Conveyancers Act 2006

Schedule 1—Savings and transitional provisions 145

Endnotes 154

1 General information 154

2 Table of Amendments 156

3 Explanatory details 159

Version No. 021

Conveyancers Act 2006

No. 75 of 2006

Version incorporating amendments as at

The Parliament of Victoria enacts as follows:

Part 1—Preliminary

1 Purposes

The purposes of this Act are—

(a) to protect the interests of consumers of conveyancing services by regulating the carrying out of conveyancing work by persons other than Australian legal practitioners;

(b) to repeal Part 7.1 of the Legal Profession Act 2004;

(c) to make consequential amendments to other Acts.

2 Commencement

(1) Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed.

(2) If a provision of this Act does not come into operation before 1 July 2008, it comes into operation on that day.

3 Definitions

In this Act—

S. 3 def. of affairs inserted by No. 17/2007 s. 14(a).

affairs of a licensee include the following—

(a) all accounts and records required under this Act or the regulations to be maintained by the licensee or an associate or former associate of the licensee;

(b) other records of the licensee or an associate or former associate of the licensee;

(c) any transaction—

(i) to which the licensee or an associate or former associate of the licensee was or is a party;

(ii) in which the licensee or an associate or former associate of the licensee has acted for a party

annual statement means a statement required under section 35(3);

associate of a licensee has the meaning given in section 6;

Australian Business Number has the same meaning as in the A New Tax System (Australian Business Number) Act 1999 of the Commonwealth;

S. 3 def of Australian legal practitioner repealed by No. 17/2014 s. 160(Sch. 2 item 18.1(a)).

Authority has the same meaning as in the Business Licensing Authority Act 1998;

S. 3 def. of Chief Commis-sioner amended by No. 37/2014 s. 10(Sch. item 29.1(b)).

Chief Commissioner means the Chief Commissioner of Police appointed under the Victoria Police Act 2013;

company means a company registered under the Corporations Act;

S. 3 def. of Consumer Act amended by No. 21/2012 s. 239(Sch. 6 item 10.1).

Consumer Act has the same meaning as in the Australian Consumer Law and Fair Trading Act 2012;

controlled money has the meaning given in section 62;

controlled money account has the meaning given in section 62;

conveyancing business means any business in the course of which conveyancing work is carried out for fee or reward, whether or not the carrying out of conveyancing work is the sole or dominant purpose of the business;

conveyancing work has the meaning given in section 4;

defalcation means any theft, embezzlement, failure to account, fraudulent misappropriation or other act punishable by imprisonment of or in relation to money or any other property;

S. 3 def. of Director amended by No. 21/2012 s. 239(Sch. 6 item 10.2).

Director has the same meaning as in the Australian Consumer Law and Fair Trading Act 2012;

director has the same meaning as in the Corporations Act;

disqualified person has the meaning given in section 5;

estate agent has the same meaning as in the Estate Agents Act 1980;

S. 3 def. of externally administered body corporate inserted by No. 46/2025 s. 34(1).

externally administered body corporate means a Chapter 5 body corporate as defined by section 9 of the Corporations Act;

failure to account has the meaning given in section 7;

Fund means the Victorian Property Fund established under section 72 of the Estate Agents Act 1980;

S. 3 def. of incorporated legal practice amended by No. 17/2014 s. 160(Sch. 2 item 18.1(b)).

incorporated legal practice has the same meaning as in the Legal Profession Uniform Law (Victoria);

S. 3 def. of inspector amended by No. 21/2012 s. 239(Sch. 6 item 10.3).

inspector means an inspector appointed under the Australian Consumer Law and Fair Trading Act 2012;

S. 3 def. of legal work substituted by No. 17/2014 s. 160(Sch. 2 item 18.1(c)).

legal work means work that, if done by a person who is not a qualified entity within the meaning of the Legal Profession Uniform Law (Victoria), would give rise to an offence against a provision of Part 2.1 of that Law;

licence means a licence granted under Part 2 to carry on a conveyancing business;

licensee means a person who holds a licence other than a licence that is suspended;

S. 3 def. of police officer inserted by No. 37/2014 s. 10(Sch. item 29.1(a)).

police officer has the same meaning as in the Victoria Police Act 2013;

principal place of business of a licensee, means the principal place at which the licensee carries on the licensee's conveyancing business and, if the licensee conducts their conveyancing business at one place only, means that place;

receiver means a receiver appointed by the Supreme Court under Division 3 of Part 6;

Register means the Register of Licensed Conveyancers established under section 178;

S. 3 def. of registered education and training organisation repealed by No. 17/2007 s. 14(b).

registered office, in relation to a company, has the same meaning as in the Corporations Act;

Registrar means the Registrar of the Authority under the Business Licensing Authority Act 1998;

Secretary means the person for the time being holding the office of Secretary to the Department of Justice under the Public Administration Act 2004;

statutory manager means a statutory manager appointed by the Director under Division 2 of Part 6;

trust account has the meaning given in section 62;

trust money has the meaning given in section 62;

trust records has the meaning given in section 62.

4 What is conveyancing work?

(1) In this Act, conveyancing work means legal work carried out in connection with any transaction that creates, varies, transfers, conveys or extinguishes a legal or equitable interest in any real or personal property, such as, for example, any of the following transactions—

(a) the sale of a freehold interest in land;

(b) the creation, sale or assignment of a leasehold interest in land;

(c) the grant of a mortgage or other charge.

(2) Without limiting subsection (1), conveyancing work includes—

(a) legal work involved in preparing any document (such as an agreement, conveyance, transfer, lease or mortgage) that is necessary to give effect to a transaction of a kind referred to in subsection (1); and

(b) legal work (such as the giving of advice or the preparation, perusal, exchange or registration of documents) that is consequential or ancillary to a transaction of a kind referred to in subsection (1); and

(c) any other legal work that is prescribed by the regulations as constituting conveyancing work for the purposes of this Act.

S. 4(2A) inserted by No. 36/2011 s. 19(1).

(2A) In this Act, conveyancing work also means legal work connected with the sale of a business, including the sale of goodwill and stock-in-trade and the transfer of any business licence.

(3) However, conveyancing work does not include—

(a) legal work carried out for the purpose of—

(i) commencing or maintaining legal proceedings; or

(ii) applying for a grant of probate or letters of administration; or

(iii) establishing a corporation or varying the constitution of a corporation; or

(iv) creating, varying or extinguishing a trust; or

(v) preparing a testamentary instrument; or

(vi) giving investment or financial advice; or

(vii) investing money otherwise than as provided for in Part 5; or

S. 4(3)(b) repealed by No. 36/2011 s. 19(2).

(c) the provision of legal advice in relation to—

(i) obtaining the consent of a person or body under an Act or regulations to the development or use of land; or

(ii) an application for an order under Division 5 of Part IV of the Transfer of Land Act 1958; or

(d) work prescribed by the regulations as not constituting conveyancing work for the purposes of this Act.

(4) In this section, in relation to land, development and use have the same meanings respectively as in the Planning and Environment Act 1987.

5 Disqualified persons

In this Act, a person is a disqualified person if the person is any of the following—

S. 5(a) amended by Nos 12/2007 s. 80, 17/2014 s. 160(Sch. 2 item 18.2).

(a) a disqualified person within the meaning of the Legal Profession Uniform Law (Victoria);

(b) the subject of an order by a body within or outside of Victoria that disqualifies the person from carrying on a conveyancing business;

(c) a director of a company that is a disqualified person;

(d) an insolvent under administration;

S. 5(e) amended by No. 46/2025 s. 34(2).

(e) an externally administered body corporate;

(f) subject to Division 7 of Part 2, a person in relation to whom a claim against the Fund has been allowed;

(g) subject to Division 7 of Part 2, if a claim against the Fund has been allowed in relation to a company, a person who was a director of, or otherwise concerned in the management of, the company at the time of the incident that gave rise to the claim;

S. 5(h) amended by No. 13/2019 s. 221(Sch. 1 item 8).

(h) a person who is a represented person within the meaning of the Guardianship and Administration Act 2019;

(i) subject to Division 7 of Part 2, a person who has, within the last 10 years in Australia or elsewhere, been convicted or found guilty of any offence involving fraud, dishonesty, drug trafficking or violence which was punishable by imprisonment for 3 months or more (whether or not a sentence of imprisonment was imposed).

6 Associate of a licensee

(1) In this Act, associate of a licensee means—

(a) a partner of the licensee; or

(b) an employee or agent of the licensee; or

(c) a company, or a member of a company, partnership, syndicate or joint venture, in which the licensee or a person referred to in paragraph (a), (b) or (d) has a beneficial interest; or

(d) a person who bears a prescribed relationship to the licensee or to a person referred to in paragraphs (a) to (c); or

(e) a company that (if a person referred to in paragraphs (b) to (d) is a company) is a subsidiary of the person within the meaning of the Corporations Act; or

(f) a person declared by the regulations to be an associate of the licensee or belonging to a class of persons so declared.

(2) For the purposes of subsection (1)(d), a person bears a prescribed relationship to a licensee or other person if the relationship is that of—

(a) a spouse of the licensee or other person; or

(b) a domestic partner of the licensee or other person; or

(c) a child, grandchild, sibling, parent or grandparent, whether derived through paragraph (a) or (b) or otherwise; or

(d) a kind prescribed by the regulations for the purposes of this section.

S. 6(3) substituted by No. 12/2008 s. 73(1)(Sch. 1 item 9.1).

(3) In subsection (2)(b), domestic partner of a person means—

(a) a person who is in a registered relationship with the person; or

(b) a person to whom the person is not married but with whom the person is living as a couple on a genuine domestic basis (irrespective of gender).

S. 6(4) inserted by No. 12/2008 s. 73(1)(Sch. 1 item 9.2).

(4) For the purposes of the definition of domestic partner in subsection (3)—

(a) registered relationship has the same meaning as in the Relationships Act 2008; and

(b) in determining whether persons who are not in a registered relationship are domestic partners of each other, all the circumstances of their relationship are to be taken into account, including any one or more of the matters referred to in section 35(2) of the Relationships Act 2008 as may be relevant in a particular case.

7 Failure to account

(1) In this Act, a failure to account means a failure by a licensee to account for, pay or deliver money or other valuable property—

(a) that has been received or entrusted to the licensee, or an associate of the licensee, in the course of the licensee's conveyancing business; and

(b) in the case of money or other valuable property received by or entrusted to an associate of the licensee, that is under the direct or indirect control of the licensee—

whether the failure arises from an act or omission of the licensee or an associate of the licensee.

(2) For the purposes of subsection (1), the reference to money or other valuable property received by or entrusted to a licensee includes a reference to money or other valuable property received by or entrusted to the licensee as trustee, agent, bailee or stakeholder, or in any other capacity.

Part 2—Licensing of conveyancers

Division 1—Requirement for licensing

8 Conveyancers to be licensed

(1) A person who is not a licensee must not carry on a conveyancing business.

1. For a natural person, imprisonment for a period of 2 years or 240 penalty units;

For a corporation, 1200 penalty units.

(2) Subsection (1) does not apply to a person who is—

(a) an Australian legal practitioner; or

(b) an incorporated legal practice if the conveyancing work is carried out on its behalf by an Australian legal practitioner.

(3) In any proceedings against a person for an offence against subsection (1), it is evidence of the offence if a person who is not a licensee—

(a) has possession of a licence; or

(b) represents himself or herself as the holder of a licence.

(4) A person is not entitled to recover any amount in respect of anything the person did in contravention of subsection (1).

(5) A person may recover from another person in a court of competent jurisdiction, as a debt due to the person, any amount the person paid to the other person in respect of anything the other person did in contravention of subsection (1).

9 Causing, permitting, aiding or abetting another to engage in unlicensed conveyancing

(1) A person must not cause, permit, aid or abet a person who is not a licensee to carry on a conveyancing business.

1. For a natural person, 240 penalty units;

For a corporation, 1200 penalty units.

(2) Subsection (1) does not apply to a person if the person carrying on the conveyancing business is—

(a) an Australian legal practitioner; or

(b) an incorporated legal practice and the conveyancing work is carried out on its behalf by an Australian legal practitioner.

S. 9(3) amended by No. 68/2009 s. 97(Sch. item 28.1).

(3) It is a defence to a prosecution for an offence against subsection (1) to prove that the accused—

(a) took all reasonable steps to prevent the person who is not a licensee from carrying on a conveyancing business; or

(b) did not know and could not reasonably have been expected to have known that the person who is not a licensee was representing themselves as a licensee.

(4) If a licensee is convicted of an offence under subsection (1), in addition to any penalty, the court—

(a) must order that the licensee's licence be cancelled and delivered up to the court; and

(b) may order that the licensee be disqualified either permanently or for the period specified by the court from holding a licence.

(5) If a licence is delivered up to a court under this section, the licence and a copy of any order of the court relating to the licence must be sent as soon as practicable by the proper officer of the court to the Authority.

10 Person pretending to be licensee or authorised person

A person who is not a licensee must not make a representation to the public stating or implying that the person is a licensee or is otherwise authorised under this Act to carry on a conveyancing business.

Division 2—Eligibility and qualifications

11 Eligibility for licence

(1) A natural person, other than an Australian legal practitioner, is eligible to obtain a licence if he or she—

(a) is at least 18 years of age; and

(b) has the competency qualifications and work experience referred to in section 12 for the issue of the licence; and

(c) is not a disqualified person; and

S. 11(1)(d) substituted by No. 17/2007 s. 15.

(d) either—

(i) is covered by the professional indemnity insurance required under section 41; or

(ii) if the person is, or is to be, employed by a licensee, holds evidence of employment with, or an offer of employment from, the licensee and evidence that the person will be covered by the professional indemnity insurance required of the licensee under section 41; and

(e) has paid the prescribed application fee and the prescribed licence fee.

(2) A company, other than an incorporated legal practice, is eligible to obtain a licence if—

(a) at least one of the directors of the company is a licensee; and

(b) no director of the company is a disqualified person; and

(c) the company holds the professional indemnity insurance required under section 41; and

(d) the company has paid the prescribed application fee and the prescribed licence fee.

