Administration agreements
37 Administration agreements
Without limiting section 35, the Commissioner may enter into an agreement (an administration agreement) with a financial institution or other person under which —
the Commissioner delegates functions related to the administration of the first home owner grant scheme to the financial institution or other person; and
the financial institution or other person is required to carry out the delegated functions in accordance with conditions specified in the agreement.
The conditions specified in an administration agreement must include any conditions prescribed by the regulations.
The conditions that may be prescribed by the regulations include —
conditions requiring the financial institution or other person to keep specified records for a specified period;
conditions relating to the retention of interest on amounts received by the financial institution or other person.
The Commissioner may at any time, at the Commissioner’s discretion, terminate an administration agreement.
[Section 37 amended: No. 1 of 2022 s. 11.]
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
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