79Application of Fund

79 Application of Fund

S. 79(1) amended by No. 17/2004 s. 10(1).

(1) Subject to this Part, the Fund shall be held and applied for the purpose of compensating persons who suffer pecuniary loss by reason of a defalcation committed by an estate agent who at any time has held an estate agent's licence under this Act or any corresponding previous enactment, or by an employee or servant of that estate agent in respect of any money or other property which, in the course of or in connexion with any business in respect of which the estate agent is or was required to be licensed pursuant to this Act, was entrusted to or received by the estate agent, or an employee or servant of the estate agent, for or on behalf of another person.

S. 79(2) inserted by No. 86/1994 s. 39(b).

(2) For the purpose of removing doubt, a person who is an estate agent can only suffer pecuniary loss by reason of a defalcation as a result of that person's dealings as a client of another estate agent.

Note to s. 79 inserted by No. 75/2006 s. 192(Sch. 2 item 2.3).

Claims for compensation from the Fund for defalcations by conveyancers are dealt with under Part 7 of the Conveyancers Act 2006