50Commission

50 Commission S. 50(1) amended by Nos 10028 s. 30(a)(i), 41/2003 s. 9(3)(a). (1) An estate agent is not entitled to sue for or recover or retain any commission or money in respect of any outgoings for or in respect of any transaction unless— S. 50(1)(a) amended by Nos 86/1994 s. 23(1), 41/2003 s. 9(3)(b). (a) at all material times in relation to the transaction he or she is the holder of an estate agent's licence; and S. 50(1)(b) amended by No. 10028 s. 30(a)(ii), substituted by No. 86/1994 s. 23(1), amended by No. 41/2003 s. 9(3)(c). (b) the agent has complied with section 49A(1) with respect to the engagement or appointment to undertake the transaction and is not in breach of section 49A(2) with respect to the engagement or appointment; and S. 50(1)(c) amended by No. 10028 s. 30(a)(iii)(iv), repealed by No. 86/1994 s. 23(1), new s. 50(1)(c) inserted by No. 41/2003 s. 9(3)(c). (c) the agent has complied with sections 48A and 48B with respect to the engagement, appointment or transaction. S. 50(1)(d) amended by No. 10028 s. 30(a)(iii)(iv), repealed by No. 86/1994 s. 23(1). S. 50(2)(3) repealed by No. 86/1994 s. 23(2). S. 50(4) amended by Nos 9500 s. 11, 10028 s. 30(b), 29/1989 s. 23(b), 86/1994 s. 23(3), 41/2003 s. 9(3)(d). (4) Any estate agent who demands or receives or retains from or pays out of any moneys held by him or her on behalf of another person any fee in respect of negotiating or procuring an advance under the **Co-operative Housing Societies Act 1958** or any loan under the **Housing Act 1983** and any estate agent who for or in respect of any service or transaction or any auctioneer who for or in respect of the sale by auction of any real estate demands receives or retains from any moneys received by him or her an amount by way of commission or otherwise which is in excess of the amount allowed by the agent's engagement or appointment to act shall be guilty of an offence against this Act; and the Court, in addition to imposing any penalty, may order the agent or auctioneer, to refund any excess or improper amount received or retained by him or her. S. 50(5) amended by Nos 10028 s. 30(c), 86/1994 s. 23(4), 41/2003 s. 9(3)(e). (5) Any covenant agreement or condition whereby any person agrees to waive or surrender any right or remedy which he or she may have in respect of the excess or improper amount received or retained by an estate agent or auctioneer, or in any event, any covenant agreement or condition whereby any person agrees to waive or surrender any right or remedy which he or she may have against any estate agent or auctioneer under this Act shall be absolutely void and of no effect whatsoever.