Auctioneers and Real Estate Agents Amendment Act 2001
An Act to amend the Auctioneers and Real Estate Agents Act 1991 and for related purposes
[Royal Assent 12 April 2001]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
This Act may be cited as the Auctioneers and Real Estate Agents Amendment Act 2001 .
This Act commences on a day to be proclaimed.
In this Act, the Auctioneers and Real Estate Agents Act 1991 is referred to as the Principal Act.
4. Section 4 amended (Interpretation)
Section 4 of the Principal Act is amended as follows:(a) by inserting the following definition before the definition of auditor :approved institution means an authorised deposit-taking institution referred to in section 81(2) ;(b) by inserting the following definition after the definition of repealed Act :scheme of arrangement means a scheme of arrangement under section 81 ;
5. Section 53 amended (Dealings with trust account)
Section 53 of the Principal Act is amended as follows:(a) by omitting from subsection (1) "a bank, building society or credit union" and substituting "an authorised deposit-taking institution";(b) by omitting from subsection (1) "bank, building society or credit union" second occurring and substituting "institution";(c) by omitting from subsection (2) "A bank, building society or credit union shall" and substituting "An authorised deposit-taking institution must".
6. Section 71 amended (Trust money to be paid into trust account)
Section 71 of the Principal Act is amended by inserting after subsection (3) the following subsection:(4) A person with a claim on money deposited in a trust account has no right to any interest earned on that money.
7. Section 72 amended (Trust account)
Section 72(1)(a) of the Principal Act is amended by omitting "authorised deposit-taking institution" and substituting "approved institution".
8. Section 77 amended (Functions of the Trust)
Section 77(a) of the Principal Act is amended by omitting "to administer a system that provides for a proportion of the money held in trust accounts to be deposited to produce income to be used to establish and maintain a fund" and substituting "to establish and maintain, from money it receives under schemes of arrangement, a fund".
9. Part 8, Division 2 substituted
Division 2 of Part 8 of the Principal Act is repealed and the following Division is substituted:Division 2 - Schemes of arrangement81. Council may enter into schemes of arrangement
(1) The Council may enter into a scheme of arrangement with an authorised deposit-taking institution for the keeping of trust accounts.(2) An authorised deposit-taking institution that is party to a scheme of arrangement is taken to be an approved institution for the purposes of this Act.(3) A scheme of arrangement may provide for all or any of the following:(a) the payment, to the Trust, of interest on money held in trust accounts or on any part of such money;(b) the disclosure to the Council of trust account balances and other information about trust accounts;(c) the auditing of trust accounts;(d) any other matter related to the keeping of trust accounts that the Council considers to be necessary or expedient for the purposes of this Part.(4) A scheme of arrangement –(a) is to be in writing; and(b) is not to contain terms that are inconsistent with this Act or with any regulations in force under this Act; and(c) is not to contain terms that discriminate against another approved institution; and(d) may be varied or terminated in accordance with its terms or as may be prescribed.(5) The Council must –(a) from time to time, notify principal auctioneers and real estate agents as to which authorised deposit-taking institutions are approved institutions; and(b) notify principal auctioneers and real estate agents without undue delay if an authorised deposit-taking institution ceases to be an approved institution.82. Trust accounts to be kept only with approved institutions
A principal auctioneer or real estate agent must not maintain a trust account with an authorised deposit-taking institution that is not an approved institution.Penalty: Fine not exceeding 50 penalty units and a daily fine not exceeding 5 penalty units.
10. Section 86 amended (Auctioneers and Real Estate Agents Guarantee Fund)
Section 86(2) of the Principal Act is amended by omitting paragraph (a) and substituting the following paragraph:(a) under a scheme of arrangement; or
11. Section 91 amended (Accounts and report)
Section 91(1) of the Principal Act is amended as follows:(a) by omitting from paragraph (b) "accounts." and substituting "accounts; and";(b) by inserting the following paragraph after paragraph (b) :(c) how the rate of interest that approved institutions are to pay on the whole or any part of the money deposited in trust accounts is to be determined.
12. Section 107 repealed
Section 107 of the Principal Act is repealed.
(1) In this section –commencement day means the day on which this Act commences;relevant provisions means the provisions of the Principal Act that govern the keeping of trust accounts within the meaning of that Act.(2) The Governor may make regulations for or in relation to the transition from the relevant provisions of the Principal Act as in force immediately before the commencement day to the relevant provisions of the Principal Act as amended by this Act.(3) A provision of a regulation made under subsection (2) may, if the regulations so provide, take effect on the commencement day or a later day.
The Auctioneers and Real Estate Agents Trust Deposit Account Rules 1992 are rescinded.
[Second reading presentation speech made in:
House of Assembly on 13 MARCH 2001
Legislative Council on 21 MARCH 2001]