S. 12 substituted by No. 17/2007 s. 16.

12 Competency qualifications and work experience

(1) An applicant for a licence has the competency qualifications and work experience required of a licensee under section 11(1)(b) if the applicant has the qualifications and experience prescribed by the regulations.

(2) Without limiting the power to prescribe qualifications and experience, regulations under subsection (1) may—

(a) require the completion of a course of study;

(b) require the completion of a period of training;

(c) require the attainment of a standard of competency;

(d) require satisfaction of professional development requirements;

(e) prescribe qualifications for specified competencies, so as to enable a person who has those qualifications to be granted a licence subject to conditions that limit the person to exercising the functions of a licensee in relation to those specified competencies only;

(f) prescribe qualifications by reference to qualifications obtained before a specific day or during a specified period.

Division 3—Applying for a licence

13 Person may apply to Authority for licence

(1) A natural person or a company may apply to the Authority for a licence.

(2) An application for a licence must be in the form approved by the Authority and be accompanied by the prescribed application fee and the prescribed licence fee.

14 Information to be included with application by natural person

An applicant who is a natural person must include the following information with the application—

(a) the full name and residential address of the applicant;

(b) the proposed name of the applicant's conveyancing business or the name of the employer or proposed employer of the applicant;

(c) the address of the applicant's principal place of business in Victoria;

(d) if the applicant intends to carry on a conveyancing business at more than one place, the address, and the name of the proposed manager, of each other intended place of that business;

(e) the applicant's Australian Business Number;

(f) if the applicant intends to maintain an Internet site in relation to the applicant's conveyancing business, the address for the Internet site;

(g) if the applicant intends to carry on a conveyancing business in partnership, the names of the proposed partners;

(h) if the applicant intends to employ other licensees in the applicant's conveyancing business, the names of the other licensees;

(i) details of the applicant's competency qualifications and experience referred to in section 12;

(j) details of the professional indemnity insurance (including the level of insurance) held by the applicant or the evidence referred to in section 11(1)(d)(ii);

(k) the prescribed information (if any);

(l) a statement by the applicant to the effect that the information provided with the application is true and correct.

15 Information to be included with application by company

(1) An applicant that is a company must include the following information with the application—

(a) the name of the company;

(b) the proposed name of the company's conveyancing business;

(c) the address of the company's principal place of business in Victoria;

(d) the address of the registered office of the company;

(e) the full name and residential address of each director of the company;

(f) a statement setting out which of the directors of the company are licensees;

(g) if the company intends to carry on a conveyancing business at more than one place, the address, and the name of the proposed manager, of each other intended place of that business;

(h) if the company intends to employ other licensees in the company's conveyancing business, the names of the other licensees;

(i) if the company intends to maintain an Internet site in relation to its conveyancing business, the address for the Internet site;

(j) details of the professional indemnity insurance (including the level of insurance) held by the company;

(k) the prescribed information (if any).

(2) A company applying for a licence must also include with the application a statement made by one of the directors of the company certifying that—

(a) the director has authority to make the application on behalf of the company; and

(b) the information provided with the application is true and correct.

16 Change to information in application

(1) An applicant for a licence must—

(a) give the Authority notice of any material change during the relevant period to the information provided to the Authority by the applicant in support of the application; and

(b) provide the notice referred to in paragraph (a) within 14 days after becoming aware of the change.

(2) In this section—

material change includes a change of directors of an applicant that is a company;

relevant period means the period between the making of an application for a licence and the determination of the application by the Authority.

17 Applications after refusal

If the Authority refuses an application for a licence, the applicant is not entitled to lodge another application for a licence until the end of 2 years after the refusal unless the Authority otherwise permits in a particular case.

Division 4—Investigation of applicants

18 Authority may conduct inquiries and require further information

(1) In considering an application for a licence, the Authority may—

(a) conduct any inquiries in relation to the application that it thinks fit; and

(b) require an applicant to provide further information in relation to the application.

(2) The Authority may refuse to grant a licence if the applicant fails to comply with a requirement under subsection (1)(b) within a reasonable time after the requirement is made.

19 Consent to disclosure of information

(1) In considering an application for a licence, the Authority may request the applicant to provide any consent to disclosure of information that the Authority requires to perform, or to have performed, a check on the applicant or on any information included with the applicant's application.

(2) The Authority may refuse to consider an application for a licence if the applicant fails to comply with a request under subsection (1) within 14 days after the request is made.

(3) In this section, in the case of an applicant that is a company, a reference to an applicant includes a reference to a director of the applicant.

20 Referral of applications to Director

(1) Before making a decision on an application for a licence, the Authority may refer the application, or any part of the application, to the Director.

(2) If the Authority refers an application, or any part of an application, to the Director under this section, the Director—

(a) may make any inquiries in relation to the application or part that the Director considers to be appropriate to enable the proper consideration of the application; and

(b) must give the Authority a report on the results of those inquiries.

(3) The Director may include in a report any recommendations relating to the application that the Director considers appropriate.

21 Referral of applications to Chief Commissioner

(1) Before making a decision on an application for a licence, the Authority must give any details of the application that the Authority considers relevant to the Chief Commissioner.

(2) The Chief Commissioner, on receiving details of the application, must make any inquiries in relation to the application that the Chief Commissioner considers appropriate.

(3) The Chief Commissioner, after receiving the results of the inquiries, must report to the Authority.

(4) A report may include recommendations.

Division 5—Determination of applications and conditions

22 Granting or refusing to grant licence

(1) The Authority must grant a licence to an applicant if the Authority is satisfied that the applicant is eligible under this Act to hold the licence.

(2) The Authority must refuse to grant a licence if the Authority is satisfied that the applicant is ineligible under this Act to hold the licence.

(3) If the Authority refuses to grant a licence, the Authority must refund the prescribed licence fee to the applicant.

(4) A licence must be in the form approved by the Authority, and must include the number of the licence.

(5) The Authority is not required to conduct a hearing to determine whether to grant a licence or refuse to grant a licence.

23 Conditions

(1) The Authority may at any time impose, vary or revoke any conditions on a licence that the Authority thinks fit.

(2) If the Authority proposes to impose a new condition, or to vary or revoke a condition, on a licence, the Authority may require the relevant licensee to give the licence to the Authority.

(3) A licensee must comply with a requirement of the Authority under subsection (2) within the time specified by the Authority.

24 Conditions relating to specified transactions

(1) Conditions imposed on a licence under section 23 may include—

(a) a condition prohibiting a licensee from carrying out conveyancing work in relation to specified kinds of transactions; or

(b) a condition prohibiting a licensee from carrying out conveyancing work except in relation to specified kinds of transactions—

until the licensee completes a course of education or training relating to specified competencies.

(2) This section does not limit any condition that may be imposed under section 23.

25 Licensee must comply with conditions

A licensee must comply with any conditions to which the licence is subject.

Division 6—Becoming disqualified

26 Becoming a disqualified person

If a licensee becomes a disqualified person, the licensee must immediately notify the Authority of that fact.

1. For a natural person, 240 penalty units;

For a company, 1200 penalty units.

27 Company that ceases to have licensed director

If a licensee that is a company ceases to have at least one director who is a licensee, the company must immediately notify the Authority of that fact.

1. 1200 penalty units.

28 Action of Authority

(1) If the Authority becomes aware that a licensee has become a disqualified person, or that a licensee that is a company has ceased to have at least one director who is a licensee, the Authority must—

(a) cancel the licensee's licence immediately; or

(b) if the licensee has applied for an appropriate permission under Division 7, consider the application; or

(c) if applicable, invite the licensee to apply for an appropriate permission under Division 7.

(2) If a licensee in receipt of an invitation under subsection (1)(c) wishes to apply for an appropriate permission under Division 7, the licensee must make the application within 30 days after receiving the invitation, or within a different period specified by the Authority in the invitation.

(3) If an application referred to in subsection (2) is not received by the Authority within the time allowed by that subsection, the Authority must cancel the licensee's licence.

(4) After considering an application referred to in subsection (1)(b) or (2), the Authority must—

(a) in accordance with Division 7, grant the permission sought; or

(b) refuse to grant the permission sought and cancel the licensee's licence.

Division 7—Permission to hold licence

29 Person involved in claim may be allowed to hold licence in exceptional circumstances

(1) This section applies to the following persons—

(a) a natural person in relation to whom a claim has been allowed against the Fund;

(b) a director of, or a person concerned in the management of, a company in relation to which a claim has been allowed against the Fund.

(2) The person may apply to the Authority for permission to hold, or to continue to hold, a licence.

(b) require the applicant to provide any further information relating to the application that the Authority thinks fit in the manner required by the Authority;

(5) The Authority may refuse to give its permission if the applicant does not provide the further information required, or his or her consent for the Authority to obtain that information, within a reasonable time after the requirement is made.

(6) The Authority may give its permission if it is satisfied—

(a) that the applicant has refunded, or has made arrangements to refund, all amounts paid out of the Fund in respect of the claim; and

(b) that there were exceptional circumstances which gave rise to the claim against the applicant; and

(c) that, having regard to the conduct of the applicant before and after the claim, there is no reasonable expectation that the applicant will not comply with this Act and the regulations in future; and

(d) that the giving of the permission is not contrary to the public interest.

30 Person with criminal record may be allowed to hold licence

(1) This section applies to a natural person who has, within the last 10 years in Australia or elsewhere, been convicted or found guilty of any offence involving fraud, dishonesty, drug trafficking or violence which was punishable by imprisonment for 3 months or more (whether or not a sentence of imprisonment was imposed).

(2) The person may apply to the Authority for permission to hold, or to continue to hold, a licence.

(b) require the applicant to provide any further information relating to the application that the Authority thinks fit in the manner required by the Authority;

(5) The Authority may refuse to give its permission if the applicant does not provide the further information required, or his or her consent for the Authority to obtain that information, within a reasonable time after the requirement is made.

(6) The Authority may give its permission if it is satisfied that it is not contrary to the public interest for it to do so.

31 Company may be allowed to hold licence despite disqualifying factors

(1) A company may apply to the Authority for permission to hold, or to continue to hold, a licence even though—

(a) it ceases to have at least one director who is a licensee; or

(b) it, or one of its directors, is a person in relation to whom a claim has been allowed against the Fund; or

(c) it has been convicted or found guilty of an offence involving fraud, dishonesty, drug trafficking or violence that, if it was a natural person, would be punishable by imprisonment for 3 months or more; or

(d) one of its directors is a person who has, within the last 10 years in Australia or elsewhere, been convicted or found guilty of any offence involving fraud, dishonesty, drug trafficking or violence which was punishable by imprisonment for 3 months or more, but who is still eligible to be a director of the company under the Corporations Act despite the conviction or finding of guilt.

(2) An application must—

(c) be accompanied by any documents required by the Authority; and

(3) The Authority may give its permission if it is satisfied—

(a) that the giving of the permission is not contrary to the public interest; and

(b) in the case of an application made in the circumstances described in subsection (1)(b)—

(i) that the applicant has refunded, or has made arrangements to refund, all amounts paid out of the Fund in respect of the claim; and

(ii) that there were exceptional circumstances which gave rise to the claim against the applicant; and

(iii) that, having regard to the conduct of the applicant before and after the claim, there is no reasonable expectation that the applicant will not comply with this Act and the regulations in future; and

(c) in the case of an application made in the circumstances described in subsection (1)(b) involving a director or in subsection (1)(d), that there is a substantive reason why that person should remain a director of the company.

(4) In considering an application, the Authority may—

(b) require the applicant to provide any further information relating to the application that the Authority thinks fit in the manner required by the Authority;

(c) seek advice and information on the application from any other person or body as it thinks fit.

(5) The Authority may refuse to give its permission if the applicant does not provide the further information required, or any consent needed by the Authority to obtain that information, within a reasonable time after the requirement is made.

32 Conditions on permission

(1) In giving its permission under section 29, 30 or 31, the Authority may impose any conditions it considers appropriate to ensure the ongoing protection of the public interest.

(2) The Authority may at any time impose conditions in respect of the permission or vary or revoke any conditions it has previously imposed.

(3) A person to whom permission has been given must comply with any conditions to which the permission is subject.

1. 25 penalty units.

(4) If the Authority is satisfied that any condition imposed in respect of a permission has been contravened or not complied with, it may revoke the permission.

(5) Before taking any action under this section, the Authority may seek and use information and advice from any person or body or other source as it thinks fit.

Division 8—Inquiries and cancellation

33 Inquiries into conduct of licensees

(1) At any time the Director may apply to VCAT for the holding of an inquiry to determine whether a licensee—

(a) has contravened or failed to comply with this Act or the regulations; or

(b) has contravened or failed to comply with the Sale of Land Act 1962; or

(c) remains eligible to hold a licence; or

(d) is guilty of conduct that renders the licensee unfit to hold a licence; or

(e) improperly obtained, or is improperly holding, a licence.

(2) In the case of a licensee that is a company, at any time the Director may, in addition to making an application under subsection (1), apply to VCAT for the holding of an inquiry to determine whether a director of the licensee—

(a) has contravened or failed to comply with this Act or the regulations; or

(b) has contravened or failed to comply with the Sale of Land Act 1962 or failed to pay a fine imposed on him or her under that Act; or

(c) is guilty of conduct that renders the licensee unfit to hold a licence; or

(d) improperly obtained, or is improperly holding, a licence.

34 Determination of VCAT on inquiry

(1) After conducting an inquiry in respect of a licensee under section 33, VCAT, if it considers it appropriate, may, by order, do any one or more of the following—

(a) reprimand the licensee;

(b) require the licensee to comply within, or for, a specified time with a requirement specified by VCAT;

(c) cancel any licence held by the licensee and disqualify the licensee either permanently or for a specified period from holding a licence;

(d) suspend any licence held by the licensee for a specified period not exceeding one year;

(e) impose any condition or limitation on any licence held by the licensee;

(f) declare any person to be ineligible to hold a licence either temporarily or permanently;

(g) require the licensee to enter into an undertaking to perform, or not to perform, certain tasks specified in the undertaking.

