Victorian Numbered Regulations Victorian Numbered Regulations(1) An estate agent must immediately notify the Authority in writing if ¾
(a) the estate agent becomes an insolvent under administration or an externally administered body corporate; or
(b) the estate agent becomes a represented person within the meaning of the Guardianship and Administration Act 1986 ; or
(c) the estate agent is convicted of, or has found proven against them, any offence involving fraud, dishonesty, drug trafficking or violence which is punishable by imprisonment for 3 months or more; or
(d) in relation to the estate agent, any claim has been allowed against the Victorian Property Fund under Part VII of the Act or any corresponding fund established under any corresponding previous enactment; or
(e) the estate agent is made the subject of an order by any regulatory body in or outside Victoria disqualifying the estate agent from acting as an estate agent or agent's representative (or an equivalent occupation under the jurisdiction of the regulatory body).
Penalty: 10 penalty units.
(2) The officer in effective control of the estate agency business of a corporation must immediately notify the Authority in writing if—
(a) the corporation becomes an insolvent under administration or an externally administered body corporate; or
(b) in relation to the corporation, any claim has been allowed against the Victorian Property Fund under Part VII of the Act or any corresponding fund established under any corresponding previous enactment; or
(c) the corporation is convicted of, or has found proven against it, an offence involving fraud, dishonesty, drug trafficking or violence that, if it was a natural person, would be punishable by imprisonment for 3 months or more; or
(d) the corporation is made the subject of an order by any regulatory body in or outside Victoria disqualifying the corporation from acting as an estate agent (or an equivalent occupation under the jurisdiction of the regulatory body).
Penalty: 10 penalty units.
(3) The officer in effective control of the estate agency business of a corporation must immediately notify the Authority in writing upon becoming aware that—
(a) a director of that corporation has become an insolvent under administration or an externally administered body corporate; or
(b) a director of that corporation has become a represented person within the meaning of the Guardianship and Administration Act 1986 ; or
(c) a director of that corporation has been convicted of, or has found proven against the director, any offence involving fraud, dishonesty, drug trafficking or violence which is punishable by imprisonment for 3 months or more; or
(d) in relation to a director of that corporation, any claim has been allowed against the Victorian Property Fund under Part VII of the Act or any corresponding fund established under any corresponding previous enactment; or
(e) a director of that corporation has been made the subject of an order by any regulatory body in or outside Victoria disqualifying the person from acting as an estate agent (or an equivalent occupation under the jurisdiction of the regulatory body).
Penalty: 5 penalty units.
(4) An agent's representative must immediately notify the Authority in writing if ¾
(a) the agent's representative becomes an insolvent under administration; or
(b) the agent's representative becomes a represented person within the meaning of the Guardianship and Administration Act 1986 ; or
(c) the agent's representative is convicted of, or has found proven against them, any offence involving fraud, dishonesty, drug trafficking or violence which is punishable by imprisonment for 3 months or more; or
(d) in relation to the agent's representative, any claim has been allowed against the Victorian Property Fund under Part VII of the Act or any corresponding fund established under any corresponding previous enactment; or
(e) the agent's representative is made the subject of an order by any regulatory body in or outside Victoria disqualifying them from acting as an agent's representative (or an equivalent occupation under the jurisdiction of the regulatory body).
Penalty: 10 penalty units.