SETTLEMENT AGENTS ACT 1981 - SECT 4

SETTLEMENT AGENTS ACT 1981 - SECT 4

4 .         Term used: settlement agent

        (1)         Exceptions to the meaning of settlement agent in and for the purposes of this Act are as follows —

            (a)         legal practitioners, when acting in the course of the practice of their profession as such; and

            (aa)         real estate agents and business agents, as defined in the Real Estate and Business Agents Act 1978 , who are currently carrying on business as such in accordance with that Act, when arranging or effecting settlements to which a current exemption under section 26A or 26B, as the case may be, applies; and

            (b)         financial services licensees (within the meaning of the Corporations Act 2001 of the Commonwealth), when dealing in securities (within the meaning of section 92 of that Act) that he or she is authorised to deal in by that licence; and

            (c)         regulated principals (within the meaning of section 1430 of the Corporations Act 2001 of the Commonwealth), when dealing in securities that he or she is authorised to deal in by Part 10.2 Division 1 Subdivision D of that Act.

        (2)         The provisions of section 29(1)(c), section 34AA(3), section 35, Division 2 of Part IV, and Part V shall not apply to a bank in its capacity as a settlement agent, or to a trustee company.

        [Section 4 amended: No. 10 of 1982 s. 28; No. 64 of 1982 s. 2; No. 59 of 1995 s. 59; No. 26 of 1999 s. 102(3); No. 10 of 2001 s. 222; No. 21 of 2003 s. 22; No. 25 of 2019 s. 73.]

        [Part II heading deleted: No. 58 of 2010 s. 137(1).]

[Division 1 (s. 5-12C) deleted: No. 58 of 2010 s. 137(2).]

[Division 1A (s. 12D and 12E) deleted: No. 58 of 2010 s. 137(2).]

[Division 2 (s. 13-18) deleted: No. 58 of 2010 s. 137(2).]

        [Division 3 heading deleted: No. 58 of 2010 s. 137(3).]

[ 19-21.         Deleted: No. 58 of 2010 s. 138.]