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CONVEYANCERS ACT 2006 - SECT 49 Conflicts of interest

CONVEYANCERS ACT 2006 - SECT 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.