Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 49

Conflicts of interest

49. Conflicts of interest



(1) Before or at the time a licensee is retained by a client, the licensee
must disclose to the client any actual or potential conflict of interest that
the licensee has in relation to any transaction relevant to that client.

Penalty: 120 penalty units.

(2) If, while acting for a client, an actual or potential conflict of interest
arises in relation to any transaction relevant to the client, the licensee
must immediately disclose that conflict of interest to the client.

Penalty: 120 penalty units.

(3) A disclosure under subsection (1) or (2) must be in writing and in the
prescribed form (if any).

(4) For the purposes of this section, a licensee has a potential conflict of
interest in respect of a transaction if the licensee or an associate of the
licensee-

   (a)  is acting, or will act, for more than one party to the transaction; or

   (b)  is, or will be, a party to the transaction; or

   (c)  pays or receives, or is to pay or receive, a commission in respect of
        the transaction.

(5) In this section, commission, in respect of a transaction, means any
valuable consideration, whether in monetary form or some other form to which a
monetary value may be assigned, received from, or paid to, a person who is not
a party to the transaction.