The Agents Financial Administration Act 2014 provides for the administration of trust accounts held by agents regulated under the Debt Collectors (Field Agents and Collections Agents) Act 2014, the Motor Dealers and Chattel Auctioneers Act 2014 and the Property Auctioneers Act 2014, to establish a claim fund to compensate persons in particular circumstances for financial loss arising from dealings with agents, and for related purposes.
The Agents Financial Administration Regulation 2014 provides information on administration of trust accounts including: receipts and deposits, payments, cash books, ledger, journals, accounts, fees and claims against the fund.
Authorised investigators, including auditors, monitor the requirements of the Act and investigate complaints.
The Queensland Civil and Administrative Tribunal (QCAT) may exercise disciplinary powers, including cancellation of licences and the imposition of fines and of terms and conditions on licensees. In certain circumstances the Chief Executive may appoint a receiver over trust property.
An appeal against a licensing decision of the Chief Executive may be made to the QCAT Tribunal within 1 month of the notification of the decision.