(1) In this Act: agency agreement means an agreement pursuant to which a licensee performs or agrees to perform services in the capacity of a licensee.agent means:
(a) a real estate agent, or (b) a stock and station agent, or (c) a business agent, or (d) a strata managing agent, or (e) a community managing agent, or (f) an on-site residential property manager. auction means the sale of property by any means (including the Internet) whereby:
(a) the highest, the lowest, or any bidder is the purchaser, or the first person who claims the property submitted for sale at a certain price named by the person acting as auctioneer is the purchaser, or (b) there is a competition for the purchase of the property in any way commonly known and understood to be by auction. auctioneer means any person:
(a) who, in the course of trade or business and at an auction (or a proposed auction), acts as an auctioneer or sells for reward (whether monetary or otherwise) any land or any livestock, or (b) who sells or offers for sale, or who attempts to sell, any land or any livestock by way of auction, or (c) who engages in any other activity that is prescribed for the purposes of this definition. authorised officer has the meaning given in Part 13 (Enforcement).business agent means any person (whether or not the person carries on any other business) who for reward (whether monetary or otherwise) carries on business as an agent for exercising any of the following functions:
(a) selling, buying or exchanging or otherwise dealing with or disposing of businesses or professional practices or any share or interest in or concerning or the goodwill of or any stocks connected with businesses or professional practices, (b) negotiating for the sale, purchase or exchange or any other dealing with or disposition of businesses or professional practices or any share or interest in or concerning or the goodwill of or any stocks connected with businesses or professional practices, (c) any other function that is prescribed by the regulations for the purposes of this definition. business day means a day other than a Saturday, Sunday, public holiday or bank holiday in New South Wales.business salesperson means a person (other than the holder of a business agent’s licence) who, as an employee of a business agent or a corporation that employs a business agent:
(a) exercises any function of a business agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. certificate of registration means a certificate of registration under this Act.community managing agent means a person who is engaged or appointed, for monetary or other reward, to exercise functions of an association constituted for a scheme under the, or any other function that is prescribed by the regulations for the purposes of this definition, but does not include: Community Land Development Act 1989
(a) the proprietor of a lot within the scheme, or (b) the secretary or treasurer of the association, or (c) a person authorised by the management statement for the scheme to exercise the functions of the secretary or treasurer of the association, or (d) a person who maintains or repairs any property that the association is required to maintain and keep in repair. Compensation Fund orFund means the Property Services Compensation Fund established and maintained under this Act.Corporations Act means theof the Commonwealth. Corporations Act 2001 Department means the Department of Fair Trading.Director-General means the Director-General of the Department.disqualified person has the meaning given by section 16.employee includes any person employed whether on salary, wages, bonus, commission, fees, allowance or other remuneration and includes a director or member of the governing body of a corporation.former licensee means a person who has been but has ceased to be a licensee.individual means a natural person and does not include a corporation.land includes:
(a) a lot within the meaning of the or the Strata Schemes (Freehold Development) Act 1973 and a leasehold interest in a lot within the meaning of the Community Land Development Act 1989 , and Strata Schemes (Leasehold Development) Act 1986 (b) shares that, under a company title scheme, entitle their holder to the possession of premises. licence means a licence under this Act.licensee means the holder of a licence under this Act.licensee’s records has the meaning given in Part 8 (Records).livestock includes horses, cattle, asses, mules, sheep, swine, camels, goats, alpacas, ostriches, emus and such other animals as may be prescribed by the regulations.livestock transaction means the purchase, sale or other disposal of livestock, whether or not an auction is involved.money includes an instrument for the payment of money in any case where the instrument may be paid into a bank or other authorised deposit-taking institution.money received for or on behalf of any person includes money held for or on behalf of any person, whether originally received for or on the person’s behalf or not.on-site residential property manager means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise):
(a) carries on business as an agent for giving possession of residential premises under a lease, licence or other contract, or (b) carries on business as an agent for collecting bonds, deposits, rents, fees or other charges in connection with any such lease, licence or other contract, or (c) carries on any other business that is prescribed by the regulations for the purposes of this definition. Note— It is a condition of an on-site residential property manager’s licence that the licensee may act as an on-site residential property manager only in respect of premises at which the licensee’s principal place of residence is situated and only if the licensee owns or has a prescribed interest in that principal place of residence. principal place of business means, in relation to a licensee carrying on business at more than one place, the place of business specified in the application for the licence as the licensee’s principal place of business.real estate agent means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise), carries on business as an auctioneer of land or as an agent:
(a) for a real estate transaction, or (b) for inducing or attempting to induce or negotiating with a view to inducing any person to enter into, or to make or accept an offer to enter into, a real estate transaction or a contract for a real estate transaction, or (c) for the introduction, or arranging for the introduction, of a prospective purchaser, lessee or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land, or (d) collecting rents payable in respect of any lease of land and otherwise providing property management services in respect of the leasing of any land, or (e) for any other activity in connection with land that is prescribed by the regulations for the purposes of this definition, but does not include a person who carries on business as an auctioneer or agent in respect of any parcel of rural land unless the regulations otherwise provide. Note— This definition is not limited to the selling of land and extends to an agent acting on behalf of the buyer of land (a buyer’s agent). As noted in section 168 of the , a selling agent acting on the sale of residential premises in a retirement village must be licensed as a real estate agent under this Act. Retirement Villages Act 1999 real estate salesperson means a person (other than the holder of a real estate agent’s licence) who, as an employee of a real estate agent or a corporation that carries on the business of a real estate agent:
(a) exercises any of the functions of a real estate agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. real estate transaction means the purchase, sale, exchange, lease, assignment or other disposal of land, whether or not an auction is involved.records includes books, accounts and other documents.registered community manager means a person (other than a community managing agent holding a strata managing agent’s licence) who, as an employee of a community managing agent or a corporation that carries on the business of a community managing agent:
(a) exercises any of the functions of a community managing agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. registered manager means a registered strata manager, registered community manager or registered on-site residential property manager.registered on-site residential property manager means a person (other than the holder of an on-site residential property manager’s licence or the holder of a real estate agent’s licence) who, as an employee of an on-site residential property manager or a corporation that carries on the business of an on-site residential property manager:
(a) exercises any of the functions of an on-site residential property manager, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. registered person means the holder of a certificate of registration under this Act.registered strata manager means a person (other than the holder of a strata managing agent’s licence) who, as an employee of a strata managing agent or a corporation that carries on the business of a strata managing agent:
(a) exercises any of the functions of a strata managing agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. residential property has the same meaning as in Division 8 of Part 4 of the. Conveyancing Act 1919 rural land means land that is used or apparently intended to be used for gain or profit for grazing of livestock, dairying, poultry farming, viticulture, orcharding, beekeeping, horticulture, the growing of crops of any kind, vegetable growing or any other purpose declared by the regulations to be a rural purpose.Statutory Interest Account means the Property Services Statutory Interest Account referred to in Part 11.stock and station agent means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise), carries on business as an auctioneer of rural land or livestock or as an agent for:
(a) doing (where the land concerned consists of rural land) any one or more of the things referred to in paragraphs (a)–(d) of the definition of real estate agent , or(b) a livestock transaction, or (c) inducing or attempting to induce or negotiating with a view to inducing any person to enter into, or to make or accept an offer to enter into, a livestock transaction or a contract for a livestock transaction, or (d) providing agistment for livestock or collecting of fees for the agistment of livestock, or (e) any other activity that is prescribed by the regulations for the purposes of this definition. stock and station salesperson means a person (other than the holder of a stock and station agent’s licence) who, as an employee of a stock and station agent or a corporation that carries on the business of a stock and station agent:
(a) exercises any of the functions of a stock and station agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. strata managing agent means a person (whether or not such person carries on any other business) who, for reward (whether monetary or otherwise), exercises any function of an owners corporation within the meaning of theor any other function that is prescribed by the regulations for the purposes of this definition, not being: Strata Schemes Management Act 1996
(a) a person who:
(i) is the owner of a lot to which the strata scheme for which the owners corporation is constituted relates, or (ii) is the lessee of a lot to which the leasehold strata scheme for which the owners corporation is constituted relates, or (iii) is the secretary or treasurer of the executive committee of the owners corporation, and who exercises or performs only functions of the owners corporation required, by the by-laws in force in respect of the strata scheme or leasehold strata scheme for which the owners corporation is constituted, to be exercised or performed by the secretary or treasurer of that executive committee or of the owners corporation, or (b) a person who maintains or repairs any property for the maintenance or repair of which the owners corporation is responsible. trust account means a trust account required to be kept under this Act.
