Property Occupations Regulation 2014

This section applies if—

the term of a licence is more than 1 year; and

the licence is surrendered before the term expires.

However, this section does not apply if the person surrendering the licence—

continues to hold, at the time of the surrender, 1 or more additional licences under the Act or an Agents Act; and

received a discount under division 2 in relation to any of the licences.

For each whole year the surrendered licence is unexpired, an amount must be refunded that is equal to the licence renewal fee for 1 year that was payable by the person who held the licence when the fees for the licence were paid.