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Real Estate Agents Act 2008

Real Estate Agents Authority - Powers of intervention

28: Appointment of interim administrator in certain cases

You could also call this:

"Protecting trust account money by appointing a temporary manager"

Illustration for Real Estate Agents Act 2008

You can have an interim administrator appointed to an agent's trust account. This happens if the Authority thinks the money in the account is at risk and they are satisfied that certain grounds apply to the agent, as stated in section 25. The interim administrator's job is to keep the assets safe. The Authority can end the order when they think the money is no longer at risk. They can also end the order if they make an order under section 27. Some rules from section 27(2) also apply to this order. The interim administrator helps until the order is ended. They make sure the assets are preserved. This is an important role to protect the money in the trust account.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1309701.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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27: Administration of trust account in certain cases, or

"Someone else manages your trust account if the Authority thinks it's necessary."

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"The Authority can order a check of an agent's trust account at any time."

Part 2Real Estate Agents Authority
Powers of intervention

28Appointment of interim administrator in certain cases

  1. The Authority may make an order appointing an appropriate person as an interim administrator of an agent’s trust account if the Authority—

  2. reasonably suspects that any money entrusted to the agent may be at risk; and
    1. is satisfied that 1 or more of the grounds specified in section 25 apply to that agent.

      1. The function of the interim administrator is to preserve the assets until the termination of the order under subsection (1).

      2. An order under subsection (1) is terminated when—

      3. the Authority notifies the agent concerned that the Authority no longer considers that money entrusted to the agent is at risk; or
        1. an order is made under section 27.

          1. Section 27(2) applies, with all necessary modifications, to an order made under this section.