Victorian Consolidated Legislation

Estate Agents Act 1980 - SECT 76

Application of excess money in Fund

76. Application of excess money in Fund











(1) As soon as practicable after 1 July in each year, the Secretary must make
the following calculation-from the amount standing to the credit of the Fund
on 1 July the Secretary must subtract the sum of $500 000 and a notional
amount that in the opinion of the Secretary fairly represents the ascertained
and contingent liabilities of the Fund (including any liability for claims
that may not have been made by 1 July).

(2) If the result of the calculation is a positive amount, the Secretary must
give the Minister written notice of that fact and of the amount.

(3) After consulting the Council and the Secretary and any industry
associations, Government Departments and other bodies she or he thinks
appropriate, the Minister may apply from the Fund an amount of money not
exceeding the amount set out in the notice for one or more of the following
purposes-

   (a)  community education, advice or information services regarding-

   (i)  the sale, purchase, lease or transfer of interests in real estate or
        businesses;

   (ii) the provision of finance or credit for the purpose of the sale,
        purchase or lease of real estate or businesses;

   (iii) the provision of finance or credit for the acquisition of any right
        to reside on land;

   (iv) owners corporations;

   (v)  retirement villages;

   (vi) residential tenancy rights and any other rights to reside on land;

   (vii) other consumer protection matters relating to interests in land;

   (b)  programs that promote the ownership of real estate;



   (c)  the training of estate agents and agents' representatives;



   (d)  dispute resolution and advocacy services in relation to disputes
        involving-

   (i)  the sale, purchase, lease or transfer of interests in real estate or
        businesses;

   (ii) the provision of finance or credit for the purpose of sale, purchase
        or lease of real estate or businesses;

   (iii) a resident, or proposed or former resident, of a retirement village
        regarding his or her residence right in that retirement village;

   (iv) an owners corporation or a member of an owners corporation or an
        occupier of a lot arising in relation to the operation of an owners
        corporation;

   (v)  the provision of estate agency services or owners corporation
        management services;

   (vi) other consumer protection matters relating to interests in land;

   (e)  reviewing, reforming or researching the law and procedures or
        reviewing and researching the markets for real estate regarding-

   (i)  the sale, purchase, lease or transfer of interests in real estate or
        businesses;

   (ii) the provision of finance or credit for the purpose of sale, purchase
        or lease of real estate or businesses;

   (iii) owners corporations;

   (iv) retirement villages;

   (v)  other consumer protection matters relating to interests in land;

   (f)  projects facilitating-

   (i)  the registration of interests in land;

   (ii) the compilation of other information relating to the ownership or use
        of land;

   (g)  projects providing or facilitating housing assistance for low income
        or disadvantaged Victorians;

   (h)  projects regarding-

   (i)  the development of environmentally sustainable housing;

   (ii) the protection of Victoria's natural and architectural heritage.

(4) In subsection (3), occupier of a lot means an occupier of a lot within the
meaning of the Owners Corporations Act 2006.





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