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SETTLEMENT AGENTS ACT 1981 - SECT 44

SETTLEMENT AGENTS ACT 1981 - SECT 44

44 .         Maximum remuneration, disputes over remuneration etc.

        (1)         The Commissioner may, with the approval of the Minister, by notice published in the Government Gazette fix the maximum amount of remuneration that a licensee is to receive for a service rendered by the licensee in performing the functions referred to in sections 46 and 47.

        (2)         The Commissioner may, with the approval of the Minister, by further notice published in the Government Gazette , amend or revoke a notice under subsection (1).

        (3)         An amount fixed under subsection (1) takes effect on the date on which the notice fixing the amount is published in the Government Gazette or on such subsequent date as is specified in the notice.

        (3a)         If an amount is fixed under subsection (1) in respect of a service rendered by a licensee, the licensee is not entitled to receive for that service, in the licensee’s capacity as a settlement agent, any reward which exceeds that amount in value.

        (4)         A licensee shall not, whether directly or indirectly demand, receive, or hold any reward in contravention of this section.

        (5)         A person dissatisfied with the amount of any demand for remuneration rendered to him by a settlement agent may refer the matter to the Commissioner who, with the consent in writing of both the settlement agent and the dissatisfied person, may appoint a suitable person to determine the matter finally in summary manner; but nothing herein affects the right of a person to allege in other proceedings that work has not been properly performed or remuneration has not been duly and lawfully earned.

        (6)         Any reward received or held in contravention of this section may be recovered as a civil debt recoverable summarily in any court of competent jurisdiction.

        (7)         A person shall not, whether directly or indirectly, demand, receive or hold any reward for referring to a licensee any business involving the performance of the functions of a settlement agent.

        (8)         A licensee shall not, whether directly or indirectly, pay or give any reward to any person referring to the licensee any business involving the performance of the functions of a settlement agent.

        (9)         Upon conviction for an offence against this section a settlement agent and any other person directly concerned in the commission of the offence or who is liable to conviction pursuant to Chapter II of The Criminal Code is liable to —

            (a)         in the case of an offence against subsection (4), a penalty not exceeding $5 000; and

            (b)         in any other case, a penalty not exceeding $20 000.

        (10)         Upon the conviction of a settlement agent for a second or subsequent offence under this section the convicting court or tribunal may also call upon him to show cause why his licence should not be cancelled or suspended.

        [Section 44 amended: No. 59 of 1995 s. 65; No. 58 of 2010 s. 146 and 176.]