Western Australian Consolidated Acts

SETTLEMENT AGENTS ACT 1981

TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title  
   2.      Commencement  
   3.      Terms used  
   4.      Term used: settlement agent  
   22.     Powers of investigation  
   23.     Application for review by SAT

   PART III -- Licensing  

   24.     Applications for licences  
   25.     Objections to grants of licences  
   26.     Settlement agents must be licensed  
   26A.    Licensed real estate agent may be exempted for certain settlements  
   26B.    Licensed business agent may be exempted for certain settlements  
   27.     Natural persons, licensing of  
   28.     Firms, licensing of  
   29.     Bodies corporate, licensing of  
   30.     Licence, effect of  
   31.     Triennial certificates, grant and renewal of  
   32.     Triennial certificates, late renewal of  
   33.     Triennial certificates expired for over a year, applications to renew  
   34.     Conditions on licences and triennial certificates  
   34A.    Unopposed applications  
   34B.    SAT may suspend licence in some cases  
   35.     Fidelity insurance and professional indemnity insurance for licensees  
   36.     Licensees to notify Commissioner of certain changes  
   37.     Registered office of licensee  
   38.     Branch office of licensee  
   39.     Triennial certificates, contents of  
   40.     Licence and triennial certificate not transferable etc.  
   41.     Use of business names by licensees  
   42.     Notices to be exhibited at offices; particulars to appear on documents

   PART IV -- Controls

           Division 1 -- General  

   43.     Remuneration of settlement agents  
   44.     Maximum remuneration, disputes over remuneration etc.  
   45.     Records and premises, licensees’ duties as to  
   46.     Real estate settlement agents, functions of  
   47.     Business settlement agents, functions of

           Division 2 -- Trust accounts  

   48.     Terms used  
   49.     Trust accounts etc. of licensees  
   49A.    Client may ask settlement agent for separate trust account  
   49B.    Interest on trust accounts  
   49C.    Settlement agents to give Commissioner information about trust accounts  
   50.     Receipts, accounts etc. by settlement agents  
   51.     Audits of trust accounts  
   52.     Date of audit, Commissioner may change  
   53.     Auditors, qualification and approval of  
   54.     Auditors, appointment of  
   55.     Audit of business carried on at more than one place, directions as to  
   56.     Approvals etc. under this Division, Commissioner’s power to cancel etc.  
   58.     Audits, settlement agents’ duties and auditors’ powers as to  
   59.     Audits, bankers’ duties as to  
   60.     Auditors’ reports, content of  
   61.     Moneys etc. held on trust, statement of by settlement agents  
   62.     Auditor’s report to report breaches of law etc.  
   63.     Auditors’ duty of confidentiality  
   64.     Right of some persons to information in auditors’ reports  
   65.     Offences under this Division  
   66.     Auditors’ remuneration  
   67.     Settlement agents with no accounts to audit  
   68.     Accounts of firm or body corporate or settlement agent with branch office, effect of audits as to  
   69.     Audit of trust account, Commissioner may do  
   70.     Settlement agent to allow Commissioner’s auditor etc. to inspect accounts etc.  
   71.     Cost of audit done under s. 69  
   72.     Application of s. 63 to certain persons  
   73.     Restraining bank etc. from dealing with settlement agent’s account, SAT’s powers as to  
   74.     Suspension of settlement agents, appointment of supervisors etc., SAT’s powers as to  
   75.     Effect of s. 74 orders appointing supervisor  
   76.     Supervisors’ duties  
   77.     Hindering etc. supervisors, offence  
   78.     Discharge or variation of s. 73 or 74 order  
   79.     SAT’s additional powers as to s. 73, 74 or 78 orders  
   80.     Service of s. 73, 74, 78 and 79 orders; penalty for breach of  
   81.     Banks etc., duty to disclose certain accounts etc. if required to by authorised person  
   81A.    Information about trust accounts, Commissioner’s power to obtain

           Division 3 -- Discipline  

   82.     Code of conduct for settlement agents  
   83.     Disciplinary action by SAT, alleging cause for  
   84.     Disciplinary action, SAT’s powers as to  
   85.     Offences that cause licence and triennial certificate to be cancelled  
   86.     Persons with cancelled licences etc., offences by and in respect of

   PART V -- Fidelity Guarantee Account  

   87.     Account established; administration of Account  
   88.     Moneys to be credited to Account  
   89.     Investment of moneys in Account  
   90.     Expenditure from Account  
   92.     Payments to Account by applicants for licences etc.  
   93.     Purpose of Account; making claims against Account  
   94.     Levies for Account against certificate holders  
   95.     Claims against Account; recovery from Account  
   96.     Defences to claims against Account  
   97.     Subrogation of rights of claimant against Account  
   98.     Insufficiency in Account  
   99.     State may insure against claims  
   100.    Application of insurance money  
   101.    Advertising for claims in relation to defaulting licensee  
   102.    Documents etc. to support claims, CEO may require

   PART VA -- Education and General Purpose Account  

   102A.   Account established; administration of account  
   102B.   Moneys to be credited to account  
   102C.   Expenditure from account  
   102D.   Investment of moneys in account

   PART VI -- Settlement Agents Interest Account  

   103.    Account established; administration of account  
   104.    Moneys to be credited to account  
   105.    Expenditure from account  
   106.    Investment of moneys in account

   PART VII -- Miscellaneous  

   110.    Registers of licensees etc., Commissioner to keep etc.  
   111.    Names etc. of licensees etc. to be published annually etc.; evidentiary provision  
   112.    Annual report by department  
   113.    Reports by Commissioner to Minister  
   114.    Refunds of fees, Commissioner’s powers as to  
   115.    Protection from personal liability  
   116.    Confidentiality of information officially obtained  
   117.    Liability of directors of body corporate for defalcations  
   118.    Other rights and remedies not affected by this Act  
   119.    Rights conferred by Act cannot be waived  
   120.    General penalty for offences  
   121.    Proceedings for offences  
   122.    Forms  
   123.    Regulations

   PART VIII -- Savings and transitional  

   124.    Terms used  
   125.    Former Board abolished  
   126.    References to former Board  
   127.    Immunity continues  
   128.    Notices and rules made by former Board  
   129.    References to former Registrar  
   130.    Unfinished investigations by former Board  
   131.    Unfinished proceedings by former Board  
   132.    Winding-up former Board  
   133.    Final report by former Board  
   134.    Staff of former Board  
   135.    Transitional regulations
           SCHEDULE 1 -- Grant of licence
           SCHEDULE 2 -- Functions of a settlement agent  
           Compilation table