Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if--
(a) the chief executive considers, on reasonable grounds, that an irregularity or deficiency exists in a licensee's trust account; or
(b) the chief executive is satisfied a licensee who has been convicted of failing to file an audit report as required under section 402 continues, after the end of any appeal against the conviction, to fail to file the audit report; or
(c) a receiver is appointed under section 417 over property--
(i) held by a licensee; or
(ii) held by another person for a licensee; or
(iii) recoverable by a licensee; or
(d) the chief executive considers, on reasonable grounds, that a licensee--
(i) has contravened or is contravening this Act; or
(ii) is likely or proposing to engage in conduct that would contravene this Act.
(2) The chief executive may, whether or not disciplinary proceedings have been started under this Act--
(a) suspend the licensee's licence; or
(b) without limiting paragraph (a), for subsection (1)(a), suspend a licence held by an employee of the licensee if the chief executive considers, on reasonable grounds, the employee is responsible in any way for the irregularity or deficiency in the licensee's trust account.
(3) If the chief executive suspends a licence for a reason mentioned in subsection (1)(a), (c) or (d), the licence may be suspended for the period, of not more than 28 days, and on the conditions, the chief executive decides.
(4) If the chief executive suspends the licence for the reason mentioned in subsection (1)(b), the licence is suspended until whichever of the following happens first--
(a) the licensee files the required audit report;
(b) an application to the tribunal for the cancellation of the licence is heard and decided.
(5) The chief executive must give the licensee an information notice in relation to the suspension within 14 days after suspending the licensee's licence.
(6) The licensee must return the licence to the chief executive within 14 days after the licensee receives the notice, unless the person has a reasonable excuse.
Maximum penalty for subsection (6)--100 penalty units.