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Agents Act 2003
155Payment of compensation
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155 Payment of compensation
(1) This section applies if the commissioner for fair trading decides that
there is financial loss for which compensation may be paid to a
claimant under this division.
(2) The director-general must pay the claimant, out of the compensation
fund, the amount of the financial loss decided by the commissioner
for fair trading.
(3) However, the director-general must not pay the amount until––
(a) the commissioner for fair trading has decided all claims for
compensation made in relation to the licensed property agent
whose failure to account is the subject of the claim; and
(b) the commissioner has found out whether the amount in the
compensation fund is sufficient for the payment of all amounts
payable to claimants under subsection (1) in relation to the
licensed property agent.