Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003

Victorian Legislation and Parliamentary Documents i Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 S.R. No. 126/2003 TABLE OF PROVISIONS Regulation Page 1. Objectives 1 2. Authorising provision 1 3. Commencement 2 4. Principal Regulations 2 5. Changes to particulars of a corporation 2 6. Updating the names of accounting and regulatory bodies 2 7. Notice of franchising agreement 2 8. Proof of official certificate 2 9. Updating the name of regulatory body 3 10. New regulation 50 substituted 3 50. Report of auditor under section 64 3 11. Form 7 revoked 3 12. New regulation 52 substituted 4 52. Claims against the Fund 4 13. Form 9 revoked 4 14. Notice of disallowance 4 ═══════════════ ENDNOTES 5 -- 1 of 6 -- Victorian Legislation and Parliamentary Documents 1 STATUTORY RULES 2003 S.R. No. 126/2003 Estate Agents Act 1980 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 The Governor in Council makes the following Regulations: Dated: 28 October 2003 Responsible Minister: JOHN LENDERS Minister for Consumer Affairs SUDHA KASYNATHAN Acting Clerk of the Executive Council 1. Objectives The objectives of these Regulations are to amend the Estate Agents (General, Accounts and Audit) Regulations 1997 to— (a) update the name of an accounting body; and (b) prescribe the particulars required to be provided for the purposes of sections 64 and 81 of the Estate Agents Act 1980; and (c) revoke regulations and forms which are no longer required; and (d) make other changes as a consequence of amendments to the Act. 2. Authorising provision These Regulations are made under section 99 of the Estate Agents Act 1980. -- 2 of 6 -- Victorian Legislation and Parliamentary Documents S.R. No. 126/2003 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 2 3. Commencement These Regulations come into operation on 1 November 2003. 4. Principal Regulations In these Regulations, the Estate Agents (General, Accounts and Audit) Regulations 19971 are called the Principal Regulations. 5. Changes to particulars of a corporation Regulation 10 of the Principal Regulations is revoked. 6. Updating the names of accounting and regulatory bodies (1) In regulation 19(2)(c)(i) and Form 2 in the Schedule of the Principal Regulations, for "Australian Securities Commission" substitute "Australian Securities and Investments Commission". (2) In regulation 19(2)(c)(ii) and Form 2 in the Schedule of the Principal Regulations, for "the Australian Society of Certified Practising Accountants" substitute "CPA Australia". 7. Notice of franchising agreement (1) Regulation 20 of the Principal Regulations is revoked. (2) In the Schedule to the Principal Regulations, Form 3 is revoked. 8. Proof of official certificate (1) Regulation 21 of the Principal Regulations is revoked. (2) In the Schedule to the Principal Regulations, Form 4 is revoked. r. 3 -- 3 of 6 -- Victorian Legislation and Parliamentary Documents S.R. No. 126/2003 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 3 9. Updating the name of regulatory body In regulation 44 of the Principal Regulations, for "the Australian Securities Commission" (where twice occurring) substitute "the Australian Securities and Investments Commission". 10. New regulation 50 substituted For regulation 50 of the Principal Regulations substitute— "50. Report of auditor under section 64 For the purposes of section 64(9) of the Act, the prescribed particulars are— (a) the name, firm name and address of the auditor; (b) the name and address of the estate agent whose accounts were audited; (c) the accounting period for which the audit was conducted; (d) details of any breaches of the Act or regulations relating to the receipt, banking or disbursement of trust money or any matter referred to in section 64(15) of the Act that were detected during the audit; (e) the auditor's opinion as to whether the estate agent has complied with section 60 of the Act.". 11. Form 7 revoked In the Schedule to the Principal Regulations, Form 7 is revoked. r. 9 -- 4 of 6 -- Victorian Legislation and Parliamentary Documents S.R. No. 126/2003 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 4 12. New regulation 52 substituted For regulation 52 of the Principal Regulations substitute— "52. Claims against the Fund For the purposes of section 81 of the Act, the prescribed particulars are— (a) the name and address of the claimant; (b) the name and address of the estate agent or agent's representative in respect of whom the claim is made; (c) the grounds on which the claim is made; (d) the amount of monetary loss suffered by the claimant; (e) details of any action taken by the claimant to recover the loss from a source other than the Fund; (f) details of any monetary or non- monetary amount recovered in relation to the loss by the claimant from a source other than the Fund.". 13. Form 9 revoked In the Schedule to the Principal Regulations, Form 9 is revoked. 14. Notice of disallowance In the Schedule to the Principal Regulations, in Form 10 for "Estate Agents Licensing Authority" (wherever occurring) substitute "Secretary". ═══════════════ r. 12 -- 5 of 6 -- Victorian Legislation and Parliamentary Documents S.R. No. 126/2003 Estate Agents (General, Accounts and Audit) (Amendment) Regulations 2003 5 ENDNOTES 1 Reg. 4: S.R. No. 41/1997 as amended by S.R. No. 62/2001. Endnotes -- 6 of 6 --