(2) In addition to the powers conferred by subsection (1), if VCAT determines that the licensee has contravened or failed to comply with this Act or the regulations, it may impose a penalty not exceeding $5000 on the licensee and specify when the penalty must be paid.

(3) Any penalty imposed under subsection (2) must be paid into the Fund.

(4) If a licensee fails to pay a penalty imposed under subsection (2) by the required date, VCAT may, without giving the licensee an opportunity to be heard—

(a) suspend the licence until the penalty is paid; and

(b) cancel the licence if the penalty has still not been paid after the end of a further period of time equal to the initial period of time the licensee had in which to pay the penalty.

(5) A reference to a licensee in this section includes a reference to any person who was a licensee at the time of any breach or alleged breach of a law, even if the person is not a licensee at the time any action is taken under this Act.

(6) If VCAT cancels or suspends a licence under this section, the cancellation or suspension takes effect on the date specified by VCAT.

(7) If VCAT cancels or suspends a licence under this section, the person to whom the licence was issued must return the licence to the Authority within the period specified by VCAT, or within the period of 14 days, whichever is shorter.

Division 9—General

35 Annual licence fee and statement

(1) A licensee must pay to the Authority the prescribed annual licence fee on the anniversary of the day on which the licensee was last granted a licence under this Act.

(2) An annual licence fee may be paid at any time in the 6 weeks before it falls due.

(3) The payment must be accompanied by a statement in respect of the year up to the day that the payment is made that is in a form approved by the Authority.

(4) The annual statement must—

(a) contain any information required by the Authority; and

(b) be accompanied by—

(i) evidence that the licensee will be covered by the required professional indemnity insurance for the next 12 months; and

(ii) any other documents required by the Authority.

36 Extension of time

(1) On payment of the prescribed fee (if any), a licensee may apply to the Authority for an extension of time, or a further extension of time, in which to comply with section 35.

(2) The Authority may grant the application if it is made before the day in relation to which the extension is sought.

37 Failure to comply with section 35

(1) If a licensee fails to comply with section 35, the Authority must give the licensee a written notice stating that unless the licensee complies with that section and also pays to the Authority the prescribed late payment or lodgement fee by the day specified in the notice, the licensee's licence will be suspended.

(2) The date specified in the notice must be at least 14 days after the day on which the notice is given to the licensee.

S. 37(3) amended by No. 17/2007 s. 17(1).

(3) If the licensee has not complied with section 35 and paid the late payment or lodgement fee by the day specified in the notice, the Authority must suspend the licensee's licence until the licensee complies with section 35 and pays the late payment or lodgement fee.

S. 37(4) inserted by No. 17/2007 s. 17(2).

(4) A licensee's licence is cancelled on the next anniversary of the day on which the licence was granted if—

(a) the licence has been suspended under subsection (3); and

(b) section 35 has not been complied with and the late payment or lodgement fee has not been paid.

S. 38 substituted by No. 17/2007 s. 18.

38 Change in details of licence or annual statement

If, while a licence is in force, a material change occurs in any of the details provided in the application for the licence or an annual statement, the licensee must give the Authority written notice of the change within 14 days after the licensee becomes aware of the change.

S. 39 repealed by No. 63/2010 s. 51.

40 Lost licences

If the Registrar is satisfied that a licence has been lost or destroyed, the Registrar, on payment of the prescribed fee, may issue a duplicate licence.

S. 40A inserted by No. 17/2007 s. 19.

40A Surrender of licence

(1) Subject to subsection (2), a licensee may at any time by notice in writing to the Authority surrender the licence.

(2) If an application has been made to VCAT to conduct an inquiry under section 33 in relation to a licensee, the licensee may not, without leave of VCAT, surrender the licence unless VCAT has determined to take action under section 34 or has determined not to take any action.

(3) The person who held a licence that has been surrendered must return the licence to the Authority within 14 days of surrendering it.

Part 3—Professional indemnity insurance

41 Licensee required to insure

(1) A licensee must not carry out any conveyancing work unless the licensee is covered by professional indemnity insurance in accordance with this section.

(2) The insurance required by this section must satisfy the conditions and requirements specified under subsection (3).

(3) The Minister may, by order published in the Government Gazette, specify the required insurance and the conditions and requirements that the insurance is to satisfy, including the minimum level of cover provided.

(4) The insurance, conditions and requirements specified under subsection (3) may vary according to classes of licensees or conveyancing work or other circumstances.

42 Disclosure of insurance to clients

A licensee must, before or at the time the licensee is retained by a client, disclose to the client details of the type and level of professional indemnity insurance by which the licensee is covered.

43 Licensee ceases to hold insurance

(1) If a licensee ceases to be covered by the professional indemnity insurance required under section 41—

(a) the licensee must immediately notify the Authority and the Director of that fact; and

(b) the licensee's licence is suspended for the period for which the licensee is not covered by that insurance.

(2) A licensee who fails to notify the Authority and the Director in accordance with subsection (1)(a) when required to do so by that subsection is guilty of an offence and liable to a penalty not exceeding—

(a) in the case of a natural person, 240 penalty units;

(b) in the case of a company, 1200 penalty units.

44 Insurer may give notice of cancellation

If an insurer ceases to provide professional indemnity insurance to a licensee, the insurer may notify the Authority and the Director of that fact.

Part 4—Conduct and management of conveyancing businesses

Division 1—Conduct of licensees

45 Conduct rules

(1) The regulations may prescribe rules of professional conduct for licensees.

(2) Without limiting their scope, rules of professional conduct may deal with any obligation of a licensee to act fairly, honestly and in the best interests of a client.

46 Continuing professional development

The regulations may prescribe requirements in relation to the continuing professional development of licensees.

S. 46B inserted by No. 46/2025 s. 32.

46B Mandatory continuing professional development activities

(1) For the purposes of this Part, the Authority may approve mandatory continuing professional development activities that form part of the continuing professional development requirements under this Part.

(2) The Authority must publish notice of any mandatory continuing professional development activities approved under subsection (1) on the Internet site of the Director.

(3) A mandatory continuing professional development activity takes effect on the date specified in the notice under subsection (2).

(4) The Authority must take all reasonable steps to give written notice to each licensee of an approved mandatory continuing professional development activity.

47 Costs disclosure

(1) A licensee must, in accordance with this section, disclose to a client the costs of the conveyancing work that the licensee is to carry out for the client.

(2) A licensee must give the disclosure referred to in subsection (1)—

(a) before or at the time the licensee is retained by the client; or

(b) if it is not reasonably practicable to make the disclosure at that time, as soon as practicable after being retained by the client.

(3) A disclosure under subsection (1) must contain the following information—

(a) if the amount of the costs is known, that amount;

(b) if the amount of the costs is not known, the basis for their calculation;

(c) the manner in which the client will be invoiced;

(d) the following avenues that are open to the client in the event of a dispute in relation to costs—

S. 47(3)(d)(i) amended by No. 21/2012 s. 239(Sch. 6 item 10.4).

(i) making a complaint to the Director under Part 6.2 of the Australian Consumer Law and Fair Trading Act 2012;

S. 47(3)(d)(ii) amended by No. 21/2012 s. 239(Sch. 6 item 10.5).

(ii) making an application to VCAT under Chapter 7 of the Australian Consumer Law and Fair Trading Act 2012;

(e) any other prescribed information.

(4) A client of a licensee is not required to pay the licensee's costs if—

(a) the licensee does not make a disclosure to the client in accordance with this section; and

(b) section 48 does not apply.

48 Exception to requirement for costs disclosure

Disclosure under section 47 is not required to be made—

(a) if, in the circumstances, it would not be reasonable to require that it be made; or

(b) in any circumstances prescribed by the regulations.

49 Conflicts of interest

(1) Before or at the time a licensee is retained by a client, the licensee must disclose to the client any actual or potential conflict of interest that the licensee has in relation to any transaction relevant to that client.

(2) If, while acting for a client, an actual or potential conflict of interest arises in relation to any transaction relevant to the client, the licensee must immediately disclose that conflict of interest to the client.

(3) A disclosure under subsection (1) or (2) must be in writing and in the prescribed form (if any).

(4) For the purposes of this section, a licensee has a potential conflict of interest in respect of a transaction if the licensee or an associate of the licensee—

(a) is acting, or will act, for more than one party to the transaction; or

(b) is, or will be, a party to the transaction; or

(c) pays or receives, or is to pay or receive, a commission in respect of the transaction.

(5) In this section, commission, in respect of a transaction, means any valuable consideration, whether in monetary form or some other form to which a monetary value may be assigned, received from, or paid to, a person who is not a party to the transaction.

50 Licensee not to act as conveyancer and estate agent

(1) A licensee must not carry out any conveyancing work in relation to a particular transaction if the licensee is acting, or is to act, as an estate agent for a party to the transaction.

1. 240 penalty units.

(2) A client of a licensee is not required to pay any amount in respect of anything done by the licensee in contravention of subsection (1).

Division 2—Management of conveyancing businesses

51 Supervision of conveyancing business

(1) A licensee who carries on a conveyancing business must properly supervise the conduct of the business.

1. For a natural person, 120 penalty units;

For a corporation, 240 penalty units.

(2) Subject to section 52, a licensee who carries on a conveyancing business from more than one place of business must appoint a natural person who is also a licensee to manage the day to day operation of each place of the business.

(3) If a licensee is appointed to manage the day to day operation of a place of business forming part of a conveyancing business, the licensee must properly supervise the conduct of that part of the conveyancing business carried on at that place.

1. For a natural person, 120 penalty units;

For a corporation, 240 penalty units.

(4) A requirement under this section to properly supervise the conduct of a conveyancing business, or a part of a conveyancing business, includes the following requirements—

(a) a requirement to properly supervise employees engaged in the conveyancing business;

(b) a requirement to take reasonable steps to ensure that employees of the conveyancing business comply with this Act and the regulations, the Sale of Land Act 1962 and any other law relevant to the conduct of the business;

(c) a requirement to establish procedures designed to ensure that the conveyancing business is conducted in accordance with the law and good practice;

(d) a requirement to monitor the conduct of the conveyancing business in a manner that will ensure as far as practicable that the procedures referred to in paragraph (c) are complied with.

(5) The Director may issue and notify to licensees guidelines regarding what constitutes the proper supervision of a conveyancing business.

52 Exemption from requirement to appoint manager

(1) On application by a licensee who carries on a conveyancing business from more than one place of business, the Authority may exempt the licensee from the requirement in section 51(2).

(2) In determining an application for an exemption under subsection (1), the Authority must take into account any matters specified for that purpose in the regulations.

S. 52(3) inserted by No. 17/2007 s. 20.

(3) An application under subsection (1) must be accompanied by the prescribed fee (if any).

53 Offence to procure contravention of section 51

A person involved in the management of a conveyancing business must not—

(a) prevent or hinder another person from complying with a requirement imposed on that person by section 51; or

(b) induce or procure another person to contravene a requirement imposed on that person by section 51.

54 Management of places of business

(1) A licensee who manages the day to day operation of a place of business of a conveyancing business must not act as the manager of any other place of a conveyancing business.

(2) Subsection (1) does not apply if the Authority has exempted the licensee from the requirement in section 51(2).

55 Absence of licensee or manager

(1) In this section, manager means a licensee appointed under section 51(2) to manage a place at which a conveyancing business is carried on.

(2) This section applies if—

(a) a licensee is to be absent from the place at which the licensee carries on the licensee's conveyancing business; or

(b) a manager is to be absent from the place of business that he or she manages—

for a period greater than 7 days during which time the conveyancing business is to continue to operate from the place.

(3) The licensee or the person who appointed the manager (as the case requires) must—

(a) appoint in writing another licensee to manage the place of business during the period of absence; and

(b) notify the Authority in writing of the period of the proposed absence and the name of the appointed manager.

56 Employment of disqualified persons

S. 56(1) amended by No. 17/2007 s. 21.

(1) Subject to subsection (2), a licensee must not employ a disqualified person to undertake conveyancing work in a conveyancing business.

(2) On application by a licensee or a person seeking employment with a licensee, the Authority may grant an exemption from the requirement of this section.

(b) require the applicant to provide any further information relating to the application that the Authority thinks fit in the manner required by the Authority;

(5) The Authority may refuse to grant an exemption if the applicant does not provide the further information required, or his or her consent for the Authority to obtain that information, within a reasonable time after the requirement is made.

(6) The Authority may grant an exemption if it is satisfied that it is not contrary to the public interest for it to do so.

(7) Section 32 applies, with any necessary modifications, to an exemption granted under this section as if it were a permission given under Division 7 of Part 2.

Division 3—General

57 Principal place of business

A licensee who carries on a conveyancing business in Victoria must at all times maintain a principal place of business in Victoria.

58 Record keeping

(1) Subject to subsection (3), this section applies to the records of a conveyancing business that relate to conveyancing work undertaken by the business.

(2) A licensee must store a record to which this section applies for 7 years after the date on which the conveyancing work to which the record relates was undertaken.

(3) Nothing in this section applies to the trust records kept by a licensee under Part 5.

59 Displaying information and licence at places of business

S. 59(1)(2) repealed by No. 63/2010 s. 52.

(3) A licensee must display a copy of the licensee's licence at each place of business at which the licensee undertakes conveyancing work in a conspicuous position that is accessible to members of the public.

S. 60 repealed by No. 63/2010 s. 53.

61 Production of licence

A licensee must, on request, produce the licensee's licence to any of the following persons or bodies within 7 days after the request being made—

(a) the Director;

(b) the Authority;

(c) a client of the licensee;

(d) any other person involved in a transaction in relation to which the licensee is undertaking, or is to undertake, conveyancing work.

