Rewards for referrals to settlement agents

8/29/2015
Written by

As ignorance of the law is no excuse, please be aware, rewards for referral to Settlement Agents under the Act is a “Big No No” with upto $20k penalty, thanks REIWA for sharing this…

Please remember it is an offence to take any rewards from a settlement agent for sending business their way.

Specifically, Section 44 of the Settlement Agents Act 1981, makes it an offence for any person to, “demand, receive or hold any reward for referring to a settlement agent any business involving the performance of the functions of a settlement agent”.

Further, the settlement agent can not, whether directly or indirectly, pay or give any reward to any person referring to the settlement agent any business involving the performance of the functions of a settlement agent.

 

If you are convicted of breaching this law, you could face a penalty of up to $20,000.

Source:https://reiwa.com.au/members/news-articles/rewards-for-referrals-to-settlement-agents/

 

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