Western Australian Consolidated Acts

SETTLEMENT AGENTS ACT 1981

TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title  
   2.      Commencement  
   3.      Terms used in this Act  
   4.      Application and construction  

   PART II -- Settlement Agents Supervisory Board  

           Division 1 -- General  

   5.      The Board  
   6.      Composition of Board  
   7.      Term of office  
   8.      Functions of the Board  
   9.      Meetings of the Board  
   10.     Validity of acts of Board  
   11.     Remuneration and allowances  
   12.     The Registrar and other officers  
   12A.    Consultants, etc.  
   12B.    Minister may give directions  
   12C.    Minister to have access to information  

           Division 1A -- Corporate plan  

   12D.    Corporate plan  
   12E.    Board to comply with corporate plan  

           Division 2 -- Powers of investigation and inquiry  

   13.     Investigation and inquiry by Registrar and inspectors  
   14.     Police investigations  
   15.     Power of Registrar and inspector to investigate inquire and obtain information  
   16.     Incriminating information, questions or documents  
   17.     Failure to comply with requirement  
   18.     Obstruction of Registrar or inspector  

           Division 3 -- Proceedings of, and review of decision of, Board  

   19.     Proceedings before the Board  
   20.     Powers of the Board  
   21.     Orders for fines or costs  
   23.     Application for review  

   PART III -- Licensing  

   24.     Application  
   25.     Objections  
   26.     Settlement agents to be licensed  
   26A.    Exemptions for real estate agents  
   26B.    Exemptions for business agents  
   27.     Grant of licence to a natural person  
   28.     Grant of licence to a firm  
   29.     Grant of licence to body corporate  
   30.     Effect of licence  
   31.     Triennial certificate and renewal thereof  
   32.     Periods of grace for renewal of triennial certificate  
   33.     Applications for renewal of triennial certificates in certain cases  
   34.     Conditions on licences and triennial certificates  
   34A.    Unopposed applications  
   34B.    Suspension of licence by State Administrative Tribunal  
   35.     Fidelity insurance and professional indemnity insurance in respect of triennial certificate  
   36.     Notice to Registrar  
   37.     Registered office  
   38.     Branch office  
   39.     Endorsements on triennial certificates  
   40.     Licence and triennial certificate not transferable  
   41.     Use of business name  
   42.     Notices at offices; particulars on correspondence and documents  

   PART IV -- Controls  

           Division 1 -- General  

   43.     Entitlement to remuneration  
   44.     Remuneration of settlement agents  
   45.     Conduct of business  
   46.     Functions of a real estate settlement agent  
   47.     Functions of a business settlement agent  

           Division 2 -- Trust accounts  

   48.     Terms used in this Division  
   49.     Trust accounts  
   49A.    Person may request separate trust account  
   49B.    Payment of interest on trust accounts  
   49C.    Board to be given certain information in relation to trust accounts  
   50.     Receipts and accounting to principal  
   51.     Duty of settlement agent to have trust accounts audited  
   52.     Variation of date of audit  
   53.     Qualification and approval of auditors  
   54.     Appointment of auditor  
   55.     Power to give directions for audit of business carried on at more than one place  
   56.     Alteration of rights under this Division  
   58.     Duties of settlement agents with respect to audit  
   59.     Duty of banker with respect to audit  
   60.     Contents of auditor’s report  
   61.     Statement of moneys etc., held by settlement agent for or on behalf of other persons  
   62.     Auditor’s report where settlement agent has not complied with Act, etc.  
   63.     Non-disclosure by auditors  
   64.     Right of persons beneficially interested to obtain information  
   65.     Penalty for breach  
   66.     Remuneration of auditor  
   67.     Settlement agents having no accounts to audit  
   68.     Accounts of firm or body corporate or settlement agent with branch office  
   69.     Power of Board to order audit of trust accounts  
   70.     Settlement agent to produce books, etc. to auditor  
   71.     Cost of audit  
   72.     Application of section 63  
   73.     Power of restraining dealing with trust accounts or other accounts  
   74.     Appointment of supervisor  
   75.     Effect of orders under section 74  
   76.     Duties of supervisor  
   77.     Offence  
   78.     Power of settlement agent to apply for discharge or variation of order  
   79.     Power of State Administrative Tribunal to make further orders and give directions  
   80.     Service of orders. Penalty for non-compliance therewith  
   81.     Duty of managers of financial institutions  
   81A.    Power of Registrar to obtain information relating to trust accounts  

           Division 3 -- Discipline  

   82.     Settlement agents’ code  
   83.     Disciplinary proceedings against settlement agents  
   84.     Powers on inquiry  
   85.     Automatic cancellation of licence and triennial certificate  
   86.     Special offence  

   PART V -- Fidelity Guarantee Account  

   87.     Settlement Agents Fidelity Guarantee Account  
   88.     Moneys constituting Fidelity Guarantee Account  
   89.     Investment of Fidelity Guarantee Account  
   90.     Expenditure from the Account  
   92.     Contribution to Account  
   93.     Application of Account and notice of claim  
   94.     Levies  
   95.     Claims against Account  
   96.     Defences to claims against Account  
   97.     Subrogation of rights  
   98.     Insufficiency in Account  
   99.     Power of Board to enter into contracts of insurance  
   100.    Application of insurance money  
   101.    Advertisement relating to defaulting settlement agent and claims  
   102.    Power of Board to demand securities, and documents  

   PART VA -- Education and General Purpose Account  

   102A.   Education and General Purpose Account established  
   102B.   Moneys credited to General Purpose Account  
   102C.   Application of General Purpose Account  
   102D.   Investment of General Purpose Account  

   PART VI -- Board Interest Account  

   103.    Board Interest Account established  
   104.    Moneys credited to Account  
   105.    Application of Account  
   106.    Investment of Account  

   PART VII -- Miscellaneous  

   110.    Registers  
   111.    Lists and certificates  
   112.    Application of Financial Management Act 2006 and the Auditor General Act 2006  
   113.    Further reports  
   114.    Refund of fees  
   115.    Immunity of Board and officers  
   116.    Secrecy  
   117.    Liability of directors of body corporate  
   118.    Other rights or remedies  
   119.    No waiver of rights  
   120.    General penalty  
   121.    Proceedings  
   122.    Forms  
   123.    Regulations  
           SCHEDULE 1  
           SCHEDULE 2  
           Compilation table