Part 5—Trust money and trust accounts

62 Definitions

(1) In this Part—

S. 62(1) def. of affairs repealed by No. 17/2007 s. 22(1)(a).

approved ADI means an ADI that has an arrangement with the Secretary under section 91;

approved auditor means a person who is an approved auditor under section 83;

audit period, for a licensee, means the year ending on 30 June or any other date fixed by the Director under subsection (2);

controlled money means money received or held by a licensee in respect of which the licensee has a written direction that is permitted under section 64 to deposit the money in an account (other than a general trust account) over which the licensee has or will have exclusive control;

S. 62(1) def. of controlled money account amended by No. 17/2007 s. 22(1)(b).

controlled money account means an account maintained by a licensee with an ADI for the holding of controlled money received by the licensee;

deficiency in a trust account or trust ledger account includes the non-inclusion or exclusion of the whole or any part of an amount that is required to be included in the account;

deposit record includes a deposit slip or duplicate deposit slip;

electronic funds transfer includes a transfer of money over the Internet but does not include a withdrawal or transfer of money carried out by telephone banking;

general trust account means an account maintained by a licensee with an approved ADI for the holding of trust money received by the licensee, other than controlled money or transit money;

permanent form, in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material;

power includes authority;

transit money means money received by a licensee subject to instructions to pay or deliver it to a third party, other than an associate of the licensee;

trust account means an account maintained by a licensee with an approved ADI to hold trust money;

trust money means money entrusted to a licensee in the course of or in connection with the carrying out of conveyancing work by the licensee, and includes—

(a) money received by the licensee on account of fees and charges in advance of carrying out the work; and

(b) controlled money received by the licensee; and

(c) transit money received by the licensee; and

(d) money received by the licensee, that is the subject of a power, exercisable by the licensee or an associate of the licensee, to deal with the money for or on behalf of another person;

trust records includes the following documents—

(a) receipts;

(b) cheque butts or cheque requisitions;

(c) records of authorities to withdraw by electronic funds transfer;

(d) deposit records;

(e) ADI statements relating to trust accounts;

(f) trust account receipts and payments cash books;

(g) trust ledger accounts;

(h) records of monthly trial balances;

(i) records of monthly reconciliations;

(j) trust transfer journals;

(k) statements of account as required to be furnished under the regulations;

(l) registers required to be kept under the regulations;

(m) monthly statements required to be kept under the regulations;

(n) files relating to trust transactions or invoices or both;

(o) written directions, authorities or other documents required to be kept under this Act or the regulations;

(p) supporting information required to be kept under the regulations in relation to powers to deal with trust money.

(2) For the purposes of the definition of audit period in subsection (1), the Director may by order in writing served on a licensee fix any date as the date on which an audit period ends for that licensee.

(3) An order under subsection (2) may be made—

(a) on the initiative of the Director or on the application of the relevant licensee; and

(b) subject to any conditions, and with any limitations as to time or circumstances, that the Director considers to be appropriate.

(4) A reference in this Part to a licensee's trust account or trust records includes a reference to an associate's trust account or trust records.

(5) A reference in this Part to a power given to a licensee or an associate of the licensee to deal with money for or on behalf of another person is a reference to a power given to the licensee or associate that is exercisable by—

(a) the licensee alone; or

(b) an associate of the licensee alone (otherwise than in a private and personal capacity); or

(c) the licensee or an associate of the licensee jointly or severally, or jointly and severally, with either or both of the following—

(i) one or more associates of the licensee;

(ii) the person, or one or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.

63 When money is received

(1) For the purposes of this Act, a licensee receives money when—

(a) the licensee obtains possession or control of it directly; or

(b) the licensee obtains possession or control of it indirectly as a result of its delivery to an associate of the licensee; or

(c) the licensee, or an associate of the licensee (otherwise than in a private and personal capacity), is given a power to deal with money for or on behalf of another person.

(2) For the purposes of this Act, a licensee or associate of a licensee is taken to have received trust money if the money is available to the licensee or associate by means of an instrument or other way of authorising an ADI to credit or debit an amount to an account with the ADI, including, for example, an electronic funds transfer, credit card transaction or telegraphic transfer.

64 Written direction for controlled money

(1) Subject to the regulations, a person may give a written direction to a licensee to deposit money received by the licensee on behalf of the person in an account (other than a general trust account) over which the licensee has or will have exclusive control.

(2) The regulations may prescribe the circumstances in which a direction can or cannot be made under this section.

(3) Without limiting subsection (2), the regulations may prescribe the circumstances in which a direction can or cannot be made under this section by reference to—

(a) the amount of money that may be the subject of a direction;

(b) the type of transaction in respect of which the money is received or held by the licensee;

(c) the length of time for which the money is to be deposited.

65 Former licensees and associates

This Part applies in relation to former licensees and former associates of licensees in relation to conduct occurring while they were respectively licensees or associates, in the same way as it applies to licensees and associates, and so applies with any necessary modifications.

Division 2—Trust accounts and trust money

66 Maintenance of general trust account

(1) A licensee who receives trust money to which this Part applies must maintain a general trust account in Victoria.

(2) A licensee who is required to maintain a general trust account must establish and maintain the account in accordance with the regulations.

(3) Subsection (1) does not apply to a licensee in respect of any period during which the licensee receives only either or both of the following—

(a) controlled money; or

(b) transit money received in a form other than cash.

(4) Subject to any requirements of the regulations, a requirement of this section for a licensee to maintain, or establish and maintain, a general trust account does not prevent the licensee from maintaining, or establishing and maintaining, more than one general trust account, whether during the same period or during different periods.

(5) Without limiting the other provisions of this section, the regulations may provide that a licensee must not close a general trust account except as permitted by the regulations, either generally or in any prescribed circumstances.

67 Trust account details to be notified to Director

(1) Within 14 days after establishing a trust account, a licensee must notify the Director of the number of the account and the name and address of the branch of the ADI at which the account is maintained.

(2) A licensee must notify the Director of any changes to the information notified to the Director under subsection (1) within 14 days after becoming aware of the change.

(3) Within 14 days after closing a trust account, a licensee must notify the Director of the closure.

68 Certain trust money to be deposited in general trust account

(1) Subject to section 74, as soon as practicable after receiving trust money, a licensee must deposit the money in a general trust account of the licensee unless—

(a) the licensee has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or

(b) the money is controlled money and the licensee is permitted to deposit it in a controlled money account; or

(c) the money is transit money; or

(d) the money is the subject of a power given to the licensee or an associate of the licensee to deal with the money for or on behalf of another person.

(2) Subject to section 74, a licensee who has received money that is the subject of a written direction mentioned in subsection (1)(a) must deal with the money in accordance with the direction—

(a) within the period (if any) specified in the direction; or

(b) subject to paragraph (a), as soon as practicable after it is received.

(3) A licensee must keep a written direction mentioned in subsection (1)(a) for the period prescribed by the regulations.

(4) In this section, appropriate person means a person legally entitled to give the licensee directions in respect of dealings with the trust money.

69 Holding, disbursing and accounting for trust money

(1) A licensee must—

(a) hold trust money deposited in a general trust account of the licensee exclusively for the person on whose behalf it is received; and

(b) disburse the trust money only in accordance with a direction given by the person.

(2) Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.

(3) A licensee must account for the trust money as required by the regulations.

70 Manner of withdrawal of trust money from general trust account

S. 70(1) amended by No. 17/2007 s. 22(2).

(1) A licensee must not withdraw trust money from a general trust account otherwise than by cheque or electronic funds transfer.

S. 70(1A) inserted by No. 17/2007 s. 22(3).

(1A) Without limiting subsection (1), the following are specifically prohibited—

(a) cash withdrawals;

(b) automatic teller machine withdrawals or transfers;

(c) telephone banking withdrawals or transfers.

(2) The regulations may make provision for or with respect to withdrawals by cheque or electronic funds transfer.

(3) This section has effect despite anything to the contrary in any directions given to the licensee, even if the directions are given by a person who is otherwise legally entitled to give the licensee directions in respect of dealings with trust money.

71 Controlled money

(1) As soon as practicable after receiving controlled money, a licensee must deposit the money in the account specified in the written direction relating to the money.

(2) The licensee must hold controlled money deposited in a controlled money account in accordance with subsection (1) exclusively for the person on whose behalf it was received.

(3) A licensee that holds controlled money deposited in a controlled money account in accordance with subsection (1) must not disburse the money except in accordance with—

(a) the written direction mentioned in that subsection; or

(b) a later written direction given by or on behalf of the person on whose behalf the money was received.

(4) The licensee must maintain the controlled money account, and account for the controlled money, as required by the regulations.

(5) The licensee must keep a written direction mentioned in this section for the period prescribed by the regulations.

(6) The licensee must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in subsection (2), and not for the deposit of controlled money received on behalf of any other person, except to the extent that the regulations otherwise permit.

(7) Subsection (3) applies subject to an order of a court of competent jurisdiction or as authorised by law.

72 Manner of withdrawal of controlled money from controlled money account

S. 72(1) amended by No. 17/2007 s. 22(4).

(1) A licensee must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.

S. 72(1A) inserted by No. 17/2007 s. 22(5).

(1A) Without limiting subsection (1), the following are specifically prohibited—

(a) cash withdrawals;

(b) automatic teller machine withdrawals or transfers;

(c) telephone banking withdrawals or transfers.

(2) The regulations may make provision for or with respect to withdrawals by cheque or electronic funds transfer.

(3) This section has effect despite anything to the contrary in any directions given to the licensee, even if the directions are given by a person who is otherwise legally entitled to give the licensee directions in respect of dealings with trust money.

73 Transit money

(1) Subject to section 74, a licensee that has received transit money must pay or deliver the money as required by the instructions relating to the money—

(a) within the period (if any) specified in the instructions; or

(b) subject to paragraph (a), as soon as practicable after it is received.

(2) The licensee must account for the money as required by the regulations.

S. 73A inserted by No. 17/2007 s. 23.

73A Trust money subject to specific powers

Subject to section 74, a licensee must ensure that trust money that is the subject of a power given to the licensee or an associate of the licensee is dealt with by the licensee or associate only in accordance with the power relating to the money.

74 Trust money received in the form of cash

S. 74(1) substituted by No. 17/2007 s. 24(1).

(1) A licensee must deposit general trust money received in the form of cash in a general trust account of the licensee concerned.

(2) If the licensee has a written direction by an appropriate person to deal with general trust money received in the form of cash otherwise than by first depositing it in a general trust account of the licensee—

(a) the money must nevertheless be deposited in a general trust account of the licensee in accordance with subsection (1); and

(b) the money is thereafter to be dealt with in accordance with any applicable terms of the direction so far as those terms are not inconsistent with paragraph (a).

(3) Controlled money received in the form of cash must be deposited in a controlled money account in accordance with section 71.

S. 74(4) substituted by No. 17/2007 s. 24(2).

(4) A licensee must deposit transit money received in the form of cash in a general trust account of the licensee before the money is otherwise dealt with in accordance with the instructions relating to the money.

S. 74(4A) inserted by No. 17/2007 s. 24(2).

(4A) A licensee must deposit trust money that is received in the form of cash and is the subject of a power in a general trust account (or a controlled money account in the case of controlled money) of the licensee before the money is otherwise dealt with in accordance with the power.

S. 74(5) amended by No. 17/2007 s. 24(3).

(5) This section has effect despite anything to the contrary in a relevant direction, instruction or power.

(6) In this section—

appropriate person, in relation to trust money, means a person who is legally entitled to give the licensee concerned directions in respect of dealings with the money;

S. 74(6) def. of general trust money amended by No. 17/2007 s. 24(4).

general trust money means trust money, other than—

(a) controlled money; and

(b) transit money; and

(c) money that is the subject of a power.

75 Protection of trust money

(1) Money standing to the credit of a trust account maintained by a licensee is not available for the payment of debts of the licensee or any associate of the licensee.

(2) Money standing to the credit of a trust account maintained by a licensee is not liable to be attached or taken in execution for satisfying a judgment against the licensee or any associate of the licensee.

(3) This section does not apply to money to which a licensee or an associate of a licensee is entitled.

S. 76 amended by No. 17/2007 s. 25 (ILA s. 39B(1)).

76 Intermixing money

(1) A licensee must not mix trust money with other money, except in accordance with subsection (2).

S. 76(2) inserted by No. 17/2007 s. 25(2).

(2) A licensee is permitted to mix trust money with other money to the extent only that is authorised by the Director and in accordance with any conditions imposed by the Director in relation to the authorisation.

77 Dealing with trust money: costs and unclaimed money

(1) A licensee may do any of the following, in relation to trust money held in a general trust account or controlled money account for a person—

(a) exercise a lien, including a general retaining lien, for the amount of costs reasonably due and owing by the person to the licensee;

(b) withdraw money for payment to the licensee's account for costs owing to the licensee if the relevant procedures or requirements prescribed by this Act and the regulations are complied with;

(c) after deducting any costs properly owing to the licensee, deal with the balance as unclaimed money under the Unclaimed Moneys Act 1962.

(2) Subject to this section, subsection (1) applies despite any other provision of this Part.

(3) A lien referred to in subsection (1)(a)—

(a) may not be exercised for an amount in excess of the sum of the costs and unpaid disbursements; and

(b) may not be exercised unless—

(i) the licensee has disclosed to the client, in accordance with Division 1 of Part 4, the costs of the conveyancing work that the licensee has been carrying out, and is yet to carry out, for the client; or

(ii) if disclosure is not required to be made under Division 1 of Part 4, the licensee has served an invoice for those costs and disbursements on the client.

78 Deficiency in trust account

(1) A licensee must not, without reasonable excuse, cause—

(a) a deficiency in any trust account or trust ledger account; or

(b) a failure to pay or deliver any trust money.

1. 1800 penalty units or 15 years imprisonment, or both.

(2) An offence under this section is an indictable offence.

(3) In this section, cause includes be responsible for.

79 Reporting irregularities

(1) As soon as practicable after a licensee becomes aware that there is an irregularity in any of the licensee's trust accounts or trust ledger accounts, the licensee must give written notice of the irregularity to the Director.