(1) This Act does not require a licence to be held by, and does not require a certificate of registration to be held by any person in their capacity as employee of, any of the following:
(a) a Minister of the Crown whether a Minister of the State of New South Wales or of the Commonwealth, (b) any Government Department of the State of New South Wales or the Commonwealth (including any statutory corporation representing the Crown), (c) a council within the meaning of the , Local Government Act 1993 (d) any public authority prescribed by the regulations, (e) any officer or employee of the Crown or of any such Minister, department, corporation, council or authority in the exercise of his or her functions as such officer or employee, (f) the NSW Trustee and Guardian or any executor, administrator, trustee, liquidator, official receiver, trustee in bankruptcy of a bankrupt’s estate, trustee under a composition or scheme of arrangement or under a deed of arrangement or under a deed of assignment, or manager of an estate appointed under the , in the exercise of functions as such, NSW Trustee and Guardian Act 2009 (g) any person for the purposes of any sale made of Crown lands or other Crown property or for the purposes of any sale of any property made by virtue of any writ or process issued out of any Court or made in obedience to any process issued by any Court or judge or justice for the recovery of any fine, penalty or award, or under any rule, order or decree of any competent Court or made pursuant to the , Impounding Act 1993 (h) a receiver appointed under this Act, in the exercise of the receiver’s functions under this Act, (i) the New South Wales Land and Housing Corporation, (j) the New South Wales Department of Housing, (k) the Office of Community Housing of the Department of Housing, (l) the Aboriginal Housing Office, (m) a registered community housing provider within the meaning of the , or an organisation for the time being registered under Part 5 of the Housing Act 2001 , Aboriginal Housing Act 1998 (n) a person or organisation, or a person or organisation of a class, prescribed by the regulations as not requiring a licence. (2) This Act does not prevent any person for the time being entitled to practise as an Australian legal practitioner from exercising any function that, had this Act not been enacted, the person might lawfully have exercised as an Australian legal practitioner.
(1) A natural person must not act as or carry on the business of (or advertise, notify or state that the person acts as or carries on the business of or is willing to act as or carry on the business of):
(a) a real estate agent, unless the person is the holder of a real estate agent’s licence, or (b) a stock and station agent, unless the person is the holder of a stock and station agent’s licence, or (c) a business agent, unless the person is the holder of a business agent’s licence, or (d) a strata managing agent or community managing agent, unless the person is the holder of a strata managing agent’s licence, or (e) an on-site residential property manager, unless the person is the holder of an on-site residential property manager’s licence or a real estate agent’s licence. Maximum penalty: 100 penalty units.
(1) The holder of a certificate of registration must not act as or exercise any of the functions of a real estate salesperson, stock and station salesperson, business salesperson or registered manager unless the person does so as an employee of the holder of a licence under this Act.
(1) A natural person is eligible to hold a licence only if the Director-General is satisfied that the person:
(a) is at least 18 years of age, and (b) is a fit and proper person to hold a licence and each person with whom the person is in partnership in connection with the business concerned is a fit and proper person to hold a licence, and (c) has the qualifications required for the issue of the licence, and (d) is not a disqualified person, and (e) has paid such part of any contribution or levy payable under Part 10 (Compensation Fund) as is due and payable on the granting of the licence.
(1) The qualifications required for the issue of a licence or certificate of registration are such qualifications as the Minister may approve from time to time by order published on the NSW legislation website.
