Queensland Numbered Acts

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AGENTS FINANCIAL ADMINISTRATION ACT 2014 NO. 18


TABLE OF PROVISIONS

           Contents
           Part 1--Preliminary
           Division 1--Introduction
   1.      Short title
   2.      Commencement
   3.      Act binds all persons
   4.      Exemption—public officials
   5.      Relationship with Fair Trading Inspectors Act 2014
           Division 2--Object
   6.      Main object
           Division 3--Interpretation
   7.      Definitions
   8.      Meaning of agent
           Part 2--Trust accounts
           Division 1--Opening and keeping trust accounts
   9.      Who may open trust account
   10.     Application and grant of authority to open a trust account—collection agents
   11.     Requirements for opening and keeping trust accounts
   12.     Account's name
   13.     Notice of account's opening, closing or name change
   14.     Agreements with financial institutions
           Division 2--Payments to trust accounts
   15.     Application of ss 16 and 17
           16. Dealing with amount on receipt
   17.     Investments—property agents
   18.     No other payments to trust account
   19.     Multiple trust accounts not required
   20.     Trust money not available to agent's creditors
           Division 3--Payments from trust accounts
   21.     When payments may be made from trust accounts
   22.     Permitted drawings from trust accounts
           Division 4--Other trust account obligations
   23.     Accounting to clients
   24.     Duties of financial institution managers
           Division 5--Disputes about trust money
   25.     Application of div 5
   26.     When amount in dispute may be paid
   27.     Where amount must be paid if notice given
   28.     Dealing with amount if no notice
           Part 3--Audit requirements
           Division 1--Preliminary
   29.     Definition for pt 3
           Division 2--Provisions about auditors
   30.     Agent must appoint auditor and notify chief executive
   31.     Steps to be taken if auditor's appointment ends
   32.     Chief executive may make information available to supervisory bodies
           Division 3--Audit of trust accounts
   33.     Definitions for div 3
   34.     What trust accounts must be audited
   35.     Time for audit
   36.     Auditors—functions
   37.     Auditor's advice to chief executive
   38.     Auditor may ask agent to produce other accounts
   39.     Audit on ceasing to be principal agent
   40.     Audit reports
           Part 4--Directions about trust accounts and appointing receivers and special investigators
           Division 1--Definitions
   41.     Definitions for pt 4
           Division 2--Giving directions about agents' accounts
   42.     Chief executive may give directions about agent's accounts in particular cases
   43.     Account not to be operated unless chief executive allows
   44.     Financial institution must comply with direction
   45.     Person may ask QCAT to review chief executive's decision
   46.     Withdrawal of direction
           Division 3--Receivers
           Subdivision 1--Appointment
   47.     When receiver may be appointed
   48.     Trust property over which receiver may be appointed
   49.     Who may be appointed
   50.     How receivers are appointed
           Subdivision 2--Receiver's functions and powers
   51.     Receivers—functions
   52.     Requiring information
   53.     Possession of receivership property
   54.     Orders for possession of receivership property
   55.     Enforcing orders
   56.     Improperly withdrawing, destroying or concealing receivership property
   57.     Dealing with receivership property
   58.     Obstructing receivers
           Subdivision 3--Distributing receivership property
   59.     Notice to claimants against receivership property
   60.     Access to documents
   61.     Deciding claims
   62.     Payment of claims
   63.     Money not dealt with by receiver
           Subdivision 4--Recovery of receivers' remuneration and costs
   64.     Recovery of remuneration and costs
           Subdivision 5--Ending receivership
   65.     Ending receiver's appointment
   66.     Dealing with receivership property when appointment ends
   67.     Returns by receiver
           Subdivision 6--Miscellaneous
   68.     Receiver not personal representative
   69.     Receivership property free from execution or attachment
           Division 4--Special investigators
   70.     Appointment of special investigator
   71.     Special investigators—functions
   72.     Special investigators—powers
   73.     Agent must comply with special investigator's lawful requests
   74.     Reports to chief executive
   75.     Recovery of remuneration and costs
   76.     Ending special investigator's appointment
           Part 5--Jurisdiction of QCAT
   77.     Jurisdiction
           Part 6--Claim fund
   78.     Claim fund
   79.     How fund may be applied
           Part 7--Claims against the fund
           Division 1--Preliminary
   80.     Definitions for pt 7
   81.     What is the purchase of a non-investment residential property
           Division 2--Persons who may claim
   82.     Claims
   83.     Claim may be made whether or not claim made against receiver
   84.     Persons who can not claim generally
   85.     General time limit for making claims
