Refund for property developer licence issued under PAMDA
45 Refund for property developer licence issued under PAMDA
This section applies to a person who immediately before the commencement of this section, held a property developer licence under PAMDA.
However, this section does not apply if—
the person, on the commencement, continues to hold a licence under the Act or an Agents Act; and
the person received a fee concession, in relation to 1 or more of the licences, under the repealed Property Agents and Motor Dealers Regulation 2001, section 4; and
the concession resulted in no licence issue fee being payable for each of the licences.
The chief executive must refund to the person the amount worked out using the formula—
where—
LF means—
if the licence has been renewed—the licence renewal fee paid by the person when the licence was last renewed; or
if the licence has been restored—the licence renewal fee paid by the person when the licence was last restored; or
otherwise—the licence issue fee paid by the person for the licence.
LM means the number of months (including any part of a month) for which the licence was issued, renewed or restored.
WM means the number of whole months, as defined in section 41(3), before the expiry date for the licence had PAMDA not been repealed.
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