Name of corporation
H M Tanvir
Business type
Real estate - sale or leasing
Trading address
25 O'Sullivan Rd
Leumeah, NSW 2560
Nature of offence or unfair conduct
Non-compliant behaviour, contraventions of the Property and Stock Agents Act 2002 (PSA Act)
Summary of undertakings given in the Deed
Compliance education
- The Licensee undertakes to maintain full compliance with the requirements of the PSA Act and Regulation.
- The Licensee undertakes to comply with the Supervision Guideline for Licensees in Charge issued by the Commissioner for NSW Fair Trading.
- The Licensee undertakes to enrol in and attend a course of training or refresher training on trust accounting for real estate industry agents within 6 months of the undertaking and to provide evidence of completion to NSW Fair Trading.
Auditing requirement
The Licensee undertakes to have all the Licensee’s trust accounts audited by an auditor authorised by NSW Fair Trading every 6 months from the date of this Undertaking and to provide the audit reports to an authorised officer of NSW Fair Trading.
Pecuniary penalty
The Licensee agrees to pay to NSW Fair Trading an amount of $10,000 by way of pecuniary penalty for the indicated contraventions of the Act.
Establishing new policies and procedures
- The Licensee undertakes to establish a new trust accounting policy and procedure for the Licensee Company under which all money received on behalf of clients will be correctly deposited within the trust account in accordance with section 86(1) of the Act.
- The Licensee undertakes to establish a policy and procedure for the Licensee Company under which any adjustments to the commission payable is accurately reflected in the agency agreement.
- The Licensee undertakes to establish a policy for the Licensee Company under which the Licensee in Charge will be the only individual of the Licensee Company who will authorise the making of any entries on a client’s ledger and the only individual who will authorise any trust account transactions on behalf of the Licensee Company, in accordance with requirements of the Supervision Guidelines.
- The Licensee agrees to provide a copy of the above policies and procedures to NSW Fair Trading within 3 months of the date of this Undertaking.
Date of execution of Undertaking
3 October 2024
Expiry of duration of Undertaking
3 October 2026
