Commonwealth Consolidated Regulations

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Modification of section 601TAB of the Act: disclosure to clients of changed fees

    For paragraph   601YAB(1)(b) of the Act, Chapter   5D of the Act applies as if section   601TAB of the Act were modified by inserting after subsection   (3) the following subsections:

  '(4)   A licensed trustee company is not required to comply with paragraph   (1)(a) or (b) or (3)(a) in relation to a client who is a lost client, or an agent who is a lost agent.

  (5)   In subsection   (4):

"lost client" means a client who, at a particular time, is uncontactable.

"lost agent" means an agent who, at a particular time, is uncontactable.

  (6)   In subsection   (5):

"uncontactable" , in relation to a person who is a client or an agent of a licensed trustee company, means:

  (a)   the licensed trustee company:

  (i)   never had an address for the person; or

  (ii)   sent at least 1 written communication to the person's last known address which was returned unclaimed and the person has not, since the communication, given the company a contact address; and

  (b)   if the person is an agent, the licensed trustee company made a reasonable attempt to get the agent's address from the agent's client or the client's carers.'


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