(1) A person is a disqualified person for the purposes of this Act if the person:
(a) has a conviction in New South Wales or elsewhere for an offence involving dishonesty that was recorded in the last 10 years, unless the Director-General has determined under subsection (2) that the offence should be ignored, or (b) has a conviction that was recorded in the last 5 years for an offence under section 13 (Lending of licence or certificate of registration prohibited) of this Act or section 41 (Licensee not to lend licence) of the , unless the Director-General has determined under subsection (2) that the offence should be ignored, or Property, Stock and Business Agents Act 1941 (c)–(e) (f) is a mentally incapacitated person, or (g) is disqualified from holding a licence, certificate of registration or other authority under a corresponding law or is the holder of such a licence, certificate of registration or other authority that is suspended, or (h) is the holder of a licence, permit or other authority that is suspended under legislation administered by the Minister or is disqualified from holding a licence, permit or other authority under legislation administered by the Minister, or (i) is in partnership with a person who is a disqualified person, or (j) is for the time being declared to be a disqualified person under Part 12 (Complaints and disciplinary action), or (k) is a corporation that is the subject of a winding up order or for which a controller or administrator has been appointed, or (l) has failed to pay a contribution or levy payable by the person under Part 10 (Compensation Fund) and the failure continues, or (m) has failed to pay an amount due as a debt to the Crown by way of recovery of an amount paid out of the Compensation Fund and the failure continues, or (n) has failed to pay any monetary penalty payable by the person under Part 12 (Complaints and disciplinary action) or has failed to comply with a direction given by the Director-General under that Part, and the failure continues, or (o) has failed to provide the Director-General with an auditor’s report that the person is required to provide under this Act on the audit of the records and documents relating to any money held in a trust account kept by the person under this Act, or has failed to lodge a statutory declaration as required by section 113, unless the Director-General determines that in the circumstances that failure should not disqualify the person, or (p) is in breach of any provision of this Act or the regulations that is prescribed by the regulations as a disqualifying breach. (1A) A person is also a disqualified person for the purposes of this Act (except for the purposes of eligibility to hold a certificate of registration) if the person:
(a) is an undischarged bankrupt, or (b) at any time in the last 3 years was an undischarged bankrupt, applied to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounded with his or her creditors or made an assignment of his or her remuneration for their benefit, or (c) is, or was at any time in the last 3 years, concerned in the management of, or a director of, an externally-administered body corporate (within the meaning of the Corporations Act) except in a case of the voluntary winding up of the body corporate, or (d) is a person:
(i) who was, at any time in the last 3 years, concerned in the management of, or a director of, a body corporate that, within 12 months after the person ceasing to be such a person or director, became an externally-administered body corporate (within the meaning of the Corporations Act) except in the case of a voluntary winding up of the body corporate, and (ii) who failed (while concerned in the management of, or a director of, that body corporate) to take all reasonable steps to avoid the body corporate becoming an externally-administered body corporate. (2) The Director-General may determine that an offence committed by a person should be ignored for the purposes of this section because of the time that has passed since the offence was committed or because of the triviality of the acts or omissions giving rise to the offence.
(1) The Director-General may grant the following licences and certificates of registration for the purposes of this Act:
(a) real estate agents’ licences, (b) stock and station agents’ licences, (c) business agents’ licences, (d) strata managing agents’ licences, (e) on-site residential property managers’ licences, (f) corporation licences, (g) certificates of registration as a real estate salesperson, (h) certificates of registration as a stock and station salesperson, (i) certificates of registration as a business salesperson, (j) certificates of registration as a registered manager.
(1) A licensee must not, either alone or together with other persons, carry on business as a licensee under a name or advertise or hold out that the licensee carries on business as a licensee under a name unless:
(a) the name consists of the name of the licensee and the name of each other person, if any, with whom the licensee is carrying on, or advertising or holding out that the licensee is carrying on, business as a licensee, or (b) the name is a business name registered under the in relation to the licensee and each other person, if any, with whom the licensee is carrying on, or advertising or holding out that the licensee is carrying on, business as a licensee. Business Names Act 2002 Maximum penalty: 50 penalty units. (2) The name of a licensee (other than a corporation) consists of the licensee’s full name, or the licensee’s surname (or family name) together with:
(a) the licensee’s other name or names, or (b) the initial or initials of the licensee’s other name or names, or (c) a combination of one or more of the licensee’s other name or names and the initial or initials of the licensee’s remaining other name or names, or (d) the other name or names by which the licensee is commonly known or the initial or initials by which the licensee is commonly known or any combination of one or more of those names or initials.
(1) An individual who carries on business under a licence at more than one place of business must employ at each of those places of business (except the place at which the licensee is personally in charge) as the person in charge of business at that place a person who is the holder of a licence that an individual is required to hold to carry on that business. (2) A corporation that holds a corporation licence must employ as the person in charge at each place of business at which the corporation carries on business under the licence a person who is the holder of a licence that an individual is required to hold to carry on that business. (3) A licensee must not employ a person to be the person in charge of business at a place of business of the licensee if the person is also employed to be the person in charge of business at another place of business of the licensee or at a place of business of another licensee.
(1) A real estate agent who is retained by a person ( the client ) as an agent for the sale of property must not obtain or be in any way concerned in obtaining a beneficial interest in the property.Maximum penalty: 200 penalty units or imprisonment for 2 years, or both. (2) A real estate salesperson employed by the real estate agent must not obtain or be in any way concerned in obtaining a beneficial interest in the property. Maximum penalty: 200 penalty units or imprisonment for 2 years, or both.
