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Agents Financial Administration Act 2014 – 1 December 2014

Agents Financial Administration Regulation 2014 – 1 July 2016

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A principal agent may open a general trust account or special trust account. Before a ‘collection agent’ opens a trust account, the agent must apply, in the approved form, to the government for an authority to open the account. For the definition of ‘principal agent’, refer to the Schedule 1 dictionary.

  • Sections 7, 9, 10, 11, 12, 13, 19, 20, 30, 33, 34, 35, 136, Schedule 1

An agent must account to a client for all amounts received for a transaction. The account must be in writing and state: the amounts received for the transaction; how the amounts were or are to be paid out; etc. The agent must give the client the account: if the client asks, in writing, for the account—within 14 days after receiving the request; or if the client has not asked, in writing, for the account—within 42 days after the transaction is finalised. For the definition of ‘agent’, refer to section 8 of the Act.

  • Sections 7, 8, 23, Schedule 1

A claim fund is established for the purpose of meeting claims against agents. A person may claim against the fund if the person suffers financial loss because of the happening of any of the events mentioned in section 82 of the Act. Claim exclusions are provided by section 84 of the Act. Claim time limits are provided by sections 85 and 86 of the Act. A claim must be made in the approved form to the government pursuant to section 88 or 89 of the Act. Limits on recovery from the fund are provided by section 113 of the Act. It is worthy to note that a claimant may not recover from the fund for a single claim an amount more than the amount prescribed under a regulation – currently $200,000 as set by regulation 25 of the Agents Financial Administration Regulation 2014.

  • Sections 78, 79, 80, 81, 82, 84, 85, 86, 88, 89, 90, 91, 92, 93, 94, 95, 99, 100, 101, 102, 109, 110, 111, 112, 113, 116; Regulation 25

A claimant must give the government written notice of an amount or benefit, other than an amount from the fund, received by the claimant for the claimant’s financial loss, whether before or after the claim is paid.

  • Section 114

A person who is aggrieved by another person’s conduct may apply to the District Court for an injunction. The court may grant an injunction if satisfied the other person has engaged, or is proposing to engage, in conduct that constitutes or would constitute: a contravention of this Act; or attempting to contravene this Act, etc.

  • Sections 125, 126, 127, 128, 129

Nothing in this Act affects or limits a civil remedy that a person may have against an agent or another person for a matter.

  • Section 149
Reason for law

To protect consumers from financial loss in dealings with agents regulated under an Agents Act. (Section 6)

Relevant links

Claim for a financial loss [Office of Fair Trading]

Split of the Property Agents and Motor Dealers Act 2000

Critique

N/A

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PLEASE NOTE: The information published on this webpage may be out-of-date. Please compare the currency date of the Act/Regulation against that published on the Office of the Queensland Parliamentary Counsel website. If you require access to Commonwealth statute law, please visit the ComLaw website. If you require access to the local council laws (by-laws), please visit the Local laws database.

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