Queensland Consolidated Acts Queensland Consolidated Acts(1) A person who receives an amount as an ingoing contribution under a residence contract must give it to one of the following persons (the trustee) to hold in trust--
(a) the public trustee;
(b) the scheme operator's lawyer;
(c) a real estate agent;
(d) any authorised trustee corporation under the Corporations Act, section 9.
Maximum penalty--100 penalty units.
(2) If the trustee receives an amount under subsection (1), the trustee's receipt for the amount is a sufficient discharge for the person for the amount paid.
(3) The trustee must hold the amount in trust until the latest of--
(a) the day the conditions precedent, if any, to the creation of the right to reside to which the amount relates are fulfilled; or
(b) the day the cooling-off period ends; or
(c) if the ingoing contribution relates to an accommodation unit that has not previously been occupied--the day the resident's accommodation unit is suitable for habitation and the resident is entitled to vacant possession of the unit.
Maximum penalty--100 penalty units.
(4) At the end of the later day, the trustee must pay the amount to the person lawfully entitled to it.
Maximum penalty--100 penalty units.
(5) For subsection (3)(c), without limiting when an accommodation unit is not suitable for habitation, an accommodation unit is not suitable for habitation if--
(a) reticulated water is not connected to the unit; or
(b) all sanitary installations are not installed or are not operational in the unit.
(6) Despite subsection (1), if a person receives an amount as an ingoing contribution under a residence contract after the end of the latest day mentioned in subsection (3), the person may--
(a) if the person is lawfully entitled to the amount--keep the amount; or
(b) otherwise--pay the amount directly to the person lawfully entitled to it.
(7) If there is a dispute between a resident and a scheme operator about who is lawfully entitled to the amount, the dispute is a retirement village dispute.
(8) If a retirement village dispute arises under subsection (7), the scheme operator must give the trustee written notice of the dispute immediately it arises.
Maximum penalty--100 penalty units.
(9) If the trustee is given a notice under subsection (8), the trustee must hold the amount in trust until the dispute is resolved--
(a) as provided for under this Act; or
(b) by agreement, by deed, between the parties.
Maximum penalty--100 penalty units.
(10) However, if the contract is rescinded in the cooling-off period, the trustee must immediately pay the amount to the person by whom it was paid under the contract.
Maximum penalty--100 penalty units.
(11) If a person (the payer) who is required to pay an amount to someone (the payee) under this section does not pay the amount, the payee may recover it, as a debt payable by the payer to the payee.