company means a company registered under the Corporations Act; S. 3 def. of Consumer Act amended by No. 21/2012 s. 239(Sch. 6 item 10.1). Consumer Act has the same meaning as in the Australian Consumer Law and Fair Trading Act 2012; controlled money has the meaning given in section 62; controlled money account has the meaning given in section 62; conveyancing business means any business in the course of which conveyancing work is carried out for fee or reward, whether or not the carrying out of conveyancing work is the sole or dominant purpose of the business; conveyancing work has the meaning given in section 4; defalcation means any theft, embezzlement, failure to account, fraudulent misappropriation or other act punishable by imprisonment of or in relation to money or any other property; S. 3 def. of Director amended by No. 21/2012 s. 239(Sch. 6 item 10.2). Director has the same meaning as in the Australian Consumer Law and Fair Trading Act 2012; director has the same meaning as in the Corporations Act; disqualified person has the meaning given in section 5; estate agent has the same meaning as in the Estate Agents Act 1980;
(a) suspend the licence until the penalty is paid; and (b) cancel the licence if the penalty has still not been paid after the end of a further period of time equal to the initial period of time the licensee had in which to pay the penalty. (5) A reference to a licensee in this section includes a reference to any person who was a licensee at the time of any breach or alleged breach of a law, even if the person is not a licensee at the time any action is taken under this Act. (6) If VCAT cancels or suspends a licence under this section, the cancellation or suspension takes effect on the date specified by VCAT. (7) If VCAT cancels or suspends a licence under this section, the person to whom the licence was issued must return the licence to the Authority within the period specified by VCAT, or within the period of 14 days, whichever is shorter. 60 penalty units. Division 9—General 35 Annual licence fee and statement (1) A licensee must pay to the Authority the prescribed annual licence fee on the anniversary of the day on which the licensee was last granted a licence under this Act. (2) An annual licence fee may be paid at any time in the 6 weeks before it falls due. (3) The payment must be accompanied by a statement in respect of the year up to the day that the payment is made that is in a form approved by the Authority.
71 Controlled money (1) As soon as practicable after receiving controlled money, a licensee must deposit the money in the account specified in the written direction relating to the money. 120 penalty units. (2) The licensee must hold controlled money deposited in a controlled money account in accordance with subsection (1) exclusively for the person on whose behalf it was received. 120 penalty units. (3) A licensee that holds controlled money deposited in a controlled money account in accordance with subsection (1) must not disburse the money except in accordance with— (a) the written direction mentioned in that subsection; or (b) a later written direction given by or on behalf of the person on whose behalf the money was received. 120 penalty units. (4) The licensee must maintain the controlled money account, and account for the controlled money, as required by the regulations. 60 penalty units. (5) The licensee must keep a written direction mentioned in this section for the period prescribed by the regulations. 60 penalty units. (6) The licensee must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in subsection (2), and not for the
(b) the money is thereafter to be dealt with in accordance with any applicable terms of the direction so far as those terms are not inconsistent with paragraph (a). (3) Controlled money received in the form of cash must be deposited in a controlled money account in accordance with section 71. S. 74(4) substituted by No. 17/2007 s. 24(2). (4) A licensee must deposit transit money received in the form of cash in a general trust account of the licensee before the money is otherwise dealt with in accordance with the instructions relating to the money. 120 penalty units. S. 74(4A) inserted by No. 17/2007 s. 24(2). (4A) A licensee must deposit trust money that is received in the form of cash and is the subject of a power in a general trust account (or a controlled money account in the case of controlled money) of the licensee before the money is otherwise dealt with in accordance with the power. 120 penalty units. S. 74(5) amended by No. 17/2007 s. 24(3). (5) This section has effect despite anything to the contrary in a relevant direction, instruction or power. (6) In this section— appropriate person, in relation to trust money, means a person who is legally entitled to give the licensee concerned directions in respect of dealings with the money;
(1) An act done by a statutory manager is, for the purposes of any proceedings or transaction that relies on that act, taken to have been done by the relevant licensee. (2) Nothing in this section subjects a relevant licensee to any personal liability in relation to any act done by the statutory manager of the relevant licensee's conveyancing business. 102 Reimbursement of statutory manager (1) The Director may reimburse a statutory manager for any damages and costs recovered against the statutory manager, or an employee or agent of the statutory manager, for an act done in good faith and in the performance or exercise of a function or power under this Act. (2) Reimbursement under this section is to be by way of payment from the Fund. (3) Neither the statutory manager of a conveyancing business nor the Director is liable for any loss incurred by the relevant licensee as a consequence of any act or omission of the statutory manager or the Director in the conduct of the business if the act or omission was done or omitted in good faith and in the purported performance or exercise of a function or power under this Act. 103 Payment of expenses of statutory management (1) Any expenses of the statutory management of a conveyancing business that have not been paid to the statutory manager out of the receipts of the business must be paid to the statutory manager by the Director from the Fund.
(3) A receiver is not, in the exercise of his or her functions as a receiver, a personal representative of a deceased licensee. 126 Notice to claim receivable property (1) A receiver must give notice to the relevant licensee, a relevant associate or any other person that any claim the licensee, associate or other person has to receivable property must be submitted to the receiver within one month after the giving of the notice or within a longer period stated in the notice. (2) A claim submitted in response to a notice must state— (a) full particulars of the property; and (b) the grounds of the claim. (3) A receiver may disregard a claim made by a relevant licensee, a relevant associate or other person who has been given a notice under this section if the claim is not made in accordance with the notice. (4) A relevant licensee or relevant associate in receipt of a notice under this section is not entitled— (a) to enforce a claim to receivable property; or (b) except against a client, to the benefit of a lien against a document that is receivable property— unless all other enforceable claims against the property have been satisfied and the expenses of the receivership have been paid. 127 Lien for costs on receivable property (1) If a licensee claims a lien for costs on receivable property, the receiver may serve on the licensee a written notice requiring the licensee to give to the