Australian Capital Territory Numbered Acts

AGENTS ACT 2003 (NO. 20 OF 2003)

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Name of Act  
   2.      Commencement  
   3.      Dictionary  
   4.      Notes  
   5.      Offences against Act—application of Criminal Code etc  
   6.      Application of Act  

   PART 2--KEY CONCEPTS

   7.      Meaning of fair trading legislation  
   8.      Carrying on business as real estate agent  
   9.      Carrying on business as stock and station agent  
   10.     Carrying on business as business agent  
   11.     Carrying on business as travel agent  
   12.     Carrying on business as employment agent  
   13.     Employees not taken to carry on business as agents  
   14.     Silent partners not taken to carry on business as agents  
   15.     Publishers of advertisements not agents  

   PART 3--LICENSING OF AGENTS

           Division 3.1--Agents to be licensed

   16.     Application of div 3.1  
   17.     Meaning of licensed for div 3.1  
   18.     Real estate agents must be licensed  
   19.     Stock and station agents must be licensed  
   20.     Business agents must be licensed  
   21.     Travel agents must be licensed  
   22.     Employment agents must be licensed  
   23.     Unlicensed agents cannot recover fees etc  

           Division 3.2--Eligibility, qualifications and disqualification for licences

   24.     Eligibility for licences  
   25.     Qualifications for licences  
   26.     Additional eligibility grounds for travel agents  
   27.     People disqualified from being licensed  

           Division 3.3--Licence procedures and details

   28.     Advertising intended licence applications  
   29.     Licence applications  
   30.     Objections to licences  
   31.     Further information for licence applications  
   32.     Information about licence applications  
   33.     Decisions on licence applications  
   34.     Licence conditions  
   35.     Term of licences  
   36.     Renewal of licences  
   37.     Continuation of existing licences until the renewal applications decided  
   38.     Licence certificates  
   39.     Surrender of licence  

           Division 3.4--Disciplinary action against agents

   40.     Meaning of agent for div 3.4  
   41.     Grounds for disciplinary action—agents  
   42.     Commissioner may refer matter to tribunal—agents  
   43.     Disciplinary action tribunal may take—agents  

   PART 4--REGISTRATION OF SALESPEOPLE

           Division 4.1--Salespeople to be registered

   44.     Meaning of registered for div 4.1  
   45.     Real estate salespeople must be registered  
   46.     Stock and station salespeople must be registered  
   47.     Business salespeople must be registered  
   48.     Salespeople must be registered to recover fees etc  

           Division 4.2--Eligibility, qualifications and disqualification for registered salespeople

   49.     Eligibility for registration  
   50.     Qualifications for registration  
   51.     People disqualified from being registered  

           Division 4.3--Registration procedures and details

   52.     Advertising intended registration applications  
   53.     Registration applications  
   54.     Objections to registration  
   55.     Further information for registration applications  
   56.     Information about registration applications  
   57.     Decisions on registration applications  
   58.     Registration conditions  
   59.     Term of registration  
   60.     Renewal of registrations  
   61.     Continuation of existing registrations until renewal applications  
   62.     Registration certificates  
   63.     Surrender of registration  

           Division 4.4--Disciplinary action against registered salespeople

   64.     Meaning of registered salesperson for div 4.4  
   65.     Grounds for disciplinary action—salespeople  
   66.     Commissioner may refer matter to tribunal—salespeople  
   67.     Disciplinary action tribunal may take—salespeople  

   PART 5--CONDUCT OF LICENSED AGENTS AND REGISTERED SALESPEOPLE

           Division 5.1--Licensed agent's main place of business

   68.     Main place of business  

           Division 5.2--Management of licensed agent's business

   69.     Each place of business to have licensed agent in charge  
   70.     Licensed agent to be in charge of 1 place of business  
   71.     Licensed agent to be in charge of business—exemptions  
   72.     Licensed agent must not share commission etc with unlicensed person  
   73.     Agreements between licensed agents to share commission etc  
   74.     Duty to notify failures to account  

           Division 5.3--Employment of salespeople

   75.     Licensed agent may only employ licensed agent or registered salesperson  
   76.     Employee must tell employer about disqualification  

           Division 5.4--Conflicts of interest

   77.     Agents must not act for buyer and seller of land  

           Division 5.5--Advertisements and other statements

   78.     When is a statement published?  
   79.     False or misleading advertisements  

           Division 5.6--Land—further provisions

   80.     Meaning of benefit, estimate and selling price for div 5.6  
   81.     Meaning of pre-contract information for div 5.6  
   82.     Meaning of beneficial interest and obtains a beneficial interest for div  
   83.     Agents giving financial and investment advice  
   84.     Agents must disclose certain information  
   85.     Salespeople must disclose certain information  
   86.     Agents must not obtain beneficial interest in land  
   87.     Salespeople must not obtain beneficial interest in land  
   88.     False representations to sellers or buyers  
   89.     Requirement to substantiate selling price estimates  

           Division 5.7--Travel agents—further provisions

   90.     Meaning of compensation scheme for div 5.7  
   91.     Participation in compensation scheme  
   92.     Powers of travel agents board of trustees  
   93.     Legal action by travel agents board of trustees  
   94.     Rights of travel agents board of trustees  
   95.     Dealings with unlicensed travel agents  

