- Welshpool real estate agency and director fined a total of $8,000
- Over $30,000 in bonds not lodged within required timeframe
- Warning to agents to ensure timely bond lodgements
A Welshpool real estate agency and its director have been fined and reprimanded over failing to lodge $32,380 in tenancy bonds with the Bond Administrator within the 14 day timeframe.
The State Administrative Tribunal (SAT) fined Honsun Realty Pty Ltd and director Riqui Li $4,000 each for breaching requirements of the Real Estate and Business Agents Code of Conduct (Code).
The agency failed on 24 occasions to lodge security bonds received for residential rental properties within the required timeframe between February 2021 and January 2022.
As the person responsible for the business, Ms Li did not take the reasonable steps to ensure her employees complied with Residential Tenancy Act (RTA) and Code requirements.
Commissioner for Consumer Protection Trish Blake said those in charge of real estate agencies are trusted with large sums of money in the form of bonds.
"The RTA is clear. Agents must lodge bonds with the Bonds Administrator as soon as practicable, or in any event within 14 days of receipt," Ms Blake said.
"These failings and the subsequent disciplinary action can result in an expensive lesson for agents. Also, there is a risk that the agency's reputation and standing in the community is tarnished, and their licence may be put in jeopardy.
"The process to lodge bonds is simple and straight forward so it couldn't be made any easier. Compliance with the law is essential to ensure the security and safety of tenants' funds."
