Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 (Vic)

Estate Agents (General, Accounts and Audit)

(Amendment) Regulations 2003

ts	S.R. No. 126/2003
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u	TABLE OF PROVISIONS
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o Regulation Page

D	1.	Objectives	1
ry	2.	Authorising provision	1
3.	Commencement	2
ta	4.	Principal Regulations	2
n	5.	Changes to particulars of a corporation	2
e	6.	Updating the names of accounting and regulatory bodies	2
7.	Notice of franchising agreement	2
m	8.	Proof of official certificate	2
ia	9.	Updating the name of regulatory body	3
rl	10.	New regulation 50 substituted	3
a	50.	Report of auditor under section 64	3

11. Form 7 revoked 3

P	12.	New regulation 52 substituted	4
d	52.	Claims against the Fund	4
n	13.	Form 9 revoked	4
a	14.	Notice of disallowance	4

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n	ENDNOTES	5
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STATUTORY RULES 2003

ts	S.R. No. 126/2003
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e	Estate Agents Act 1980
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u	Estate Agents (General, Accounts and Audit)
c	(Amendment) Regulations 2003
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D	The Governor in Council makes the following Regulations:
ry	Dated: 28 October 2003
ta	Responsible Minister:
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e	JOHN LENDERS
m	Minister for Consumer Affairs
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rl	SUDHA KASYNATHAN
a	Acting Clerk of the Executive Council
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1. Objectives

d

n	The objectives of these Regulations are to amend
a	the Estate Agents (General, Accounts and Audit)
n	Regulations 1997 to—
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ti	(a) update the name of an accounting body; and
la	(b) prescribe the particulars required to be
is	provided for the purposes of sections 64 and
g	81 of the Estate Agents Act 1980; and
e	(c) revoke regulations and forms which are no
L	longer required; and
n	(d) make other changes as a consequence of
a
ri	amendments to the Act.
to	2. Authorising provision
ic	These Regulations are made under section 99 of
V	the Estate Agents Act 1980.

Estate Agents (General, Accounts and Audit) (Amendment)

Regulations 2003

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S.R. No. 126/2003

3. Commencement

These Regulations come into operation on

ts	1 November 2003.
n	4. Principal Regulations
e

In these Regulations, the Estate Agents (General,

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Accounts and Audit) Regulations 1997 are called

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c	the Principal Regulations.
o	5. Changes to particulars of a corporation
D

Regulation 10 of the Principal Regulations is

ry	revoked.
ta	6. Updating the names of accounting and regulatory
n	bodies
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(1) In regulation 19(2)(c)(i) and Form 2 in the
m
ia	Schedule of the Principal Regulations, for
rl	"Australian Securities Commission" substitute
a	"Australian Securities and Investments
P	Commission".
d	(2) In regulation 19(2)(c)(ii) and Form 2 in the
n	Schedule of the Principal Regulations, for "the
a	Australian Society of Certified Practising
n	Accountants" substitute "CPA Australia".
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ti	7. Notice of franchising agreement
la	(1) Regulation 20 of the Principal Regulations is
is	revoked.
g	(2) In the Schedule to the Principal Regulations,
e	Form 3 is revoked.
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8. Proof of official certificate

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a	(1) Regulation 21 of the Principal Regulations is
ri	revoked.
to	(2) In the Schedule to the Principal Regulations,
ic	Form 4 is revoked.
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Estate Agents (General, Accounts and Audit) (Amendment)

Regulations 2003

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S.R. No. 126/2003

9. Updating the name of regulatory body

In regulation 44 of the Principal Regulations, for

ts	"the Australian Securities Commission" (where
n	twice occurring) substitute "the Australian
e	Securities and Investments Commission".
m	10. New regulation 50 substituted
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c	For regulation 50 of the Principal Regulations
o	substitute—
D	"50. Report of auditor under section 64
ry	For the purposes of section 64(9) of the Act,
ta	the prescribed particulars are—
n	(a) the name, firm name and address of the
e	auditor;
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ia	(b) the name and address of the estate
rl	agent whose accounts were audited;
a	(c) the accounting period for which the
P	audit was conducted;
d	(d) details of any breaches of the Act or
n	regulations relating to the receipt,
a	banking or disbursement of trust money
n	or any matter referred to in section
o
ti	64(15) of the Act that were detected
la	during the audit;
is	(e) the auditor's opinion as to whether the
g	estate agent has complied with
e	section 60 of the Act.".
L	11. Form 7 revoked
n
a	In the Schedule to the Principal Regulations,
ri	Form 7 is revoked.
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Estate Agents (General, Accounts and Audit) (Amendment)

Regulations 2003

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S.R. No. 126/2003

12. New regulation 52 substituted

For regulation 52 of the Principal Regulations

ts	substitute—
n	"52. Claims against the Fund
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For the purposes of section 81 of the Act, the

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u	prescribed particulars are—
c	(a) the name and address of the claimant;
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D	(b) the name and address of the estate

agent or agent's representative in

ry	respect of whom the claim is made;
ta	(c) the grounds on which the claim is
n	made;
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(d) the amount of monetary loss suffered

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by the claimant;

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(e) details of any action taken by the

a	claimant to recover the loss from a
P	source other than the Fund;
d	(f) details of any monetary or non-
n	monetary amount recovered in relation
a	to the loss by the claimant from a
n	source other than the Fund.".
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ti	13. Form 9 revoked
la	In the Schedule to the Principal Regulations,
is	Form 9 is revoked.
g	14. Notice of disallowance
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L	In the Schedule to the Principal Regulations, in
n	Form 10 for "Estate Agents Licensing Authority"
a	(wherever occurring) substitute "Secretary".
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Estate Agents (General, Accounts and Audit) (Amendment)

Regulations 2003

Endnotes

S.R. No. 126/2003

ENDNOTES

ts	1
n	Reg. 4: S.R. No. 41/1997 as amended by S.R. No. 62/2001.
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