What it does
The Conveyancers Act 2006 (Vic) establishes a comprehensive licensing and regulatory framework for persons (other than Australian legal practitioners) who carry out conveyancing work for fee or reward. Its stated purpose, under section 1, is to protect the interests of consumers of conveyancing services. The Act achieves this by requiring all conveyancers to hold a licence granted by the Business Licensing Authority (the Authority), setting eligibility criteria including competency qualifications and work experience (sections 11-12), imposing mandatory professional indemnity insurance (Part 3), prescribing professional conduct rules and continuing professional development obligations (Part 4), and creating an extensive trust accounting and audit regime for money received by licensees on behalf of clients (Part 5). The Act also provides for external intervention by statutory managers or receivers where a licensee’s conduct or circumstances endanger client interests (Part 6), and establishes a compensation scheme from the Victorian Property Fund for persons who suffer pecuniary loss due to a licensee’s defalcation (Part 7). Enforcement powers are conferred on inspectors under Part 8, and the Director of Consumer Affairs Victoria plays a central supervisory role. The Act repealed Part 7.1 of the Legal Profession Act 2004 and transferred the regulation of conveyancers from the legal profession framework to a stand-alone regime.