LAND AGENTS ACT 1994 - SECT 33

LAND AGENTS ACT 1994 - SECT 33

33—Claims by agents

        (1)         An agent who has paid compensation to a person for pecuniary loss suffered in consequence of a fiduciary default committed by a partner or employee of the agent may make a claim for compensation to the Commissioner.

        (2)         The Commissioner must, on receipt of the claim, if satisfied that—

            (a)         all legal or equitable claims in respect of the fiduciary default have been fully satisfied; and

            (b)         the claimant acted honestly and reasonably in all the circumstances of the case,

determine the amount of compensation payable to the claimant and, by notice in writing, inform the claimant of the determination.

        (3)         A person is not entitled to make a claim under this section where—

            (a)         the agent by whom the fiduciary default was committed, or to whom the fiduciary default relates, was required to be registered or licensed under this Act or a corresponding previous enactment; and

            (b)         that person knew, or ought to have known, at the time of the default, that the agent was not so registered or licensed.