81General auctioneer to disclose any benefits

81 General auctioneer to disclose any benefits

(1)  In this section –

benefit includes commission.

(2)  A general auctioneer must disclose to a person for whom the auctioneer is appointed to act –

(a) any benefit received by the auctioneer from a third party or given by the auctioneer to a third party in exchange for the referral of business to the auctioneer; or

(b) any other benefit that the auctioneer receives or is to receive as a result of that appointment.

Penalty:  Fine not exceeding 500 penalty units.

(3)  If a general auctioneer fails to comply with subsection (2) , any fee or other amount the auctioneer may otherwise have been entitled to receive, from the person for whom the auctioneer is engaged to act, is not payable and any amount paid may be recovered in a court of competent jurisdiction as a debt due to the person who made the payment.

(4)  Subsection (2) does not apply to a benefit worth $100 or less.