Agents Financial Administration Act 2014 (Qld)

Agents Financial Administration Act 2014

An Act to provide for the administration of trust accounts held by agents regulated under the Debt Collectors (Field Agents and Collection Agents) Act 2014, the Motor Dealers and Chattel Auctioneers Act 2014 and the Property Occupations Act 2014, to establish a claim fund to compensate persons in particular circumstances for financial loss arising from dealings with agents, and for related purposes

Part 1    Preliminary

1   Short title

This Act may be cited as the Agents Financial Administration Act 2014.

2   Commencement

This Act commences on a day to be fixed by proclamation.

3   Act binds all persons

(1)This Act binds all persons, including the State, and, so far as the legislative power of Parliament permits, the Commonwealth and the other States.

(2)Nothing in this Act makes the State, the Commonwealth or any other State liable to be prosecuted for an offence.

4   Exemption—public officials

(1)This Act does not apply to a prescribed officer for trust moneys for which the prescribed officer is responsible, if another Act makes provision for the way the prescribed officer is required to deal with moneys held by the officer in trust.

(2)In this section—

prescribed officer means—

(a)an accountable officer under the Financial Accountability Act 2009; or

(b)a public service officer.

5   Relationship with Fair Trading Inspectors Act 2014

(1)The Fair Trading Inspectors Act 2014 (the FTI Act) enacts common provisions for this Act and particular other Acts about fair trading.

(2)Unless this Act otherwise provides in relation to the FTI Act, the powers that an inspector has under that Act are in addition to and do not limit any powers the inspector has under this Act.

6   Main object

(1)The main object of this Act is to protect consumers from financial loss in dealings with agents regulated under an Agents Act.

(2)The object is to be achieved mainly by—

(a)regulating the way agents establish, manage and audit trust accounts; and

(b)establishing a claim fund to compensate persons in particular circumstances for financial loss arising from dealings with agents; and

(c)promoting administrative efficiency for claims made against the claim fund.

7   Definitions

The dictionary in schedule 1 defines particular words used in this Act.

8   Meaning of agent

An agent is a person who is either or both of the following—

(a)a licensee;

(b)a collection agent.

Part 2    Trust accounts

9   Who may open trust account

A person must not open an account purporting to be a general trust account or special trust account under this part unless the person is a principal agent.

Maximum penalty—200 penalty units.

10   Application and grant of authority to open a trust account—collection agents

(1)Before opening a trust account under this part, a collection agent must apply, in the approved form, to the chief executive for an authority to…