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Real Estate Agents Act 2008

Miscellaneous provisions - Provisions relating to repeal of Real Estate Agents Act 1976 - Winding up of Fidelity Guarantee Fund

163: Winding up of Real Estate Agents Fidelity Guarantee Fund

You could also call this:

"What happens when the Real Estate Agents Fidelity Guarantee Fund is closed"

Illustration for Real Estate Agents Act 2008

You need to know what happens when the Real Estate Agents Fidelity Guarantee Fund is wound up. The Council of REINZ thinks all claims have been dealt with, so they tell the Minister. They give the Minister a report saying why they think this. You should understand that if more claims come in within 12 months, the Council of REINZ will deal with them. After 12 months, they will not accept any more claims. If no more claims come in, or if they have all been dealt with, the Council of REINZ will give the Minister a final report. The Minister gets this report and can ask the Governor-General to make an Order in Council. The Governor-General can then say the Real Estate Agents Fidelity Guarantee Fund is wound up on a certain date, as per s 367. This is how the fund is officially closed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1152176.

Topics:
Money and consumer rights > Consumer protectionHousing and property > Buying and selling homesBusiness > Industry rules
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"When to Make a Claim Against the Real Estate Agents Fund"

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164: Application of Real Estate Agents Fidelity Guarantee Fund on winding up, or

"What happens to the Real Estate Agents Fidelity Guarantee Fund when it is closed down"

Part 6Miscellaneous provisions
Provisions relating to repeal of Real Estate Agents Act 1976: Winding up of Fidelity Guarantee Fund

163Winding up of Real Estate Agents Fidelity Guarantee Fund

  1. If the Council of REINZ forms the opinion that all claims against the Real Estate Agents Fidelity Guarantee Fund that it is aware of have been received and fully dealt with, it must submit a report to the Minister stating that opinion and outlining the reasons for that opinion.

  2. If, in the period of 12 months beginning with the date on which the Council of REINZ submits a report under subsection (1), further claims against the Real Estate Agents Fidelity Guarantee Fund are submitted to the Council, it must receive, and deal with, those claims.

  3. After the expiry of the period of 12 months referred to in subsection (2), the Council of REINZ must decline to receive any further claims against the Real Estate Agents Fidelity Guarantee Fund.

  4. Subsection (5) applies if—

  5. no further claims against the Real Estate Agents Fidelity Guarantee Fund are received in the period referred to in subsection (2); or
    1. the Council of REINZ has fully dealt with any further claims against the Real Estate Agents Fidelity Guarantee Fund that were received in the period referred to in subsection (2).

      1. The Council of REINZ must report to the Minister on the application of this subsection and submit to the Minister its final report and final audited accounts in respect of the Real Estate Agents Fidelity Guarantee Fund.

      2. The Minister may, on receiving that report and those accounts, recommend to the Governor-General the making of an Order in Council under subsection (7).

      3. The Governor-General may, by Order in Council, declare that the Real Estate Agents Fidelity Guarantee Fund is wound up on a date specified in the order.

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