(2) A licensee is not liable for any loss or damage suffered by another person as a result of the licensee's compliance with subsection (1).

80 Keeping trust records

(1) A licensee must keep in permanent form trust records in relation to trust money received by the licensee.

(2) The licensee must keep the trust records—

(a) in accordance with the regulations; and

(b) in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and

(c) in a way that enables the trust records to be conveniently and properly investigated or audited; and

(d) for a period of 6 years, or the period determined in accordance with the regulations.

81 False names

(1) A licensee must not knowingly receive money or record receipt of money in the licensee's trust records under a false name.

(2) If a person on whose behalf trust money is received by a licensee is commonly known by more than one name, the licensee must ensure that the licensee's trust records record all names by which the person is known.

82 Reporting trust balances to the Director

A licensee must, at the request of the Director, inform the Director of the balance of any trust account maintained by the licensee.

Division 3—Audit

83 Approval of auditors

(1) For the purposes of this Act, an approved auditor is—

(a) a person who—

S. 83(1)(a)(i) amended by Nos 36/2011 s. 20, 1/2021 s. 134.

(i) is a member of CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand; and

(ii) meets the requirements of one of those bodies to practise as a public accountant; and

(iii) has obtained a degree in commerce, accounting, business studies or a similar discipline from an Australian university or from a foreign university approved by the Director; and

(iv) has successfully completed any courses of education required by the Director under section 90(1)(a); and

(v) has completed or substantially assisted in carrying out the audit of the trust records of at least 2 (or such higher number as is prescribed) licensees or Australian legal practitioners in respect of any of the previous 3 financial years; or

(b) a person who—

(i) is approved by the Director as an approved auditor; or

(ii) comes within a class of persons that is approved by the Director as an approved class of auditor.

(2) Despite subsection (1), a person is not an approved auditor for the purposes of this Act if he or she is subject to a direction under section 89(3).

84 Annual audit of trust records

S. 84(1) amended by Nos 1/2010 s. 3(1), 63/2010 s. 54.

(1) A licensee who is required to keep trust records must have those records audited by an approved auditor in respect of each audit period.

1. 120 penalty units

S. 84(1A) inserted by No. 1/2010 s. 3(2).

(1A) The regulations may make provision for the conduct of audits under subsection (1).

(2) For the purposes of an audit under this section, a licensee must—

(a) produce for inspection by the auditor any accounting or other records relating to the affairs of the licensee's business; and

(b) give the auditor any other information the auditor reasonably requires.

(3) For the purposes of an audit under this section, an ADI, despite any duty of confidence to the contrary, must without charge—

(a) produce for inspection by the auditor any records held by the ADI relating to a trust account of, or any trust money deposited with it by, a licensee; and

(b) provide the auditor with full details of any transactions relating to a trust account or trust money.

(4) An auditor may make copies of, or take extracts from, any records or other documents produced to the auditor in the course of an audit.

(5) This section does not apply to a licensee in respect of an audit period in which the only trust money received by the licensee is transit money.

85 Annual report of trust records audit or statutory declaration

S. 85(1) amended by No. 63/2010 s. 55(1)(2).

(1) An approved auditor must provide a licensee with a report of each audit of the licensee's trust records carried out by the auditor under section 84 within 7 weeks after the end of the audit period to which the audit relates.

1. 25 penalty units.

S. 85(1A) inserted by No. 63/2010 s. 55(3).

(1A) Within 10 business days after receiving a report under subsection (1), the licensee must lodge a copy of the report with the Director.

Penalty: 120 penalty units.

(2) The Director may, by written notice, require a licensee to lodge with the Director a statutory declaration stating whether or not the licensee holds, or has held in any specified period, any trust money in the licensee's trust account.

(3) A licensee must comply with a requirement of the Director under subsection (2).

86 Final audit of trust records

(1) A person who ceases to be licensed must have the person's trust records audited by an approved auditor—

(a) in respect of the period from the end of the preceding audit period until the date of ceasing to be licensed; and

(b) in respect of each completed period of 12 months thereafter during which the person continued to hold trust money; and

(c) in respect of the period from the end of the last period referred to in paragraph (b) until the date on which the person ceased to hold trust money.

(2) Section 84(2), 84(3) and 84(4) apply to an audit under subsection (1) as if a reference in those sections to the licensee were a reference to the former licensee.

(3) An approved auditor must lodge with the Director a report of each audit under subsection (1) within 60 days after the end of the period to which the audit relates.

(4) A person who ceases to be licensed must lodge with the Director a statutory declaration in the prescribed form within 60 days after ceasing to hold trust money.

(5) If a licensee dies, his or her personal representative must comply with this section as if the personal representative were the licensee.

87 Report of irregularities

(1) If, during an audit under this Division, an approved auditor becomes aware of—

(a) a deficiency in any trust account or trust ledger account of a licensee; or

(b) a failure by a licensee to pay or deliver any trust money; or

(c) any other failure by a licensee to comply with this Act or the regulations—

the auditor must report the deficiency or failure to the Director as soon as practicable after becoming aware of it.

(2) If, during an audit under this Division, an approved auditor forms the opinion that the trust records of a licensee are not being kept in a way that enables them to be conveniently and properly audited, the auditor must report that opinion to the Director as soon as practicable after forming the opinion.

S. 88 amended by No. 17/2007 s. 26(2) (ILA s. 39B(1)).

88 Disclosure of information generally

(1) An approved auditor may disclose information acquired during the course of an audit under this Division—

(a) as is necessary for properly conducting the audit and making a report; or

(b) to an inspector or a statutory manager or receiver appointed under this Act; or

S. 88(ba) inserted by No. 17/2007 s. 26(1).

(ba) to the Director; or

(c) to the licensee concerned or an associate of the licensee concerned.

S. 88(2) inserted by No. 17/2007 s. 26(2).

(2) If an approved auditor becomes aware of—

(a) a deficiency in any trust account or trust ledger account of a licensee; or

(b) a failure by a licensee to pay or deliver any trust money; or

(c) any other failure by a licensee to comply with this Act or the regulations—

the auditor must report the deficiency or failure to the Director as soon as practicable after becoming aware of it.

S. 88(3) inserted by No. 17/2007 s. 26(2).

(3) The regulations may provide for the manner in which a report under subsection (2) is to be made and the information or material that is to be included in or to accompany the report.

S. 88(4) inserted by No. 17/2007 s. 26(2).

(4) If an approved auditor forms the opinion that the trust records of a licensee are not being kept in a way that enables them to be conveniently and properly audited, the auditor must report that opinion to the Director as soon as practicable after forming the opinion.

89 Director's supervisory role in audits

(1) The Director may issue directions and guidelines in relation to the conduct of audits under this Division.

(2) An approved auditor must comply with directions issued by the Director under subsection (1).

(3) If the Director is satisfied that an approved auditor has failed to comply with a direction issued under subsection (1), the Director may direct that the auditor no longer examine the trust records of licensees.

(4) The Director must give an approved auditor a reasonable opportunity to make written or oral submissions or both before giving a direction under subsection (3) in relation to the auditor.

(5) A direction under subsection (3) must be published in the Government Gazette, and takes effect on the day it is so published.

90 Courses of education for auditors

(1) The Director, by notice published in the Government Gazette, may prescribe courses of education required to be completed by a person wishing—

(a) to audit trust records of licensees; or

(b) to be employed or engaged to assist in the audit of trust records of licensees.

S. 90(2) amended by Nos 36/2011 s. 20, 1/2021 s. 135.

(2) The Director must give a copy of a notice under subsection (1) to CPA Australia, the Institute of Public Accountants and Chartered Accountants Australia and New Zealand as soon as practicable after it is published.

Division 4—Provisions relating to ADIs

91 Arrangements with ADIs

(1) The Secretary may make an arrangement with an ADI for the keeping of trust accounts.

(2) An arrangement may provide for any one or more of the following—

(a) the payment of interest to the Secretary on the whole or any part of deposits in the trust accounts;

(b) the manner in which the Secretary is informed of amounts held in the trust accounts;

(c) the auditing of balances in the trust accounts;

(d) any other relevant matter.

(3) An arrangement may provide for the ADI to keep any trust accounts or only trust accounts of a particular class (for example, controlled money accounts).

(4) Interest received by the Secretary under an arrangement must be paid into the Fund.

(5) A licensee must comply with an arrangement under this section.

92 ADIs to notify Director of trust accounts

(1) Within 14 days after a licensee opens a trust account with an ADI, the ADI must notify the Director of the following details—

(a) the name of the licensee; and

(b) the number of the account; and

(c) the name and address of the branch of the ADI where the account is maintained.

(2) An ADI must notify the Director of any changes to the information notified to the Director under subsection (1) within 14 days after becoming aware of the change.

93 Reports, records and information

(1) An ADI at which a trust account is maintained must report any deficiency in the account to the Director as soon as practicable after becoming aware of the deficiency.

(2) An ADI is not required to report a deficiency under subsection (1) if—

(a) the deficiency was caused by an error of the ADI; and

(b) the deficiency is rectified within 2 business days after the ADI became aware of it.

(3) An ADI at which a trust account is maintained must report a suspected offence in relation to the trust account to the Director as soon as practicable after forming the suspicion.

(4) If the Director requests, an ADI must give reports to the Director about trust accounts in accordance with the regulations.

(5) An ADI at which a trust account is maintained must without charge—

(a) produce for inspection or copying by an approved auditor any records relating to the trust account or trust money deposited in the trust account; and

(b) provide the approved auditor with full details of any transactions relating to the trust account or trust money—

on demand by the approved auditor and on production of evidence of his or her identity and appointment or engagement in relation to the licensee concerned.

(6) Subsections (1), (3), (4) and (5) apply despite any duty of confidence to the contrary.

(7) An ADI or an officer or employee of an ADI is not liable to any action for any loss or damage suffered by another person as a result of—

(a) reporting a deficiency in accordance with subsection (1); or

(b) making or giving a report in accordance with subsection (3) or (4); or

(c) producing records or providing details in accordance with subsection (5).

(8) An ADI is not entitled to withdraw any money from a trust account maintained by it for a licensee or withhold any money from the trust account, in respect of any amount owed or claimed to be owed by the licensee to the ADI, other than an amount in respect of account‑keeping fees.

94 Freezing of trust accounts of licensee

(1) This section applies if ⎯

(a) a claim has been made against the Fund in relation to any person who is or was a licensee; or

(b) on the basis of information supplied by the Secretary, the Director has reasonable grounds for believing that a person who is or was a licensee has contravened any provision of this Part.

(2) The Director may, by notice in writing to the manager or other principal officer of any ADI with which a licensee referred to in subsection (1) has deposited any money in a general or separate trust account, direct that all or any money standing to the credit of the account which is or may be required to satisfy a claim against the Fund⎯

(a) is not to be withdrawn or transferred from the account until further notice; and

(b) is to be paid into the Fund.

(3) A manager or principal officer of an ADI who receives a direction of the Director under subsection (2) must comply with the direction.

(4) Despite anything to the contrary in any law, a manager or principal officer of an ADI in receipt of a direction of the Director under subsection (2)—

(a) is authorised to take whatever steps are reasonably required in relation to money deposited in an account at the ADI to comply with the direction; and

(b) is indemnified in respect of anything done in good faith by the manager or principal officer in taking those steps.

(5) With the approval of the Minister, there may be paid out of the Fund part of any money paid into the Fund on a direction of the Director under subsection (2) that exceeds the sum of—

(a) the amount necessary to satisfy any claim or claims against the Fund in relation to the licensee whose trust account was the subject of the direction; and

(b) the legal and other expenses incurred in investigating or defending the claim or claims.

(6) A payment out of the Fund under subsection (5) may be made subject to any conditions determined by the Director with the approval of the Minister.

Part 6—External intervention

95 Definitions

In this Part—

expenses, of a statutory management or receivership, means any one or more of the following—

(a) the remuneration payable to the statutory manager or receiver;

(b) the expenses incurred in the course of the statutory management or receivership;

(c) the costs of legal proceedings involved in the statutory management or receivership;

(d) any reimbursement of the statutory manager or receiver under this Part;

former licensee, in relation to a licence that has been suspended or cancelled, includes the person who held the licence immediately before its suspension or cancellation;

licensee includes—

(a) a firm of licensees; and

(b) a former licensee; and

(c) except in relation to anything done or omitted by a licensee, the personal representative of a deceased licensee or a deceased former licensee;

property of a licensee means—

(a) money or other property received by the licensee on behalf of another person in the conduct of a conveyancing business; or

(b) interest, dividends, income, profits or other property derived from or acquired with money or other property referred to in paragraph (a); or

(c) documents and records of any description relating to anything referred to in paragraph (a) or (b) or to the licensee’s conveyancing business; or

(d) any means by which any records referred to in paragraph (c) that are not written may be reproduced in writing—

and, in relation to a licensee whose conveyancing business is under statutory management, includes any property of the business;

receivable property means property of a licensee or of an associate of a licensee that is the subject of an order appointing a receiver, and includes property that, but for its having being taken, paid or transferred unlawfully in breach of trust, would be receivable property;

relevant associate means an associate of the licensee in respect of whose property a receiver is appointed;

relevant licensee means—

(a) in relation to a statutory management, the licensee in respect of whose conveyancing business the statutory manager was appointed; and

(b) in relation to a receivership, the licensee in respect of whose property the receiver was appointed.

Division 2—Statutory managers

96 Appointment of statutory manager

(1) If the Director is satisfied that it is necessary to do so in order to protect the interests of consumers, the Director may, by instrument, appoint a statutory manager to carry on a conveyancing business in any of the following circumstances—

(a) the relevant licensee has requested that the Director appoint a statutory manager;

(b) the licence of the relevant licensee has been cancelled or suspended;

(c) the Director is of the opinion that there has been, or may have been, a failure to account by the relevant licensee;

(d) the Director is of the opinion that a person is unable to obtain payment or delivery of property held by the relevant licensee because the licensee—

(i) is mentally or physically infirm; or

(ii) is an insolvent under administration; or

(iii) is a prisoner within the meaning of the Corrections Act 1986; or

(iv) has died; or

(v) has abandoned the licensee's conveyancing business.

