The Queensland Parliament introduced four new Bills last week to split the Property Agents and Motor Dealers Act 2000 (PAMD Act) into occupational specific Acts with the requirements relating to the administration of trust accounts to be outlined in a separate administration Act.
The Property Occupations Act will regulate the licensing, activities and conduct of Queensland property agents, residential letting agents and their employees.
The Debt Collectors (Field Agents and Collection Agents) Act deals exclusively with the licensing, registration and conduct of businesses and individuals performing debt collection, repossession and process serving activities as an agent for others for reward.
The Motor Dealings and Chattels Auctioneers Act will regulate activities, licensing and conduct of motor dealers and chattel auctioneers and their employees.
The Agents Financial Administration Act will provide common provisions to apply across the occupation specific Acts to regulate the opening and maintenance of trust accounts and will establish a compensation claim fund for consumers who suffer financial loss resulting from non-compliance with the Acts.