   86.     Time limit for making particular claims relating to marketeering contraventions and non-investment residential property
   87.     Time limit for a claim notified by receiver
           Division 3--Making and dealing with claims
   88.     Making claims other than particular claims relating to marketeering contraventions and non-investment residential property
   89.     Making particular claims relating to marketeering contraventions and non-investment residential property
   90.     Invalid claims
   91.     Chief executive to give respondent notice of claim
   92.     Corporation to give notices relating to claim
   93.     Dealing with claims that have not settled
   94.     Inspector may investigate claims and report and related documents may be referred to QCAT
           Division 4--Deciding claims
           Subdivision 1--Who decides claim
   95.     Chief executive may decide or refer claim
           Subdivision 2--Procedure for chief executive to decide claims
   96.     Chief executive must invite comments about inspector's report
   97.     Amendment of claim
   98.     Requiring information
   99.     Respondent fails to respond to claim
   100.    Deciding claims
   101.    Chief executive's decision binds the parties and no extension of time is allowed
   102.    Notifying decision
   103.    Party may ask QCAT to review chief executive's decision
   104.    Public access to information about decisions
           Division 5--QCAT proceedings
   105.    Deciding claims
   106.    Orders QCAT may make on claim hearing
   107.    QCAT to give chief executive final decision or notify chief executive of appeal
   108.    Application of QCAT Act, s 131
           Division 6--Deciding financial loss for non-investment residential property
   109.    Application of div 6
   110.    General test for working out loss
   111.    Adjustment for on-sale not at market value
           Part 8--Payments from the fund
           Division 1--Payment and recovery of claims
   112.    Payment of claims
   113.    Limits on recovery from fund
   114.    Notice of other recovery
           Division 2--Special payments
   115.    Chief executive may make special payment
           Division 3--Liability for payments
   116.    Liability for payment from the fund
           Division 4--Applications for reimbursement orders
   117.    Application for reimbursement order
   118.    Respondent to be advised of application
   119.    Reimbursement orders
           Division 5--Other reimbursements to fund
   120.    Recovery of payments—general
   121.    Recovery of overpayments
           Part 9--Other matters for proceedings relating to fund
   122.    QCAT may extend time
   123.    Chief executive may make submissions
   124.    Publication
           Part 10--Injunctions and undertakings
           Division 1--Injunctions
   125.    Grounds for injunction
   126.    Who may apply for injunction
   127.    Injunctions
   128.    Court's powers for injunctions
   129.    Terms of injunction
   130.    Undertakings as to costs
           Division 2--Undertakings
   131.    Chief executive may seek undertaking after contravention
   132.    Undertaking about other matter
   133.    Variation and withdrawal of undertakings
   134.    Enforcement of undertakings
   135.    Register of undertakings
           Part 11--General contraventions, evidentiary matters and legal proceedings
           Division 1--General contraventions
   136.    Offence to deal with trust account
   137.    False or misleading statements
   138.    False or misleading documents
           Division 2--Evidentiary matters
   139.    Evidentiary provisions
   140.    Entries in agent's documents
           Division 3--Proceedings
   141.    Stopping contraventions
   142.    Proceedings for an offence
   143.    Responsibility for acts or omissions of representatives
   144.    Chief executive's right of appeal against decision of QCAT or appeal tribunal
   145.    Power of court
   146.    Allegations of false or misleading representations or statements etc.
           Part 12--General
   147.    Application of particular provisions to appointees under an Agents Act
   148.    Public warning statements
   149.    Civil remedies not affected
   150.    Criminal Proceeds Confiscation Act 2002 not limited
   151.    Delegation—chief executive
   152.    Approved forms
   153.    Regulation-making power
           Part 13--Transitional provisions
   154.    Definition for pt 13
   155.    Claim fund
   156.    Existing special investigators
   157.    Continuation of reviews under the repealed Act
   158.    Proceedings
   159.    Injunctions relating to pre-commencement conduct
   160.    Undertakings relating to pre-commencement conduct
   161.    Continuation of register of undertakings
   162.    Existing approved financial institutions
   163.    Existing agreements with financial institutions
   164.    Existing trust accounts
   165.    Existing auditors
   166.    New approved auditors
   167.    Existing audits
   168.    Existing disputes about trust money
   169.    Existing receivers
   170.    Receivership property
   171.    Proceedings for offences under the repealed Act
   172.    Existing delegations
   173.    Chief executive may accept PAMDA forms approved
           SCHEDULE 1 -- DICTIONARY
           
           


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