(2) In the case of a conveyancing business that is conducted by 2 or more licensees in partnership, a reference in subsection (1) to a relevant licensee is to be read as a reference to all of the licensees in the partnership.

(3) An instrument of appointment of a statutory manager under subsection (1) must contain the following information—

(a) the name of the person appointed as statutory manager;

(b) the name of the relevant conveyancing business;

(c) the address of the principal place of business in Victoria of the relevant conveyancing business;

(d) the term of the appointment;

(e) details of any conditions to which the appointment is subject;

(f) the remuneration to which the statutory manager is entitled from the conveyancing business;

(g) how the costs and other expenses of the conveyancing business are to be met during the appointment;

(h) any reporting requirements to be observed by the statutory manager.

(4) The Director may include any other information in an instrument of appointment that the Director considers to be appropriate.

97 Eligibility for appointment as statutory manager

(1) A person is not eligible for appointment as a statutory manager unless the person is—

(a) a licensee; or

(b) a person employed under Part 3 of the Public Administration Act 2004; or

S. 97(1)(c) amended by No. 17/2014 s. 160(Sch. 2 item 18.3).

(c) an Australian legal practitioner who holds an Australian practising certificate or non-participant practising certificate entitling the person to engage in legal practice as a principal of a law practice.

S. 97(2) substituted by No. 17/2014 s. 160(Sch. 2 item 18.4).

(2) In this section—

(a) Australian practising certificate, engage in legal practice, law practice and principal have the same meanings respectively as they have in the Legal Profession Uniform Law (Victoria);

(b) non-participant practising certificate has the same meaning as it has in Schedule 3 to the Legal Profession Uniform Law (Victoria).

98 Powers of statutory manager

(1) Subject to subsection (2), a statutory manager of a licensee's conveyancing business has the following powers in relation to the business—

(a) to undertake conveyancing work for the existing clients of the conveyancing business;

(b) to accept instructions from, and undertake conveyancing work for, new clients of the conveyancing business;

(c) to dispose of or deal with any property in relation to the conveyancing business;

(d) to exercise any right in the nature of a lien over property held by the statutory manager for a client of the conveyancing business;

(e) to incur expenses reasonably related to the conduct of the conveyancing business;

(f) to do all things ancillary to the exercise of the powers set out in this subsection—

as if he or she were the relevant licensee.

(2) A statutory manager may not exercise any of the powers conferred by subsection (1) in relation to a client of a conveyancing business unless the statutory manager has obtained the client's written consent to exercise those powers.

(3) A statutory manager of a licensee's conveyancing business also has the power—

(a) to enter and remain on premises used by the conveyancing business but only for, or in connection with, that business; and

(b) after entering, to require the relevant licensee, or any person who has, or has had, control of client files and associated documents, to give the statutory manager access to those files and documents for a purpose relevant to the statutory management; and

(c) to operate equipment or facilities on the premises, or to require any person on the premises to operate the equipment or facilities; and

(d) to take possession of or otherwise secure any material for a purpose relevant to the statutory management; and

(e) to take possession of any computer equipment or computer file or program for a purpose relevant to the statutory management.

(4) A statutory manager may exercise the power under subsection (3)(a)—

(a) with or without the consent of the occupier during ordinary business hours; and

(b) with the consent of the occupier outside of ordinary business hours.

(5) Before exercising the power under subsection (3)(a), a statutory manager must produce for inspection by the occupier of the premises—

(a) his or her instrument of appointment; and

(b) a form of identification that includes a photograph of the statutory manager and his or her signature.

99 Dealings with trust accounts during statutory management

(1) If a statutory manager is appointed in respect of a conveyancing business under this Part, the Director must serve a copy of the instrument of appointment of the statutory manager on each ADI at which the relevant conveyancing business has a trust account under this Act.

(2) If the Director serves a copy of an instrument of appointment of a statutory manager on an ADI, the ADI must not allow any funds to be withdrawn or transferred from a trust account held under this Act at the ADI by the relevant conveyancing business unless the withdrawal or transfer is made—

(a) by cheque or other instrument drawn on the account signed by the statutory manager or a person authorised by the statutory manager; or

(b) by the statutory manager by means of electronic or Internet banking facilities; or

(c) in accordance with an authority to withdraw or transfer funds from the account signed by the statutory manager or a person authorised by the statutory manager.

(3) A statutory manager may, for the purposes of subsection (2)(b), enter into arrangements with an ADI for withdrawing money from a trust account of the relevant conveyancing business by means of electronic or Internet banking facilities.

(4) Any money that is withdrawn or transferred in contravention of subsection (2) may be recovered from the relevant ADI by the statutory manager as a debt in a court of competent jurisdiction, and any amount recovered is to be paid into a trust account as directed by the statutory manager.

100 Statutory management continues under receivership

(1) A statutory manager may continue to exercise his or her powers under this Division even if a receiver is appointed in relation to the relevant licensee's property.

(2) If a receiver is appointed in respect of the property of a licensee whose conveyancing business is under statutory management, the statutory manager must comply with any lawful direction given by the receiver in relation to the conduct of the conveyancing business.

101 Acts of statutory manager taken to be acts of licensee

(1) An act done by a statutory manager is, for the purposes of any proceedings or transaction that relies on that act, taken to have been done by the relevant licensee.

(2) Nothing in this section subjects a relevant licensee to any personal liability in relation to any act done by the statutory manager of the relevant licensee's conveyancing business.

102 Reimbursement of statutory manager

(1) The Director may reimburse a statutory manager for any damages and costs recovered against the statutory manager, or an employee or agent of the statutory manager, for an act done in good faith and in the performance or exercise of a function or power under this Act.

(2) Reimbursement under this section is to be by way of payment from the Fund.

(3) Neither the statutory manager of a conveyancing business nor the Director is liable for any loss incurred by the relevant licensee as a consequence of any act or omission of the statutory manager or the Director in the conduct of the business if the act or omission was done or omitted in good faith and in the purported performance or exercise of a function or power under this Act.

103 Payment of expenses of statutory management

(1) Any expenses of the statutory management of a conveyancing business that have not been paid to the statutory manager out of the receipts of the business must be paid to the statutory manager by the Director from the Fund.

(2) The Director may recover an amount paid under this section as a debt owed by the relevant licensee.

104 Statutory manager to report to Director

(1) A statutory manager of a conveyancing business must provide a written report of the statutory management of the business to the Director.

(2) A report under subsection (1) must be made on the request of the Director and in accordance with any directions of the Director, and must include any information requested by the Director.

(3) On the conclusion of the statutory management of a conveyancing business, the statutory manager must provide the Director with a final written report of the management.

(4) A report under subsection (3) must be accompanied by any records that the statutory manager kept in relation to the statutory management.

105 Trust and controlled money rules for statutory manager

(1) The provisions of Part 5 apply to the records and accounts kept by a statutory manager in respect of a conveyancing business in the same way that they apply to the records and accounts kept by a licensee.

(2) The trust records, trust accounts and controlled money accounts of a conveyancing business under statutory management must be kept separately from—

(a) the records and accounts of the conveyancing business that existed prior to the appointment of the statutory manager; and

(b) the trust records, trust accounts and controlled money accounts of any other conveyancing business in respect of which the statutory manager has been appointed.

106 Office accounts

The regulations may make provision with respect to—

(a) the accounts that are to be kept in relation to the income accrued, and the expenses incurred, by the statutory manager of a conveyancing business in connection with the conduct of the business; and

(b) the purposes for which money in any account referred to in paragraph (a) may be spent.

107 Appointment not affected by death of licensee

If the relevant licensee dies during the term of the appointment of a statutory manager to the licensee's conveyancing business, the statutory manager may—

(a) continue to manage the conveyancing business in accordance with this Act; and

(b) for that purpose, deal as necessary with the legal personal representative of the deceased licensee's estate.

108 Participation of licensee in conveyancing business during statutory management

During the term of the appointment of a statutory manager, the relevant licensee must not participate in the affairs of the relevant licensee's conveyancing business except under the direct supervision of the statutory manager.

109 Cessation of appointment of statutory manager

(1) The appointment of a person as a statutory manager under this Act ceases immediately if—

(a) the term of the appointment expires; or

(b) the Director revokes the appointment; or

(c) the person resigns his or her appointment.

(2) If the appointment of a person as a statutory manager in respect of a conveyancing business ceases, any money held by the statutory manager in connection with the business (minus any payments for expenses under sections 102 and 103) becomes the property of the relevant licensee.

Division 3—Receivers

110 Supreme Court may appoint receiver

(1) The Supreme Court may, on the application of the Director, appoint a receiver of all or any of the property of a licensee and may make the appointment whether or not the licensee has been notified of the application or is a party to the proceedings.

(2) An application under subsection (1) may be made only if the Director is of the opinion that it is necessary to have a receiver appointed to protect the interests of consumers and one or more of the following applies—

(a) the relevant licensee has requested the Director to make the application;

(b) the relevant licensee's licence has been cancelled or suspended;

(c) the Director is of the opinion that there has been, or may have been, a failure to account by the relevant licensee;

(d) the Director is of the opinion that a person is unable to obtain payment or delivery of property held by the licensee because the relevant licensee—

(i) is mentally or physically infirm; or

(ii) is an insolvent under administration; or

(iii) is a prisoner within the meaning of the Corrections Act 1986; or

(iv) has died; or

(v) has abandoned the licensee's conveyancing business.

111 Eligibility for appointment as receiver

(1) A person is not eligible for appointment as a receiver unless the person is—

(a) a licensee; or

S. 111(1)(b) amended by No. 17/2014 s. 160(Sch. 2 item 18.5).

(b) an Australian legal practitioner who holds an Australian practising certificate or a non‑participant practising certificate entitling the person to engage in legal practice as a principal of a law practice; or

(c) a person who holds accounting qualifications and who has experience in trust accounts for conveyancing businesses; or

(d) a liquidator registered under the Corporations Act.

(2) If—

(a) a statutory manager has already been appointed in respect of the relevant licensee's conveyancing business; and

(b) the statutory manager is otherwise eligible under this section for appointment as a receiver—

the Supreme Court may appoint the statutory manager as receiver in respect of the property of the relevant licensee.

S. 111(3) substituted by No. 17/2014 s. 160(Sch. 2 item 18.6).

(3) In this section—

(a) Australian practising certificate, engage in legal practice, law practice and principal have the same meanings respectively as they have in the Legal Profession Uniform Law (Victoria);

(b) non-participant practising certificate has the same meaning as it has in Schedule 3 to the Legal Profession Uniform Law (Victoria).

112 Court may order that proceedings be closed

Before commencing to hear an application under this Division, the Supreme Court may order from the Court any person who is not—

(a) an officer of the Court; or

(b) a party, a legal representative of a party or a clerk of such a legal representative; or

(c) a member of the same firm of licensees as the respondent; or

(d) if the respondent is a licensee which is a company, an officer or employee of the company; or

(e) if the respondent is an officer or employee of a company, another officer or employee of that company; or

(f) a person who is in the course of giving evidence; or

(g) a person permitted by the Court to be present in the interests of justice.

113 Court may prohibit publication of proceedings

The Supreme Court, whether or not on the application of a party, may make an order prohibiting the publication of any report relating to the evidence, or of any order made, on the hearing of an application under this Division.

114 Director to serve notice of order of appointment

On the appointment of a receiver, the Director must cause a copy of the order of appointment to be served on—

(a) the relevant licensee; and

(b) the relevant associates, if any; and

(c) any other person, as directed by the Supreme Court.

115 Receivership may extend to property of associates

If, on the application of a receiver, the Supreme Court is satisfied that all or any of the property of a relevant associate should be declared to be receivable property, the Court may appoint the receiver to be the receiver of any or all of that property.

116 Participation of licensee in conveyancing business during receivership

During the term of the appointment of a receiver, the relevant licensee must not participate in the affairs of the relevant licensee's conveyancing business except under the direct supervision of the receiver.

117 Receiver may take possession of property

(1) A receiver may take possession of receivable property of the relevant licensee or, if section 115 applies, a relevant associate.

(2) A person in possession, or having control, of receivable property must permit the receiver to take possession of the property if required by the receiver to do so.

(3) If, on the application of a receiver, the Supreme Court is satisfied that a person has contravened subsection (2), the Court may do any one or more of the following—

(a) order the person to deliver the receivable property to which the contravention relates to the receiver;

(b) order the seizure of any receivable property located on premises specified in the order;

(c) make any further order in the matter that it thinks fit.

S. 117(4) amended by No. 37/2014 s. 10(Sch. item 29.2).

(4) An order under subsection (3)(b) authorises the receiver, or a person authorised by the receiver, with the assistance of a police officer if necessary, to enter the premises specified in the order and to search for, seize and remove any property that appears to be receivable property.

(5) An application by a receiver under subsection (3) may be made—

(a) in the case of property in the possession, or under the control, of the relevant licensee, or a relevant associate—in the name of the receiver; or

(b) in any other case—in the name of the relevant licensee or relevant associate.

(6) A receiver must, as soon as possible, return property seized under this section if it transpires that it is not receivable property.

118 Information about receivable property

(1) A person who has information relating to receivable property, or property that a receiver believes on reasonable grounds to be receivable property, must give the information to the receiver if required by the receiver to do so.

(2) A licensee who has any information referred to in subsection (1) may not refuse to comply with a requirement of a receiver under that subsection merely because the information was obtained in confidence from a client or former client of the licensee.

(3) A person who complies with a requirement under this section is not, merely because of that compliance, subject to any liability, claim or demand.

(4) Information given to a receiver under this section is not admissible as evidence in any legal proceedings, other than—

(a) proceedings taken by a receiver for the recovery of receivable property; or

(b) proceedings taken against a person for a breach of this Act or the regulations; or

(c) with the consent of the relevant licensee or relevant associate to whom the information relates.

