The Director of Consumer Affairs Victoria has accepted an enforceable undertaking from 746 Student Services Pty Ltd to remedy contraventions of the Estate Agents Act 1980 and the Estate Agents (Professional Conduct) Regulations 2008.
746 Student Services Pty Ltd (ACN: 116 313 172), which manages apartments and hostels on behalf of UniLodge Australia Pty Ltd, acknowledges that it failed to:
- keep full and accurate accounting records
- ensure that every payment from the trust account by cheque was signed by the officer in effective control (OIEC), and that every payment from the trust account by electronic funds transfer was made under the OIEC’s direction or authority
- deal with unclaimed money in accordance with the law and did not exercise all due skill, care and diligence in performing its functions as an estate agent.
The company will, within 15 business days of the undertaking’s commencement:
- contribute $15,000 to the Victorian Property Fund
- implement and maintain a compliance program for three years.
UniLodge and another related company, College House Management Pty Ltd, have also signed enforceable undertakings.