           Division 5.8--Employment agents—further provisions

   96.     Employment agents must only take fee from employer  

           Division 5.9--Other offences

   97.     Lending licence certificate  
   98.     Lending registration certificate  

   PART 6--AGENCY AGREEMENTS

   99.     Application of pt 6  
   100.    No commission or expenses without agency agreement  

   PART 7--TRUST ACCOUNTS

           Division 7.1--Definitions for part 7

   101.    Meaning of licensed agent for pt 7  
   102.    What is trust money?  
   103.    Trust account details  

           Division 7.2--Trust money and trust accounts

   104.    Meaning of ADI business day for div 7.2  
   105.    Opening trust accounts  
   106.    Closing trust accounts  
   107.    Dealing with trust money  
   108.    Agents to notify of overdrawn trust accounts  
   109.    Interest on trust accounts  

           Division 7.3--Periodic returns and quarterly statements

   110.    Monthly returns by authorised deposit-taking institutions  
   111.    Quarterly statements by agents  

           Division 7.4--Audit of trust accounts

   112.    Meaning of qualified auditor for div 7.4  
   113.    Audit period  
   114.    Qualifications for auditors  
   115.    Requirement for audit  
   116.    If no trust money held during audit period  
   117.    Audit obligations of partners  
   118.    Auditor reports  

           Division 7.5--Unclaimed trust money

   119.    Unclaimed trust money held by licensed agents  
   120.    Trust money held by former licensed agents  
   121.    Trust money held by personal representatives of licensed agents  
   122.    Content of statements  
   123.    Duties of commissioner in relation to unclaimed money in trust  
   124.    Payment of unclaimed money to public trustee  
   125.    Applications to recover money  
   126.    Decisions on recovery applications  

   PART 8--RECORDS

           Division 8.1--Record keeping

   127.    What records must be kept  
   128.    Where records must be kept  
   129.    Presumption that records made by licensed agent  
   130.    Receipts  

           Division 8.2--Freezing accounts

   131.    Definitions for div 8.2  
   132.    Commissioner may freeze accounts  
   133.    Institutions to comply with directions  
   134.    Accounts to be operated only in accordance with directions  
   135.    Commissioner may operate accounts  
   136.    Notification of withdrawal of stop directions  
   137.    No liability for complying with stop directions  

   PART 9--APPOINTMENT OF ADMINISTRATORS

   138.    Definitions for pt 9  
   139.    When administrators may be appointed  
   140.    Agents not to be involved in business under administration  
   141.    Notice to authorised deposit-taking institutions  
   142.    Functions of administrators  
   143.    Remuneration of administrators  

   PART 10--CONSUMER COMPENSATION FUND

           Division 10.1--Establishment of compensation fund

   144.    Consumer compensation fund  
   145.    Compensation fund money  
   146.    Application of compensation fund money  

           Division 10.2--Claims against the compensation fund

   147.    Definitions for div 10.2  
   148.    Application of div 10.2  
   149.    Entitlement to claim compensation  
   150.    Notice inviting claims  
   151.    Claims for compensation  
   152.    Requirement to give information and produce documents  
   153.    Requirement to begin proceedings  
   154.    Decision on claims  
   155.    Payment of compensation  
   156.    Interim payment of compensation  
   157.    Insufficiency of compensation fund  
   158.    Availability of compensation fund  
   159.    Subrogation  

   PART 11--ADMINISTRATION

   160.    Register  
   161.    Register information  
   162.    Money received under Act  
   163.    Use of excess trust money  
   164.    Disclosure of information  
   165.    Protection from liability  

   PART 12--NOTIFICATION AND REVIEW OF DECISIONS

   166.    Definition of reviewable decision for pt 12  
   167.    Notice of reviewable decisions  
   168.    Review of reviewable decisions  

   PART 13--MISCELLANEOUS

   169.    False or misleading statements  
   170.    Alternative verdict for offence against s 169  
   171.    Rules of conduct  
   172.    Review of disqualifications  
   173.    Evidentiary certificates  
   174.    What is a corresponding law  
   175.    Displacement of Corporations legislation  
   176.    Determination of fees  
   177.    Approved forms  
   178.    Regulation-making power  

   PART 14--TRANSITIONAL PROVISIONS

           Division 14.1--Definitions

   179.    Definitions for pt 14  

           Division 14.2--Licensed agents under repealed Act

   180.    Licensed agents under repealed Act generally  
   181.    Suspended licensed agents under repealed Act  
   182.    People disqualified from holding licence under repealed Act  
   183.    Former licensed agents  

           Division 14.3--Registered agents under repealed Act and employees

   184.    Registered agents under repealed Act generally  
   185.    Employees need not have qualifications for 2 years  

           Division 14.4--Other provisions about the repealed Act

   186.    Register  
   187.    Board property  
   188.    Proceedings and evidence  
   189.    Pending licence applications  
   190.    Trust accounts  
   191.    Administrative accounts  
   192.    Agents fidelity guarantee fund  
   193.    Compensation claims––entitlement and beginning  
   194.    Compensation claims––board  
   195.    Compensation payments  
   196.    Disciplinary proceedings  
   197.    Surrender of licences  
   198.    Administrators  

           Division 14.5--Auctioneers

   199.    Licensed auctioneers  

           Division 14.6--Modification and expiry of pt 14

   200.    Regulations modifying pt 14  
   201.    Expiry  

           Division 14.7--Agents' records

   202.    Keeping of agents' records  
   203.    Expiry of pt 14  

   PART 15--REPEALS AND CONSEQUENTIAL AMENDMENTS

   204.    Auctioneers Act 1959, s 16 relocation  
   205.    Acts repealed  
   206.    Subordinate law repealed  
   207.    Instruments repealed—sch 2  
   208.    Acts amended—sch 3  
           SCHEDULE 2
           SCHEDULE 3
           DICTIONARY
           ENDNOTES