119 Stop order on account

(1) A receiver who believes on reasonable grounds that money held in an account with an ADI is receivable property may serve on the ADI an order (a stop order) prohibiting operations on the account by any person other than the receiver.

(2) A stop order may be served by leaving it with the manager, accountant or other person appearing to be in charge at the branch of the ADI at which the account is kept, but has no effect unless there is annexed to it a copy of the order of appointment of the receiver.

(3) An ADI served with a stop order must only permit the receiver, or a person authorised by the receiver, to access, or make a withdrawal or transfer from, the account to which the order relates.

(4) A receiver may transfer money from an account the subject of a stop order to another account with the ADI in the name of the receiver to be dealt with as receivable property.

(5) The ADI has the same obligations and protections—

(a) in relation to an account the subject of a stop order; and

(b) in relation to an account to which money in an account the subject of a stop order is transferred—

as if the receiver were the relevant licensee or a relevant associate.

(6) Any money that is withdrawn or transferred in contravention of subsection (3) may be recovered from the relevant ADI by the receiver as a debt in a court of competent jurisdiction, and any amount recovered is to be paid into a trust account as directed by the receiver.

120 Improper dealings with receivable property

A person must not, with intent to defeat the purposes of this Division—

(a) operate on an account at an ADI; or

(b) destroy or conceal receivable property or property that is likely to become receivable property; or

(c) move receivable property, or property that is likely to become receivable property, from one place to another; or

(d) deliver possession of receivable property, or property that is likely to become receivable property, to another person; or

(e) deliver control of receivable property, or property that is likely to become receivable property, to another person.

121 Recovery of compensation for disposal of receivable property

(1) If receivable property has at any time been taken by, or paid or transferred to, a person unlawfully or in breach of trust in circumstances in which—

(a) the person knew or believed at the time that the taking, payment or transfer was unlawful or in breach of trust; or

(b) there was no consideration for the taking, payment or transfer; or

(c) there was inadequate consideration for the taking, payment or transfer; or

(d) the person became indebted or otherwise liable to the relevant licensee or a relevant associate, or to a client of the relevant licensee, as a result of the taking, payment or transfer—

the receiver may recover from the person, as a debt, the amount taken, paid or transferred, the amount of the inadequacy or the amount of the debt.

(2) A person from whom an amount is recovered under subsection (1) is not liable to any other person in respect of the amount.

(3) If receivable property has at any time been paid or transferred unlawfully or in breach of trust to, or for the benefit of, a person in respect of a cause of action the person claims to have against another person, the receiver—

(a) may recover from the person as a debt the amount of the payment or the value of the property; or

(b) to the extent to which the full amount or value is not recovered from the person under paragraph (a), may take any proceedings in relation to the claimed cause of action as the person could have taken.

(4) If a receiver takes proceedings under subsection (3)(b) in relation to a cause of action claimed by a person, the receiver may not later take proceedings under subsection (3)(a) to recover property paid or transferred to the person in respect of the same cause of action.

(5) If receivable property is used unlawfully or in breach of trust to discharge a debt or liability of a person, the receiver may recover from the person as a debt the amount that was required for the discharge of the debt or liability, reduced by the value of any consideration provided by the person for the discharge.

(6) Recovery proceedings under this section may be taken in the name of the receiver or in the name of any other person who, had the receiver not been appointed, would have been entitled to take the proceedings.

122 Receiver may give certificate

(1) A receiver, or a person authorised by the Director, may give a certificate as to any one or more of the following—

(a) the receipt of property by the relevant licensee or a relevant associate, the nature and value of the property received, the date of its receipt by the relevant licensee or relevant associate and the identity of the person from whom it was received;

(b) the taking or transfer of property, the nature and value of the property, the date of its taking or transfer and the identity of the person by whom it was taken or to whom it was transferred;

(c) the payment of money, the amount of money paid, the date of the payment and the identity of the person who received the payment;

(d) the entries made in the records of a relevant licensee or a relevant associate and the truth or falsity of the entries;

(e) the use of property unlawfully or in breach of trust.

(2) A certificate under this section is admissible in any proceedings taken by a receiver under this Act and is evidence of the matters specified in the certificate.

123 Receiver taken to be beneficially entitled

(1) Proceedings taken under this Act in the name of a receiver in relation to any property may be taken as if the receiver were beneficially entitled to the property.

(2) If receivable property has been taken by, or paid or transferred to, a person or otherwise used unlawfully or in breach of trust, a receiver may take proceedings in the name of the receiver as if the receiver were beneficially entitled to the property at the time the property was taken, paid, transferred or used.

124 Receiver may deal with property

(1) A receiver may deal with receivable property in any manner in which the relevant licensee or a relevant associate could, had the receiver not been appointed, have dealt with it.

(2) A receiver must, as soon as possible after receiving receivable property, vest the property in the person on whose behalf it was held by the relevant licensee or a relevant associate.

125 Other powers of receiver

(1) A receiver—

(a) may prove, grant, claim or draw a dividend in respect of a debt that is receivable property; and

(b) may take proceedings to recover damages for a tort committed in relation to receivable property; and

(c) may give a receipt for money that is receivable property; and

(d) may employ a person to advise or act in relation to receivable property—

in the name of the receiver or in the name of the relevant licensee or a relevant associate.

(2) A receipt given to a person under subsection (1)(c) discharges the person from any responsibility to see to the application of the money for which the receipt was given.

(3) A receiver is not, in the exercise of his or her functions as a receiver, a personal representative of a deceased licensee.

126 Notice to claim receivable property

(1) A receiver must give notice to the relevant licensee, a relevant associate or any other person that any claim the licensee, associate or other person has to receivable property must be submitted to the receiver within one month after the giving of the notice or within a longer period stated in the notice.

(2) A claim submitted in response to a notice must state—

(a) full particulars of the property; and

(b) the grounds of the claim.

(3) A receiver may disregard a claim made by a relevant licensee, a relevant associate or other person who has been given a notice under this section if the claim is not made in accordance with the notice.

(4) A relevant licensee or relevant associate in receipt of a notice under this section is not entitled—

(a) to enforce a claim to receivable property; or

(b) except against a client, to the benefit of a lien against a document that is receivable property—

unless all other enforceable claims against the property have been satisfied and the expenses of the receivership have been paid.

127 Lien for costs on receivable property

(1) If a licensee claims a lien for costs on receivable property, the receiver may serve on the licensee a written notice requiring the licensee to give to the receiver, within a specified period of not less than one month—

(a) particulars sufficient to identify the property; and

(b) a detailed itemised account relating to the amount in respect of which each lien is claimed.

(2) If the licensee requests the receiver in writing to allow access to any records that may be reasonably necessary to enable the preparation of the itemised account, the time allowed for providing the itemised account referred to in subsection (1)(b) does not begin to run until access to those records is provided.

(3) If a requirement of a notice under this section is not complied with, the receiver may disregard the claim in dealing with the property claimed to be subject to a lien.

128 Examination by receiver

(1) The Supreme Court may, on the application of a receiver, make any order it thinks fit for the examination by the receiver of a licensee or other person in relation to receivable property.

(2) On an examination under this section—

(a) the licensee or other person may be legally represented; and

(b) the Supreme Court may put, or allow to be put, to the licensee or other person any questions that it thinks fit.

S. 128(3) amended by No. 6/2018 s. 68(Sch. 2 item 28.1).

(3) The licensee or other person may be examined on oath or by affirmation.

(4) On an examination under this section, the licensee or other person is compellable to answer all questions asked in the course of the examination, including any question to which an objection is made on the ground that the answer would tend to incriminate the licensee or other person.

(5) An answer given by a licensee or other person to a question to which an objection of the kind referred to in subsection (4) is made is not admissible in any criminal proceedings other than proceedings relating to the falsity of the answer.

129 Property not dealt with during receivership

(1) If, during the course of a receivership, receivable property or money under the control of a receiver has not been dealt with in accordance with this Division, the receiver must advise the Director of that fact and—

(a) if required to do so by the Director within one month after the notice is given, transfer, deliver or pay the property or money to the Director; or

(b) in the absence of a requirement of the Director under paragraph (a), transfer, deliver or pay the property or money to the relevant licensee or a relevant associate.

(2) If property other than money is transferred or delivered to the Director under subsection (1), the Director must—

(a) deal with it as the Supreme Court directs; and

(b) if the property is sold, treat the proceeds as money paid to the Director under this section.

(3) The Director must apply money paid to the Director under this section—

(a) first, to the satisfaction of any outstanding claims against the relevant licensee or a relevant associate; and

(b) secondly, in payment of the expenses of the receivership.

(4) Any money paid to the Director under this section that is surplus to the requirements of this section must be paid to the relevant licensee or a relevant associate.

130 Investment of money by receiver

(1) A receiver may invest receivable property in any manner in which trustees are authorised by the Trustee Act 1958 to invest trust funds.

(2) Income received from an investment under this section, and any profit made on the sale of such an investment, is receivable property.

131 Receiver may be reimbursed for damages

(1) The Director may reimburse a receiver for any damages or costs recovered against the receiver, or an employee or agent of the receiver, for any act or omission performed in good faith and in the purported exercise or performance of the receiver’s powers and functions under this Act.

(2) Reimbursement under this section is to be by way of payment from the Fund.

132 Payment of expenses of receivership

(1) So much of the expenses of a receivership as have not otherwise been paid to the receiver are to be paid to the receiver by the Director from the Fund.

(2) An amount paid under this section may be recovered by the Director from the relevant licensee or a relevant associate as a debt.

(3) If the Director and a receiver fail to agree on the remuneration to be paid to the receiver, the Supreme Court may, on the application of the Director or the receiver, determine the amount to be paid.

(4) The Supreme Court, on the application of the licensee in respect of whose property the receiver was appointed—

(a) may re-open any agreement between the Director and a receiver for remuneration of the receiver; and

(b) may determine the amount to be paid.

133 Supreme Court may review expenses of receivership

If, on the application of the relevant licensee or a relevant associate, the Supreme Court is satisfied that the expenses of a receivership are excessive, the Supreme Court may—

(a) order the taking of accounts between the Director and the receiver; and

(b) make any adjustments to the expenses that the Court considers to be appropriate.

134 Receivable property not to be attached

The receivable property of a relevant licensee or a relevant associate is not liable to be taken in execution of any judgment, order or other process of any court or tribunal.

135 Applications for directions by receiver, licensee or associate

(1) A receiver, a relevant licensee or a relevant associate who holds receivable property, or a person who claims receivable property so held, may apply to the Supreme Court for directions as to the performance of the receiver's functions.

(2) On an application under this section, the Supreme Court may give any directions that it considers to be appropriate.

136 Supreme Court may give general directions to receiver

(1) The Supreme Court may—

(a) authorise a receiver to do any things in the performance of the receiver's functions that the Supreme Court considers appropriate; and

(b) give directions for the exercise of any authorisation given under paragraph (a).

(2) A receiver must exercise an authorisation given under subsection (1)(a) in accordance with any directions given under subsection (1)(b).

137 Receiver to report to Supreme Court and Director

(1) A receiver must report to the Supreme Court and the Director as required in the order for the appointment of the receiver.

(2) On the conclusion of a receivership, the receiver must lodge with the Supreme Court all of the receiver's records relating to the receivership.

138 Termination of appointment of receiver

(1) The Supreme Court—

(a) may terminate the appointment of a receiver; and

(b) may, if it thinks fit, appoint a new receiver either immediately or at any time within the next 14 days.

(2) The former receiver must transfer or deliver the receivable property—

(a) if a new receiver is appointed, to the new receiver in accordance with any directions given by the Supreme Court; or

(b) if a new receiver is not appointed and if the relevant licensee or a relevant associate requires by notice in writing served on the receiver, to the relevant licensee or relevant associate.

(3) Unless the expenses of the receivership have not been paid, the former receiver must, in accordance with any directions given by the Supreme Court, ensure that the receivable property is transferred or delivered as soon as possible after the former receiver's appointment is terminated.

(4) Subject to any direction given by the Supreme Court, a former receiver may transfer or deliver receivable property to the relevant licensee or relevant associate without having been given a notice under subsection (2)(b).

Division 4—General

139 Relationship of Act to Corporations legislation

(1) The provisions of Division 1 (insofar as they relate to statutory managers) and Division 2 are declared to be an excluded matter for the purposes of section 5F of the Corporations Act in relation to the provisions of Part 5.2 of that Act.

Section 5F of the Corporations Act provides that if a State law declares a provision of a State law to be an excluded matter in relation to specified provisions of the Corporations legislation, the specified provisions of the Corporations legislation do not apply in the State in relation to that matter.

(2) The provisions of Division 1 (insofar as they relate to receivers) and Division 3 are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act.

Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.

(3) The regulations may declare any matter relating to a licensee that is a company that is prohibited, required, authorised or permitted by or under this Act or the regulations to be an excluded matter for the purposes of section 5F of the Corporations Act.

(4) The regulations may declare any provision of this Act or the regulations relating to a licensee that is a company to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act.

140 External administration proceedings under Corporations Act

(1) This section applies to proceedings in any court under Chapter 5 (External administration) of the Corporations Act—

S. 140(1)(a) amended by No. 46/2025 s. 34(3).

(a) relating to a company that is an externally administered body corporate and that is or was a licensee; or

S. 140(1)(b) amended by No. 46/2025 s. 34(3).

(b) relating to a company that is or was a licensee becoming an externally administered body corporate.

(2) The Director is entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the carrying out of conveyancing work by the licensee.

(3) The court may, when exercising its jurisdiction in the proceedings, have regard to the interests of the clients of the licensee on whose behalf conveyancing work has been, or is to be carried out by the licensee.

(4) Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act.

(5) The provisions of subsections (2) and (3) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act.

Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.

141 Incorporated licensee that is subject to external intervention under this Act and external administration under the Corporations Act

(1) This section applies if a licensee that is a company is the subject of both—

(a) the appointment of an external intervener under this Act; and

(b) the appointment of a Corporations Act administrator.

