LAND AGENTS.

Dominion, Volume 6, Issue 1635, 31 December 1912, Page 6

LAND AGENTS.

i ■ . ■ ___— NEW ACT IN OPERATION.J! " MUST NOW BE REGISTERED. ,The:. Land Agents'.Registretion'Bill ,introduced into Parliament, last session',' and afterwards :: adopt«l by ' the ' Government and passed "iiittf; fldfr; , ';'''becqmSs. v iperaitiTe' to-morrow, January 1;; : '. ~ . : The Act provides that; from and after January .1, 1913, no person shall carry on the 'business' bf;;]and' agent .'unless he is the hokler/of.a licens3 under the Act.' And "laaid'.agbnf/.is-.defined to mean a pereon w;hose business;' either alone or as part of,

or iii connection with, any other business, is .to; fcell ,bi\ otherwise'dispose. of land or any interest in land on commission,, other-' wise'; - th'an/ by auction. Where a firm or company, carries on the .business of'selling' land, it shall be' sufficient compliance with ; the . Act if one' representative of the firm; ; or; company '.is' the holder of a license. An applicant for.a';iicense, must lodge with; the clerk of ' the' Magistrate's; Court in -the-district where he resides an. application in .the prescribed form, togetherwith a' fidelity bond' , for. .£SOO - from some approved 'insurance company, or other approved sureties; for a. liko amount.' He must also todge'testimonials as to his good character, signed, by? not .less than five reputable persons,' and - state, his principal place of business.'lf all-the conditions' are complied with,'the Magistrate's Court will issue the license'for one' year on payment of the fee.of ,£5.

Every land agent; who receives moneys in. respect of the - sale of land is required to pay-:all such' moneys into' a general: or a separate-trust account; ' A penalty not exceeding ,£SO may be imposed for, a breach- of this provision. Wi.thih.fourteen days after the receipt of any moneys in respect, of the sale of 'lajjd, land agent- must render to the vendor an, account in writing of all such moneys, and of the application thereof, and within forty-eij»ht hours-after receipt of a written notice-from the vendor so ,'to. do he, must pay the', balance 1 due under the sale to the,vendor,or. astlie vendor directs. , Failure, tb,,render such an account is, punishable .'by,'a. fine of .£lO. If a -land agent fraudulently converts to his own.'use trust moneys received, in respect of, the'sale, of 'land, or-fraudulently renders alfalse account iof such moneys, he is liable Von, indictment to a fine not exceeding .£2OO, or to, imprisonment for. a term not exceeding-fivo years., A convic.tionyfor. any .of, thesetwo . offences cancels. the license/ and two breaches of other clauses in, the. Act;.within, one year may be deemed ,by tlje Court to be sufficient grounds for'; cancelling the. license. . The maximum fine which may be,imposed on any person : carrying on business without a'license is ,£SO. . ,

The Prime Minister said; yesterday to' a Dominion; reporter- that.-the only people who. were complaining , about ; the Act were the' licensed auctioneers, and their complaint -was''that they had to pay two license fees.- An auctioneer could, without paying a; land'. agenf s license, sell land under: the hammer, but if ; there, was no sale at anctionfhe could not make any sale, by private treaty.. ■!