A Melbourne licensed estate agency must contribute $30,000 and implement a compliance program, for failing to meet its obligations under Victorian estate agent and tenancy laws.
College House Management (ACN: 103 616 847), which managed apartments and hostels on behalf of UniLodge Australia Pty Ltd (UniLodge) acknowledges that it contravened the Residential Tenancies Act 1997, the Estate Agents Act 1980 and the Estate Agents (Professional Conduct) Regulations 2008 when it failed to:
- lodge bond money with the Residential Tenancies Bond 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
- open a trust account for the purposes of placing bond and rent money, and instead placed these monies into a company bank account, causing a deficiency of money held in trust
- keep full and accurate accounting records
- ensure that every payment from its trust account by cheque was signed by the officer in effective control (OIEC), or was made under the OIEC’s direction or authority.
The Director of Consumer Affairs Victoria has accepted an undertaking from College House Management that it will, within 15 business days of the undertaking’s start date:
- contribute $30,000 to the Victorian Property Fund
- implement and maintain a compliance program for three years.
UniLodge and another related company, 746 Student Services Pty Ltd, have also signed enforceable undertakings.
For more information, visit the UniLodge Australia Pty Ltd – Enforceable undertaking page and the 746 Student Services Pty Ltd – Enforceable undertaking page.