Western Australian Current Acts

SETTLEMENT AGENTS ACT 1981 - SECT 26B

26B .         Licensed business agent may be exempted for certain settlements

        (1)         Application may be made by a business agent licensed and carrying on business as such under the Real Estate and Business Agents Act 1978 for an exemption under this section.

        (2)         An application under subsection (1) shall be made in writing and in a manner and form determined by the Commissioner in respect of such an application and shall contain such information as is required by the Commissioner in respect of such an application.

        [(3)         deleted]

        (4)         In respect of any particular application the applicant shall furnish the Commissioner with such further information as the Commissioner determines.

        (5)         Subject to subsection (6), the Commissioner may grant an application under subsection (1) if —

            (a)         where the applicant is a person not being a body corporate, the Commissioner is satisfied that, if the application were for a business settlement agent’s licence, the requirements of section 27(1)(a), (b), and (d) would be fulfilled; or

            (b)         where the applicants constitute a firm, the Commissioner is satisfied that —

                  (i)         if the application were for a business settlement agent’s licence, the requirements of section 28(1)(a) would be fulfilled; and

                  (ii)         where the firm is constituted by not more than 3 persons at least one of them is currently exempted under this section or where the firm is constituted by more than 3 persons at least 2 of them are currently exempted under this section; and

                  (iii)         the person in bona fide control of the business is ordinarily resident in the State and is currently exempted under this section;

                or

            (c)         where the applicant is a body corporate, the Commissioner is satisfied that —

                  (i)         if the application were for a business settlement agent’s licence, the requirements of section 29(1)(a) would be fulfilled; and

                  (ii)         unless for good cause shown by the applicant the Commissioner otherwise determines, where there are not more than 3 directors of the body corporate at least one of them is currently exempted under this section or where there are more than 3 directors of the body corporate at least 2 of them are currently exempted under this section; and

                  (iii)         the person in bona fide control of the business is ordinarily resident in the State and is currently exempted under this section.

        (6)         A person shall not at the same time be currently exempted under this section and licensed as a business settlement agent.

        (7)         A current exemption under this section applies to a settlement arranged or effected by the person to whom the exemption was granted, but only if —

            (a)         the settlement is of a business transaction in respect of which the person acted in the course of business as a business agent; and

            (b)         the settlement is not arranged or effected for reward; and

            (c)         before arranging or effecting the settlement the person gives to the person or, if there be more than one, to each person, for whom the settlement is to be arranged or effected, a notice in the prescribed form warning that, if settlement is so arranged or effected, no protection will be afforded by this Act.

        (8)         An exemption under this section is current until —

            (a)         by notice in writing given to the Commissioner, it is surrendered by the person to whom it was granted; or

            (b)         by notice in writing given to the person to whom it was granted, it is revoked by the Commissioner.

        [Section 26B inserted: No. 64 of 1982 s. 3; amended: No. 58 of 2010 s. 176; No. 44 of 2016 s. 39.]