Part payments must be paid to particular persons
162 Part payments must be paid to particular persons
The property developer must pay a part payment received under the relevant contract directly to 1 of the following—
the public trustee;
a law practice;
a property agent.
Maximum penalty—200 penalty units or 1 year’s imprisonment.
A provision of the relevant contract is void if it provides for payment of the part payment other than in accordance with subsection (1).
A provision of an instrument made in connection with the relevant contract is void if it provides for payment of the part payment other than in accordance with subsection (1).
In this section—law practice means any of the following, within the meaning of the Legal Profession Act 2007, that has an office in Queensland—
an Australian legal practitioner who is a sole practitioner but not a barrister under that Act;
a law firm;
an incorporated legal practice;
a multi-disciplinary partnership.
This Act’s bill:Explanatory memorandumSecond reading speech
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