(1) A licensee must not publish (in a newspaper or otherwise) an advertisement relating to or in connection with the licensee’s business unless the advertisement includes the following:
(a) if the licensee is an individual carrying on business in the licensee’s own name and is not a member of a partnership—the licensee’s name, (b) if the licensee is an individual carrying on business under a business name registered under any Act relating to the registration of business names—either the licensee’s name or that business name, (c) if the licensee carries on business as a member of a partnership—either the licensee’s name or the name of the partnership, or the name under which the partnership is registered under any Act relating to the registration of business names, (d) if the licensee is a corporation and the corporation is carrying on business in its own name—the name of the corporation, (e) if the licensee is a corporation and the corporation is carrying on business under a business name registered under any Act relating to the registration of business names—either its own name or that business name.
(1) When a licensee executes a deed under this Division, the Director-General must:
(a) lodge a copy of the deed with the Registrar of the Tribunal, and (b) give a copy of the deed to the licensee who executed it.
(1) Where, on the application of the Director-General, the Tribunal is satisfied after inquiry that a licensee has repeatedly engaged in unjust conduct, the Tribunal may order the licensee to refrain from engaging in unjust conduct in the course of carrying on business as a licensee and the licensee must comply with the order.
(1) A licensee is not entitled to any commission or expenses from a person for or in connection with services performed by the licensee in the capacity of licensee for or on behalf of the person unless:
(a) the services were performed pursuant to an agreement in writing (an agency agreement ) signed by or on behalf of:
(i) the person, and (ii) the licensee, and (b) the agency agreement complies with any applicable requirements of the regulations, and (c) a copy of the agency agreement signed by or on behalf of the licensee was served by the licensee on that person within 48 hours after the agreement was signed by or on behalf of the person.
(1) A real estate agent may do any of the following:
(a) fill up a proposed contract for the sale of residential property, by inserting details of the purchaser’s name, address and description, the name and address of the Australian legal practitioner acting for the purchaser, the purchase price and the date, (b) insert in or delete from a contract for the sale of residential property any description of any furnishings or chattels to be included in the sale of the property, (c) participate in the exchange or making of contracts for the sale of residential property. (2) If a prospective party to a proposed contract for the sale of residential property for whom a real estate agent acts in relation to the exchange or making of the contract notifies the real estate agent, or it is apparent from the proposed contract, that an Australian legal practitioner is or will be acting for the party, the real estate agent may not participate in the exchange or making of the contract unless expressly authorised to do so by the party or the Australian legal practitioner. A contract is not invalid merely because of the failure of a real estate agent to comply with this subsection.
(1) At a sale by auction of residential property or rural land:
(a) the seller must not make a bid, and (b) a person must not make a bid on behalf of the seller unless the person is the auctioneer and makes only one bid on behalf of the seller, and (c) a person must not procure another person to make a bid on behalf of the seller in contravention of this section. Maximum penalty:
(a) 500 penalty units in the case of a corporation, or (b) 250 penalty units in any other case. (2) For the purposes of this section, a bid can be found to have been made on behalf of a seller even though it is not made at the request of, or with the knowledge of, the seller.
(1) Before residential property or rural land is offered for sale by auction, a record (the Bidders Record ) must be made of the persons who will be entitled to bid at the auction and there must be entered in the Bidders Record in respect of each of those persons:
(a) the relevant details of the person, and (b) the identifying number allocated to the person for the purposes of identifying the person at the auction, and (c) such other information as the regulations may require. (2) The relevant details of a person are:
(a) the person’s name and address and the number or other identifier of proof of identity for that person, and (b) in addition, in the case of a person bidding on behalf of another person, the name and address of that other person and the number or other identifier of proof of identity for that other person.
(1) When residential property or rural land is passed in at auction and the last bid accepted at the auction was a vendor bid, a real estate agent or stock and station agent, or an employee of such an agent, must not, by a statement made in the course of marketing the residential property or rural land, indicate the amount of the last bid accepted at the auction unless the statement also clearly indicates that the bid was a vendor bid. Maximum penalty: 200 penalty units.
(1) A person must not, in relation to the sale by auction of any land or livestock, by a collusive practice induce or attempt to induce any other person:
(a) to abstain from bidding generally, or (b) to abstain from bidding for any particular lot, or (c) to bid to a limited extent only, or (d) to do any other act or thing that might in any way prevent or tend to prevent free and open competition. Maximum penalty:
(a) 500 penalty units in the case of a corporation, or (b) 250 penalty units in any other case.
