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SETTLEMENT AGENTS ACT 1981

Table of Provisions

PART I -- Preliminary  

  • 1 Short title
    •  
  • 2 Commencement
    •  
  • 3 Terms used
    •  
  • 4 Term used: settlement agent
    •  
  • 22 Powers of investigation
    •  
  • 23 Application for review by SAT

PART III -- Licensing  

  • 24 Applications for licences
    •  
  • 26 Settlement agents must be licensed
    •  
  • 26A Licensed real estate agent may be exempted for certain settlements
    •  
  • 26B Licensed business agent may be exempted for certain settlements
    •  
  • 27 Licensing of individuals
    •  
  • 28 Firms, licensing of
    •  
  • 29 Bodies corporate, licensing of
    •  
  • 30 Licence, effect of
    •  
  • 31 Licensee’s triennial certificate: grant and renewal
    •  
  • 32 Licensee’s triennial certificate: late renewal
    •  
  • 33 Licensee’s triennial certificate: late renewal after 12 months
    •  
  • 34 Conditions on licences and triennial certificates
    •  
  • 34AA Imposing special conditions on licences or triennial certificates
    •  
  • 34AB Removing special conditions on licences or triennial certificates
    •  
  • 34A Commissioner may grant licence or triennial certificate without notice to applicant
    •  
  • 34B SAT may suspend licence in some cases
    •  
  • 34C Licensee may surrender licence and triennial certificate
    •  
  • 34D Firm or body corporate must surrender licence and triennial certificate in certain circumstances
    •  
  • 35 Fidelity insurance and professional indemnity insurance for licensees
    •  
  • 36 Licensees to notify Commissioner of certain changes
    •  
  • 37 Registered office of licensee
    •  
  • 38 Branch office of licensee
    •  
  • 39 Triennial certificates, contents of
    •  
  • 40 Licence and triennial certificate not transferable etc.
    •  
  • 41A Duplicate licence or triennial certificate
    •  
  • 41B Licensee to comply with prescribed educational requirements
    •  
  • 41 Use of business names by licensees
    •  
  • 42 Notices to be exhibited at offices; particulars to appear on documents

PART IV -- Controls

Division 1 -- General  

  • 43 Remuneration of settlement agents
    •  
  • 44 Maximum remuneration, disputes over remuneration etc.
    •  
  • 45 Records and premises, licensees’ duties as to
    •  
  • 46 Real estate settlement agents, functions of
    •  
  • 47 Business settlement agents, functions of

Division 2 -- Trust accounts  

  • 48 Terms used
    •  
  • 49 Trust accounts etc. of licensees
    •  
  • 49A Client may ask settlement agent for separate trust account
    •  
  • 49B Interest on trust accounts
    •  
  • 49C Settlement agents to give Commissioner information about trust accounts
    •  
  • 50 Receipts, accounts etc. by settlement agents
    •  
  • 51 Audits of trust accounts
    •  
  • 52 Date of audit, Commissioner may change
    •  
  • 53 Auditors, qualification and approval of
    •  
  • 54 Auditors, appointment of
    •  
  • 55 Audit of business carried on at more than one place, directions as to
    •  
  • 56 Approvals etc. under this Division, Commissioner’s power to cancel etc.
    •  
  • 58 Audits, settlement agents’ duties and auditors’ powers as to
    •  
  • 59 Audits, bankers’ duties as to
    •  
  • 60 Auditors’ reports, content of
    •  
  • 61 Moneys etc. held on trust, statement of by settlement agents
    •  
  • 62 Auditor’s report to report breaches of law etc.
    •  
  • 63 Auditors’ duty of confidentiality
    •  
  • 64 Right of some persons to information in auditors’ reports
    •  
  • 65 Offences under this Division
    •  
  • 66 Auditors’ remuneration
    •  
  • 67 Settlement agents with no accounts to audit
    •  
  • 68 Accounts of firm or body corporate or settlement agent with branch office, effect of audits as to
    •  
  • 69 Audit of trust account, Commissioner may do
    •  
  • 70 Settlement agent to allow Commissioner’s auditor etc. to inspect accounts etc.
    •  
  • 71 Cost of audit done under s.
    •  
  • 72 Application of s. 63 to certain persons
    •  
  • 73 Restraining bank etc. from dealing with settlement agent’s account, SAT’s powers as to
    •  
  • 74 Suspension of settlement agents, appointment of supervisors etc., SAT’s powers as to
    •  
  • 75 Effect of s. 74 orders appointing supervisor
    •  
  • 76 Supervisors’ duties
    •  
  • 77 Hindering etc. supervisors, offence
    •  
  • 78 Discharge or variation of s. 73 or 74 order
    •  
  • 79 SAT’s additional powers as to s. 73, 74 or 78 orders
    •  
  • 80 Service of s. 73, 74, 78 and 79 orders; penalty for breach of
    •  
  • 81 Banks etc., duty to disclose certain accounts etc. if required to by authorised person
    •  
  • 81A Information about trust accounts, Commissioner’s power to obtain

