Untitled document

Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2004

S.R. No. 4/2004

TABLE OF PROVISIONS

Regulation  Page

1.Objective

2.Authorising provision

3.Commencement

4.Principal Regulations

5.Matters Authority must consider before granting a licence to a corporation

6.Revoked regulations and forms

7.Notification of insolvency etc.

8.New regulation 41 substituted

41. Estate agent must appoint auditor

9.Approval of firm as auditor under section 66 of the Act

10.Revocation of approval or determination of ineligibility of auditor

11.Estate agent's notification of trust account deficiency

12.Auditor's notification of trust account deficiency

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ENDNOTES

STATUTORY RULES 2004

S.R. No. 4/2004

Estate Agents Act 1980

Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2004

The Governor in Council makes the following Regulations:

Dated: 28 January 2004

Responsible Minister:

JOHN LENDERS
Minister for Consumer Affairs

STEPHANIE LENN

Acting Clerk of the Executive Council

1.Objective

The objective of these Regulations is to amend the Estate Agents (General, Accounts and Audit) Regulations 1997 as a result of amendments made to the Estate Agents Act 1980 by the Estate Agents and Sale of Land Acts (Amendment) Act 2003.

2.Authorising provision

These Regulations are made under section 99 of the Estate Agents Act 1980.

3.Commencement

These Regulations come into operation on 1 February 2004.

4.Principal Regulations

In these Regulations the Estate Agents (General, Accounts and Audit) Regulations 19971 are called the Principal Regulations.

5.Matters Authority must consider before granting a licence to a corporation

In regulation 6(1) of the Principal Regulations, for "section 30AA" substitute "section 29B".

6.Revoked regulations and forms

(1)Regulations 9, 11, 12, 15, 42, 44(3), 45, 46, 49 and 51 of the Principal Regulations are revoked.

(2)Forms 5, 6 and 8 in the Schedule to the Principal Regulations are revoked.

7.Notification of insolvency etc.

(1)After regulation 13(1) of the Principal Regulations, insert—

"(1A)The officer in effective control of the estate agency business of a corporation must immediately notify the Authority in writing if the corporation—

(a)becomes insolvent or an externally administered body corporate; or

(b)has a claim allowed against the Estate Agents' Guarantee Fund under Part VII of the Act; or

(c)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)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).

(1B)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 director of that corporation—

(a)has become an insolvent under administration; or

(b)has become a represented person within the meaning of the Guardianship and Administration Act 1986; or

(c)has been convicted of, or has found proven against him or her, any offence involving fraud, dishonesty, drug trafficking or violence which is punishable by imprisonment for 3 months or more; or

(d)has had a claim allowed against the Estate Agents' Guarantee Fund under Part VII of the Act; or

(e)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).".

(2)In regulation 13(1)(c) of the Principal Regulations omit "Board".

8.New regulation 41 substituted

For regulation 41 of the Principal Regulations, substitute—

"41.  Estate agent must appoint auditor

(1)An estate agent must appoint an auditor before receiving or holding trust money.

Penalty:5 penalty units.

(2)If the auditor appointed by an estate agent resigns, dies or otherwise becomes unable to perform the duties of an auditor, the estate agent must appoint a new auditor within 1 month of becoming aware of that fact.

Penalty:5 penalty units.".

9.Approval of firm as auditor under section 66 of the Act

In regulation 43 of the Principal Regulations, for "the Authority" substitute "the Director".

10.Revocation of approval or determination of ineligibility of auditor

In regulation 44 of the Principal Regulations, for "the Authority" (wherever occurring) substitute "the Director".

11.Estate agent's notification of trust account deficiency

In regulation 47 of the Principal Regulations, for "the Authority" substitute "the Director".

12.Auditor's notification of trust account deficiency

In regulation 48 of the Principal Regulations, for "the Authority" substitute "the Director".

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ENDNOTES

1 Reg. 4: S.R. No. 41/1997 as amended by S.R. Nos 62/2001 and 126/2003.