(1) Money received for or on behalf of any person by a licensee in connection with the licensee’s business as a licensee:
(a) is to be held by the licensee or (if the licensee is employed by a corporation) by the corporation, exclusively for that person, and (b) is to be paid to the person or disbursed as the person directs, and (c) until so paid or disbursed is to be paid into and retained in a trust account (whether general or separate) at an authorised deposit-taking institution in New South Wales and approved by the Director-General for the purposes of this Part. (2) If the licence is held by a corporation, the trust account is to be in the name of the corporation and in any other case is to be in the name of the licensee or of the firm of licensees of which the licensee is a member.
(1) Each authorised deposit-taking institution must:
(a) after the end of each named month, calculate interest on the daily balances of all money held during the month in trust accounts kept with the authorised deposit-taking institution (being trust accounts notified to the institution as trust accounts required by this Act) by applying to those balances the prescribed percentage of the trust account rate applicable to the institution for the purposes of this section, and (b) before the end of the 7th business day of the next named month pay the amount of that interest to the Director-General for crediting to the Statutory Interest Account. Maximum penalty: 100 penalty units. (2) The Minister is required to determine from time to time for the purposes of this section, after consultation with the Treasurer, a trust account rate for each authorised deposit-taking institution. The rate may be a fixed or variable rate and is to be determined by reference to an interest rate that applies in the short term money market. The same rate may be determined for some or all authorised deposit-taking institutions.
(1) Within 14 days after the end of each named month, an authorised deposit-taking institution must notify the Director-General (in such manner and form as the Director-General may from time to time direct) of the following matters with respect to the trust accounts that are opened with the institution under this Part during the month:
(a) the number of those trust accounts that were opened with the institution during the month, (b) the names of the licensees who opened those accounts, (c) the names and numbers of those accounts and the addresses of the branches of that institution at which those accounts are kept. Maximum penalty: 100 penalty units.
(1) When the Director-General receives an unclaimed money statement under this Division, the Director-General is to:
(a) send by post to each person for whom or on whose behalf any money referred to in the statement is held a notice (an individual notice ) in writing addressed to the person at the person’s address shown in the statement stating the particulars of the moneys held for or on behalf of that person, and(b) cause notification to be published in the Gazette (a Gazette notification ) stating the particulars of the money held for or on behalf of each of those persons.(2) Each individual notice and the Gazette notification is to state that, if the money is not paid out of the trust account in which it is held within 3 months after the date of publication of the Gazette notice, the person holding the money will be required to pay it to the Director-General.
(1) The Supreme Court may, on the application of a receiver, make such order as it thinks fit for the examination by the receiver of a licensee or other person in relation to receivable property.
(1) A person cannot, without the leave of the Director-General, commence any proceedings in relation to the Compensation Fund unless the person has made a claim and the Director-General has disallowed the person’s claim. (2) A person cannot recover from the Compensation Fund by way of any such proceedings an amount greater than the amount of pecuniary loss suffered by the person, after deducting from the total amount of the pecuniary loss:
(a) the amount or value of all money or other benefits received or recovered from any source (other than the Compensation Fund) in reduction of the pecuniary loss, and (b) any such amount or value that, in the opinion of the Director-General, might have been received or recovered but for the person’s neglect or default.
(1) Money in the Statutory Interest Account may be applied for any purpose for which it is required or permitted to be applied by or under this or any other Act.
(1) An authorised officer under this Act may apply to an authorised officer within the meaning of the for the issue of a search warrant for premises if the officer believes on reasonable grounds: Law Enforcement (Powers and Responsibilities) Act 2002
(a) that a provision of this Act or the regulations is being or has been contravened on the premises, or (b) that there is on the premises evidence of a contravention of this Act or the regulations.
(1) Proceedings for an offence under this Act or the regulations may be taken and prosecuted only by the Director-General or, in the name of the Director-General, by a person acting with the authority of the Director-General.
(1) A person must not disclose any information obtained in connection with the administration or execution of this Act unless that disclosure is made:
(a) with the consent of the person from whom the information was obtained, or (b) in connection with the administration or execution of this Act, or (c) for the purposes of any legal proceedings arising out of this Act or of any report of any such proceedings, or (d) in accordance with a requirement imposed under the , the Ombudsman Act 1974 or the Government Information (Public Access) Act 2009 , or Independent Commission Against Corruption Act 1988 (e) to a regulatory officer or law enforcement officer, for the purposes of assisting the officer in the exercise of the officer’s functions, or (f) as otherwise authorised by this section or the regulations, or (g) with other lawful excuse. Maximum penalty: 20 penalty units or imprisonment for 6 months, or both.
(Section 227)
(Section 228)