounts etc. if required to by authorised person
            
   81A.    Information about trust accounts, Commissioner’s power to obtain

           Division 3 -- Discipline  

   82.     Code of conduct for settlement agents
            
   83.     Disciplinary action by SAT, alleging cause for
            
   84.     Disciplinary action, SAT’s powers as to
            
   85.     Offences that cause licence and triennial certificate to be cancelled
            
   85A.    Cancellation of licence due to insufficient resources or cessation of business
            
   86.     Persons with cancelled licences etc., offences by and in respect of

   PART V -- Fidelity Guarantee Account  

   87.     Account established; administration of Account
            
   88.     Moneys to be credited to Account
            
   89.     Investment of moneys in Account
            
   90.     Expenditure from Account
            
   92.     Payments to Account by applicants for licences etc.
            
   93.     Purpose of Account; making claims against Account
            
   94.     Levies for Account against certificate holders
            
   95.     Claims against Account; recovery from Account
            
   96.     Defences to claims against Account
            
   97.     Subrogation of rights of claimant against Account
            
   98.     Insufficiency in Account
            
   99.     State may insure against claims
            
   100.    Application of insurance money
            
   101.    Advertising for claims in relation to defaulting licensee
            
   102.    Documents etc. to support claims, CEO may require
            
   102AA.  Commissioner may investigate claims against Fidelity Account

   PART VA -- Education and General Purpose Account  

   102A.   Account established; administration of account
            
   102B.   Moneys to be credited to account
            
   102C.   Expenditure from account
            
   102D.   Investment of moneys in account

   PART VI -- Settlement Agents Interest Account  

   103.    Account established; administration of account
            
   104.    Moneys to be credited to account
            
   105.    Expenditure from account
            
   106.    Investment of moneys in account

   PART VII -- Miscellaneous  

   110.    Registers of licensees etc., Commissioner to keep etc.
            
   111A.   Offence to give false or misleading information
            
   111.    Commissioner’s certificate
            
   112.    Annual report by department
            
   113.    Reports by Commissioner to Minister
            
   114.    Refunds of fees, Commissioner’s powers as to
            
   115.    Protection from personal liability
            
   116.    Confidentiality of information officially obtained
            
   117.    Liability of directors of body corporate for defalcations
            
   118.    Other rights and remedies not affected by this Act
            
   119.    Rights conferred by Act cannot be waived
            
   120.    General penalty for offences
            
   121.    Proceedings for offences
            
   122.    Forms
            
   123.    Regulations

   PART VIII -- Savings and transitional  

   124.    Terms used
            
   125.    Former Board abolished
            
   126.    References to former Board
            
   127.    Immunity continues
            
   128.    Notices and rules made by former Board
            
   129.    References to former Registrar
            
   130.    Unfinished investigations by former Board
            
   131.    Unfinished proceedings by former Board
            
   132.    Winding-up former Board
            
   133.    Final report by former Board
            
   134.    Staff of former Board
            
   135.    Transitional regulations
           SCHEDULE 1 -- Grant of licence
           SCHEDULE 2 -- Functions of a settlement agent