Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005

i Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 S.R. No. 108/2005 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provision 2 3. Principal Regulations 2 4. Approval under section 63(3A) of the Act 2 5. Approval under section 63(3B) of the Act 2 6. Trust account receipt forms—cessation of business or death of estate agent 2 7. Estate agent's notification of trust account deficiency 3 8. Auditor's notification of trust account deficiency 3 9. New Part 3A inserted 3 PART 3A—MONITORING OF ESTATE AGENCY BUSINESS 3 51. Embargo notice 3 10. New Form 3 inserted into Schedule 4 Form 3—Embargo Notice 4 ═══════════════ ENDNOTES 6 -- 1 of 7 -- 1 STATUTORY RULES 2005 S.R. No. 108/2005 Estate Agents Act 1980 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 The Lieutenant-Governor as the Governor's Deputy with the advice of the Executive Council makes the following Regulations: Dated: 20 September 2005 Responsible Minister: MARSHA THOMSON Minister for Consumer Affairs RUTH LEACH Clerk of the Executive Council 1. Objective The objective of these Regulations is to amend the Estate Agents (General, Accounts and Audit) Regulations 1997 to— (a) prescribe the form for an embargo notice for the purposes of section 70O of the Act; (b) provide for a limited exception from the duty on estate agents and auditors to notify the Director of trust account deficiencies; (c) replace the Authority with the Director as the person to be notified of the death of an estate agent and when unused trust account receipt forms have been destroyed following the cessation of an estate agent's business; -- 2 of 7 -- S.R. No. 108/2005 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 2 (d) substitute certain out-of-date references to the Authority with references to the Director. 2. Authorising provision These Regulations are made under section 99 of the Estate Agents Act 1980. 3. Principal Regulations In these Regulations, the Estate Agents (General, Accounts and Audit) Regulations 19971 are called the Principal Regulations. 4. Approval under section 63(3A) of the Act (1) Insert the following heading to regulation 33 of the Principal Regulations— "Approval under section 63(3) of the Act". (2) In regulation 33 of the Principal Regulations, for "Authority" (wherever occurring) substitute "Director". 5. Approval under section 63(3B) of the Act In regulation 34 of the Principal Regulations, for "Authority" (wherever occurring) substitute "Director". 6. Trust account receipt forms—cessation of business or death of estate agent In regulation 40 of the Principal Regulations, for "Authority" (wherever occurring) substitute "Director". r. 2 -- 3 of 7 -- S.R. No. 108/2005 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 3 7. Estate agent's notification of trust account deficiency After regulation 47(2) of the Principal Regulations, insert— "(3) Sub-regulation (1) does not apply if— (a) the deficiency was caused solely by an error by an authorised deposit-taking institution or by inadvertence; and (b) the deficiency is rectified within 2 business days of the estate agent becoming aware of the deficiency.". 8. Auditor's notification of trust account deficiency After regulation 48(2) of the Principal Regulations, insert— "(3) Sub-regulation (1) does not apply if— (a) the deficiency was caused solely by an error by an authorised deposit-taking institution or by inadvertence; and (b) the deficiency is rectified within 2 business days of the auditor becoming aware of the deficiency.". 9. New Part 3A inserted After Part 3 of the Principal Regulations insert— "PART 3A—MONITORING OF ESTATE AGENCY BUSINESS 51. Embargo notice An embargo notice issued by an inspector under section 70O of the Act must be in the form of Form 3.". r. 7 -- 4 of 7 -- S.R. No. 108/2005 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 4 10. New Form 3 inserted into Schedule In the Schedule to the Principal Regulations, after Form 2 insert— "FORM 3 Regulation 51 EMBARGO NOTICE Estate Agents Act 1980 Section 70O (1) The item described below has been embargoed under section 70O of the Estate Agents Act 1980. (2) Section 70O(2) provides that a person who knows that an embargo notice relates to a thing and who— (a) sells; or (b) leases; or (c) without the written consent of the inspector who issued the embargo notice, moves; or (d) transfers; or (e) otherwise deals with— the thing or any part of the thing is guilty of an offence and liable to a penalty not exceeding 25 penalty units. (3) Section 70O(3) provides that it is a defence to a prosecution for such an offence to prove that the thing or part of the thing was moved for the purpose of protecting and preserving it. (4) Section 70O(4) provides that despite anything in any other Act, a sale, lease, transfer or other dealing with a thing in contravention of that section is void. Description of embargoed item— r. 10 -- 5 of 7 -- S.R. No. 108/2005 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 5 This notice has been— † served on (name) † affixed to the item described above Signature of inspector Name of inspector Telephone number Date Time ". ═══════════════ r. 10 -- 6 of 7 -- S.R. No. 108/2005 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2005 6 ENDNOTES 1 Reg. 3: S.R. No. 41/1997. Reprint No. 1 as at 19 February 2004. Reprinted to S.R. No. 4/2004. Endnotes -- 7 of 7 --