New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 189

189 Application of money in Statutory Interest Account

(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.

(2) The Director-General may, with the consent of the Minister, apply money held in the Statutory Interest Account for all or any of the following purposes:

(a) supplementing the Compensation Fund by such amount as may be needed to enable the current liabilities of the fund to be met,

(b) providing grants or loans for providing or undertaking education or research programs relating to the property services industry (as defined in section 25I of the Fair Trading Act 1987 ) and approved by the Minister,

(c) providing money for the establishment or administration of rental advisory services,

(d) meeting the costs of administering this Act, the Conveyancers Licensing Act 2003 , the Valuers Act 2003 and any other Act prescribed by the regulations for the purposes of this paragraph (or the prescribed provisions of any other Act),

(e) meeting the costs of the administration of the Property Services Advisory Council,

(f) meeting the costs of operating a scheme or schemes for resolving disputes arising between consumers and providers of property services,

(g) investing in schemes that relate to the provision of residential accommodation or, subject to such terms and conditions as may be prescribed by the regulations, in loans to authorised deposit-taking institutions.

(3) The Treasurer may determine whether any such money is to be invested in any such scheme or loan and the amount to be invested in a scheme or loan.

(4) In this section:
"property services" means services provided in the property services industry as defined in section 25I of the Fair Trading Act 1987 .