Division 3 -- Discipline  

  • 82 Code of conduct for settlement agents
    •  
  • 83 Disciplinary action by SAT, alleging cause for
    •  
  • 84 Disciplinary action, SAT’s powers as to
    •  
  • 85 Offences that cause licence and triennial certificate to be cancelled
    •  
  • 85A Cancellation of licence due to insufficient resources or cessation of business
    •  
  • 86 Persons with cancelled licences etc., offences by and in respect of

PART V -- Fidelity Guarantee Account  

  • 87 Account established; administration of Account
    •  
  • 88 Moneys to be credited to Account
    •  
  • 89 Investment of moneys in Account
    •  
  • 90 Expenditure from Account
    •  
  • 92 Payments to Account by applicants for licences etc.
    •  
  • 93 Purpose of Account; making claims against Account
    •  
  • 94 Levies for Account against certificate holders
    •  
  • 95 Claims against Account; recovery from Account
    •  
  • 96 Defences to claims against Account
    •  
  • 97 Subrogation of rights of claimant against Account
    •  
  • 98 Insufficiency in Account
    •  
  • 99 State may insure against claims
    •  
  • 100 Application of insurance money
    •  
  • 101 Advertising for claims in relation to defaulting licensee
    •  
  • 102 Documents etc. to support claims, CEO may require
    •  
  • 102AA Commissioner may investigate claims against Fidelity Account

PART VA -- Education and General Purpose Account  

  • 102A Account established; administration of account
    •  
  • 102B Moneys to be credited to account
    •  
  • 102C Expenditure from account
    •  
  • 102D Investment of moneys in account

PART VI -- Settlement Agents Interest Account  

  • 103 Account established; administration of account
    •  
  • 104 Moneys to be credited to account
    •  
  • 105 Expenditure from account
    •  
  • 106 Investment of moneys in account

PART VII -- Miscellaneous  

  • 110 Registers of licensees etc., Commissioner to keep etc.
    •  
  • 111A Offence to give false or misleading information
    •  
  • 111 Commissioner’s certificate
    •  
  • 112 Annual report by department
    •  
  • 113 Reports by Commissioner to Minister
    •  
  • 114 Refunds of fees, Commissioner’s powers as to
    •  
  • 115 Protection from personal liability
    •  
  • 116 Confidentiality of information officially obtained
    •  
  • 117 Liability of directors of body corporate for defalcations
    •  
  • 118 Other rights and remedies not affected by this Act
    •  
  • 119 Rights conferred by Act cannot be waived
    •  
  • 120 General penalty for offences
    •  
  • 121 Proceedings for offences
    •  
  • 122 Forms
    •  
  • 123 Regulations

PART VIII -- Savings and transitional  

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