Property Agents and Land Transactions Act 2016
132Suspension of licence when professional indemnity insurance not in force
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132 Suspension of licence when professional indemnity insurance not in force
(1) The licence of a property agent is to be taken to have been suspended during any period when the property agent does not have the insurance cover required by this Division.
(2) A property agent who is required to have the insurance cover required by this Division must, on each renewal of any policy of that insurance, provide the Board with evidence, in a form specified by the Board, of that insurance.
Penalty: Fine not exceeding 50 penalty units.
(3) The Board is to maintain a record of the information supplied to it in accordance with subsection (2) and is to take such action as it considers necessary, including disciplinary action, in respect of a property agent that its records show does not have the insurance cover required by this Division.