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Real Estate Agents Act 2008

Miscellaneous provisions - Offences and penalties - Offences relating to requirements for real estate transactions

150: Offence to fail to hold money

You could also call this:

"It's an offence for real estate agents to not hold people's money as required by law."

Illustration for Real Estate Agents Act 2008

You commit an offence if you are an agent and you fail to hold money as required by section 123. This means you must hold the money for the period of time stated in that section. You must follow this rule to avoid committing an offence.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1358239.

Topics:
Money and consumer rights > Consumer protectionHousing and property > Buying and selling homesBusiness > Industry rules
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"Not paying someone their rightful money is against the law"

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Part 6Miscellaneous provisions
Offences and penalties: Offences relating to requirements for real estate transactions

150Offence to fail to hold money

  1. An agent commits an offence who fails to hold money required to be held by section 123 for the period required by that section.