(2) The external intervener is under a duty to notify the Corporations Act administrator of the appointment of the external intervener, whether the appointment precedes, follows or is contemporaneous with the appointment of the Corporations Act administrator.

(3) The external intervener or the Corporations Act administrator (or both of them jointly) may apply to the Supreme Court for the resolution of issues arising from or in connection with the dual appointments and their respective powers, except where proceedings referred to in section 140 have been commenced.

(4) The Supreme Court may make any orders it considers appropriate, and no liability attaches to the external intervener or the Corporations Act administrator for any act or omission done by the external intervener or administrator in good faith for the purpose of carrying out or acting in accordance with the orders.

(5) The Director is entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the carrying out of conveyancing work by the licensee.

(6) The provisions of subsections (3) and (4) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act.

Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.

(7) In this section—

Corporations Act administrator means—

(a) a receiver, receiver and manager, liquidator (including a provisional liquidator), controller, administrator or deed administrator appointed under the Corporations Act; or

(b) a person who is appointed to exercise powers under that Act and who is prescribed, or of a class prescribed, by the regulations for the purposes of this definition;

external intervener means a statutory manager or a receiver.

142 Offence to hinder or obstruct statutory manager or receiver

(1) A person must not hinder, obstruct or delay a statutory manager in the exercise of his or her functions and powers under this Act.

(2) A person must not hinder, obstruct or delay a receiver in the exercise of his or her functions and powers under this Act.

Part 7—Compensation from the Victorian Property Fund

143 Definitions

In this Part—

former licensee, in relation to a licence that has been suspended or cancelled, includes the person who held the licence immediately before its suspension or cancellation;

licensee includes a former licensee.

144 Right to claim against Fund in respect of pecuniary loss

(1) Subject to this Part, a person who suffers pecuniary loss by reason of a defalcation committed by a licensee, or an officer or employee of a licensee, in the course of carrying on a conveyancing business is entitled to claim compensation from the Fund.

(2) Subject to this Part, the amount that a claimant is entitled to claim as compensation from the Fund is the amount of the actual pecuniary loss suffered by the claimant (including the reasonable costs of, and disbursements incidental to, the making and proof of the claim) less the amount or value of all money or other benefits received or receivable by the claimant from a source other than the Fund in reduction of the loss.

(3) In addition to any compensation that is payable under this Part, interest is payable out of the Fund on the amount of the compensation, less any amount attributable to costs and disbursements, at the prescribed rate calculated from and including the day on which the pecuniary loss was suffered until the day on which the claim is satisfied.

(4) In addition to any compensation payable under this section, there is payable out of the Fund to any claimant entitled to compensation the reasonable costs of, and disbursements incidental to, the making and proof of the claim.

145 Claims against the Fund

(1) A claim under this Part for compensation from the Fund in respect of a pecuniary loss must—

(a) be made in the form approved by the Secretary; and

(b) contain the prescribed information (if any); and

(c) be accompanied by any documents required by the Secretary.

(2) Despite anything to the contrary in the Limitation of Actions Act 1958 or in any other Act or law, a claim against the Fund under this Part cannot be brought more than 10 years after the date on which the defalcation to which the claim relates was committed.

(3) The Secretary may allow and settle any proper claim under this Part for compensation from the Fund at any time after the occurrence of the pecuniary loss to which the claim relates.

(4) If the Secretary is satisfied that there was a defalcation on which to found a claim against the Fund under this Part, the Secretary may allow the claim even though—

(a) the person alleged to have committed the defalcation has not been convicted or prosecuted; or

(b) the evidence on which the Secretary acts would not be sufficient to establish the guilt of the person on a criminal trial in respect of the defalcation.

(5) If the Secretary disallows, whether wholly or partly, a claim under this Part for compensation from the Fund, the Secretary must serve notice of the disallowance in the prescribed form on the claimant or the claimant's Australian legal practitioner (if any).

146 Review of decision of Secretary to disallow claim

(1) A claimant may apply to VCAT for review of a decision of the Secretary under section 145 to disallow a claim if⎯

(a) the Secretary has served notice of the disallowance of the claim; and

(b) the claimant has exhausted all rights of action and other legal remedies for the recovery of the money or other property in respect of which the defalcation was committed available against the relevant licensee and all other persons liable in respect of the loss suffered by the claimant.

(2) An application for review must be made before the expiration of 3 months after the service of notice of the disallowance under section 145(5).

147 Power of Secretary to require production of securities, documents or information

(1) The Secretary may at any time require a person to produce and deliver any securities, documents or information necessary to support a claim made against the Fund under this Part or necessary for the purpose of⎯

(a) exercising the Secretary's rights or powers against a licensee; or

(b) enabling criminal proceedings to be taken against a person in respect of a defalcation.

(2) If a person fails to comply with a requirement of the Secretary under subsection (1), the Secretary may disallow the relevant claim.

148 Subrogation of Secretary to rights of claimant on payment from Fund

On payment out of the Fund of any money in respect of a claim under this Part, the Secretary is taken to be subrogated to the extent of that payment to all the rights and remedies of the claimant in relation to the loss suffered by the claimant from the relevant defalcation, including the right to benefit from a compensation order made under section 86 of the Sentencing Act 1991.

149 Secretary may enter into contract of insurance or indemnity

(1) The Secretary may enter into a contract with a person carrying on a fidelity insurance business under which the Secretary will be insured or indemnified to the extent and in the manner provided by the contract against liability in respect of claims under this Part.

(2) A contract under subsection (1) may be entered into in relation to licensees generally, or in relation to particular licensees named in the contract, or in relation to licensees generally with the exclusion of particular licensees named in the contract.

150 Application of insurance moneys

A claimant against the Fund under this Part does not have a right of action against a person with whom a contract of insurance or indemnity is made under this Part in respect of a contract entered into by the Secretary under section 149 or a right or claim with respect to any moneys paid by the insurer in accordance with the contract.

151 Money required to be paid into the Fund

The following money must be paid into the Fund—

(a) any interest received by the Secretary under an arrangement under section 91;

(b) all fees payable to the Authority under this Act;

(c) all fines and penalties payable under this Act;

(d) all money recovered by or on behalf of the Secretary or the Director in the exercise of any right of action conferred by this Part;

(e) all other money required to be paid into the Fund under this Act.

Part 8—Enforcement

152 Production of identity card

An inspector must produce his or her identity card for inspection—

(a) before exercising a power under this Part, other than a power exercised by way of post; and

(b) at any time during the exercise of a power under this Part, if asked to do so.

Division 2—Inspection of documents and records

153 Documents to be available for inspection

(1) A licensee must at all reasonable times at each place at which the licensee carries on a conveyancing business keep all documents relating to the business available for inspection by an inspector in a form in which they can readily be inspected.

(2) If the licence of a licensee has been surrendered or cancelled in the last 3 years, the former licensee must make all documents relating to the former conveyancing business available for inspection by an inspector in a form and at a place where they can readily be inspected.

(3) If a person's licence has been suspended, the person whose licence is suspended must, during the period of the suspension, make all documents relating to the conveyancing business of the person available for inspection by an inspector in a form and at a place where they can readily be inspected.

154 Specified persons to produce documents and answer questions

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector may, at a time and place specified by the inspector, require a licensee, specified person or other person with control over relevant documents and information—

(a) to answer, orally or in writing, any questions put by the inspector relating to the licensee's conveyancing business; or

(b) to supply, orally or in writing, information required by the inspector relating to that business; or

(c) to produce to the inspector specified documents or documents of a specified class relating to that business.

(2) In this section, specified person, in relation to a conveyancing business, means—

(a) a former licensee; or

(b) a person who is a director or other officer of a company that is or was a licensee; or

(b) a person who provides, or who has provided, professional indemnity insurance to a licensee.

(3) Nothing in this section permits a requirement to be made of the Registrar of Titles.

155 Third parties to produce documents and answer questions relating to conveyancing business

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector may require any person who has possession, custody or control of documents relating to a licensee's conveyancing business—

(a) to answer, orally or in writing, any questions put by the inspector relating to the licensee's conveyancing business;

(b) to supply, orally or in writing, information required by the inspector relating to that business;

(c) to produce to the inspector specified documents or documents of a specified class relating to that business.

(2) Subsection (1) does not permit a requirement to be made of the Registrar of Titles.

156 Specified public bodies to produce information

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector may request that, within a time specified by the inspector, a specified public body do either or both of the following—

(a) answer, orally or in writing, any questions put by the inspector relating to a licensee's conveyancing business;

(b) supply, orally or in writing, information required by the inspector relating to the business.

(2) An inspector may only make a request under subsection (1) with the written consent of the Director.

(3) A specified public body other than the Chief Commissioner must comply with a request under subsection (1).

(4) The Chief Commissioner must respond to a request under subsection (1) and may, but is not obliged to, comply with it.

(5) In this section—

public statutory authority means a body established by or under an Act for a public purpose;

specified public body means—

(a) a Department Head within the meaning of the Public Administration Act 2004;

(b) a public statutory authority;

(c) a municipal council;

(d) the Chief Commissioner.

157 Certain other specified persons or bodies to produce information

(1) For the purpose of monitoring compliance with this Act or the regulations, the Director or an inspector may require a specified person or body within a time specified by the Director or inspector—

(a) to answer, orally or in writing, any questions put by the inspector relating to a licensee's conveyancing business;

(b) to supply, orally or in writing, information required by the inspector relating to that business.

(2) An inspector can only make a requirement under subsection (1) with the written consent of the Director.

(3) A specified person or body must comply with a request under subsection (1).

(4) In this section, specified person or body means—

(a) a person who is a publisher of a publication; or

(b) a person who is the owner or operator of a broadcasting service; or

(c) a person who is the owner or operator of a telecommunications service; or

(d) a person who is the owner or operator of a postal service.

158 ADIs to produce documents and information

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector, by written notice served on an ADI, may require the ADI to—

(a) produce for inspection or copying by the inspector any documents or other information specified in the notice that the inspector reasonably believes to be relevant to the monitoring of compliance; and

(b) provide the inspector with full details of any transactions relating to trust accounts or trust money.

(2) An ADI must, without charge, comply with a notice under subsection (1) despite any duty of confidence, or any law relating to confidentiality, to the contrary.

159 Powers on production of documents

If any documents are produced to an inspector under this Division, the inspector may do any one or more of the following—

(a) inspect the documents or authorise a person to inspect the documents;

(b) make copies of or take extracts from the documents;

(c) seize the documents if the inspector—

(i) considers the documents necessary for the purpose of obtaining evidence for use in any proceedings or proposed proceedings under any Consumer Act; or

(ii) believes on reasonable grounds that it is necessary to seize the documents in order to prevent their concealment, loss or destruction or their use in the contravention of any Consumer Act;

(d) secure any seized documents against interference;

(e) retain possession of the documents.

160 Where must documents be produced?

An inspector may require a person to produce a document—

(a) at the person's place of business; or

(b) at the office of the Director; or

(c) with the consent of the person, at any other place.

161 Order requiring supply of information and answers to questions

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector, with the written approval of the Director, may apply to the Magistrates' Court for an order requiring any person at a time and place specified by the inspector—

(a) to answer, orally or in writing, any questions put by the inspector relating to a licensee's conveyancing business; or

(b) to supply, orally or in writing, information required by the inspector relating to a licensee's conveyancing business.

(2) If the Magistrates' Court is satisfied on the basis of evidence presented by the Director that the order is necessary for the purpose of monitoring compliance with this Act or the regulations, the Court may grant the order sought.

(3) An order under this section must state a day, not later than 28 days after the making of the order, on which the order ceases to have effect.

(4) An inspector who executes an order under this section must, as soon as practicable after that execution, notify the Magistrates' Court in writing of the time and place of execution of the order.

162 Service of documents

(1) A written requirement by an inspector under this Division may be given personally or by registered post to a person—

(a) at the last known place of business, employment or residence of the person; or

(b) in the case of a company, at the registered office of the company.

(2) A person who provides a document or information in response to a requirement of an inspector under this Division may send that document or information to the Director by registered post.

Division 3—Entry, search and seizure

163 Entry or search with consent

(1) For the purpose of monitoring compliance with this Act or the regulations, an inspector, with the consent of the occupier of the premises, may—

(a) enter and search any premises; and

(b) examine and seize any thing found on the premises which the inspector believes on reasonable grounds to be connected with a contravention of this Act or the regulations; and

(c) inspect and make copies of, or take extracts from, any document found on the premises.

(2) An inspector must not enter and search any premises with the consent of the occupier unless, before the occupier consents to that entry, the inspector—

(a) has produced his or her identity card for inspection; and

(b) informed the occupier—

(i) of the purpose of the search; and

(ii) that the occupier may refuse to give consent to the entry and search or to the seizure of any thing found during the search; and

(iii) that the occupier may refuse to consent to the taking of any copy or extract from a document found on the premises during the search; and

(iv) that any thing seized or taken during the search with the consent of the occupier may be used in evidence in proceedings.

(3) If an occupier consents to an entry and search, the inspector who requested consent must, before entering the premises, ask the occupier to sign an acknowledgment stating the inspector has complied with the requirements set out in subsection (2).

(4) If an occupier consents to the seizure or taking of any thing during a search under this section, the inspector must before seizing or taking the thing ask the occupier to sign an acknowledgment stating—

(a) that the occupier has consented to the seizure or taking of the thing; and

(b) the date and time that the occupier consented.

(5) An occupier who signs an acknowledgment must be given a copy of the signed acknowledgment before the inspector leaves the premises.

164 Entry without consent or warrant

For the purpose of monitoring compliance with this Act or the regulations, an inspector may (if necessary, with the assistance of another inspector) do all or any of the following—

(a) enter and search any premises at which a licensee is carrying on a conveyancing business at any time that the premises are open for business or between the hours of 9 a.m. and 5 p.m.;

(b) seize or secure against interference any thing that the inspector believes on reasonable grounds to be connected with a contravention of this Act or the regulations that is found in or on the premises;

(c) inspect and make copies of or take extracts from any document kept in or on the premises.