Sch 2Transitional provisions

Schedule 2—Transitional provisions 2—Transitional provisions—general (1) A person who held a licence as a land agent under the Land Agents, Brokers and Valuers Act 1973 immediately before the commencement of this Act will be taken to have been registered as an agent under this Act. (2) A person who was registered as a manager under the Land Agents, Brokers and Valuers Act 1973 immediately before the commencement of this Act will be taken to have been registered as an agent under this Act. (3) An approval, appointment or order in force under the Land Agents, Brokers and Valuers Act 1973 immediately before the commencement of this Act in relation to an agent or sales representative or former agent or sales representative will be taken to be an approval, appointment or order in force under the corresponding provision of this Act. (4) A notice given or served under the Land Agents, Brokers and Valuers Act 1973 in relation to an agent or sales representative or former agent or sales representative has effect as a notice given or served under the corresponding provision of this Act. (5) A reference in an Act or other instrument to a licensed agent under the Land Agents, Brokers and Valuers Act 1973 will be taken to be a reference to an agent registered under this Act. 3—Transitional provisions—mortgage financiers (1) In this clause— mortgage financier means a person who— (a) is— (i) an agent; or (ii) an associate of an agent; and (b) engages in mortgage financing; spouse includes a person who is a putative spouse (whether or not a declaration has been made under the Family Relationships Act 1975 in relation to that person); trust money, in relation to a mortgage financier, means money received by a mortgage financier in the mortgage financier's capacity as such to which the mortgage financier is not wholly entitled at law and in equity. (2) For the purposes of this clause, a person is an associate of another if— (a) they are partners; or (b) one is a spouse, parent or child of the other; or (c) they are both trustees or beneficiaries of the same trust, or one is a trustee and the other is a beneficiary of the same trust; or (d) one is a body corporate and the other is a director of the body corporate; or (e) one is a body corporate and the other is a person who has a legal or equitable interest in five per cent or more of the share capital of the body corporate; or (f) a chain of relationships can be traced between them under any one or more of the above paragraphs. (3) This clause applies— (a) to trust money received by a mortgage financier before the commencement of this Act; and (b) where trust money received by a mortgage financier was lent to another on the security of a mortgage before the commencement of this Act—to trust money received by the mortgage financier (whether before or after that commencement) by way of payment of principal or interest, or both, under that loan. (4) Division 3 of Part 3 applies to a mortgage financier as if— (a) a reference in that Part to an agent were a reference to a mortgage financier; and (b) a reference in that Part to trust money were a reference to trust money to which this clause applies. (5) The power of the Governor to make regulations under this Act includes power to make regulations requiring mortgage financiers to provide specified information to prospective investors or regulating or making provision with respect to any other matter relating to mortgage financiers.