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The gives the Commissioner the power to make arrangements in respect of fidelity and professional indemnity insurance for settlement agents operating in Western Australia. Where the Commissioner considers it necessary, a Master Policy Agreement with an insurer can be entered into. In accordance with section 35 of the Act, each triennial certificate holder that will be trading in their own right or acting as the person in bona fide control or branch manager of a licensed settlement agency, must at all times be insured and hold a current certificate of insurance under the Commissioner’s Master Policy Agreement.

At present, have been appointed as the brokers of the .

To discuss your individual insurance requirements, please email Marsh Insurance Brokers at kylie.zoghbi@marsh.com or delene.kemp@marsh.com.

Consumer Protection maintains a separate which helps provide financial reimbursement to people who suffer pecuniary loss or loss of property through the criminal or fraudulent actions of a licensed real estate settlement or business settlement agent or their employees in the course of a real estate settlement transaction.

The also requires separate licences be obtained by firms (partnership licence) and companies (body corporate licence) which are set up as settlement agencies. For firms and companies to be licensed, and to continue to be licensed, they must meet and maintain certain standards, including a minimum number of licence holders, staff supervision and sound financial practices.

Requirement to surrender licence if body corporate becomes unqualified

The licence and triennial certificate must be surrendered within five days after the licensee ceased to have the required number of licensed directors or have a licensed person in bona fide control of the business.

If the body corporate ceases to be qualified by reason of death or withdrawal, they can notify the Commissioner and operate for up to three months, after which they must surrender their licence and triennial certificate if they remain unqualified.

The Commissioner may impose or remove conditions on licences and triennial certificates at any time. If the Commissioner is considering imposing a condition, the licence holder must be notified in writing, and be offered the opportunity to make submissions in relation to the proposed condition. 

Refunds will be considered with reference to the particular circumstances, and the requirements of the (“the SA Act”) and associated Regulations.

Settlement Agent Licence applications and triennial certificate renewal applications

Licence and triennial certificate fee refunds

In accordance with section 114 of the SA Act, the Commissioner may in “special circumstances” refund the whole or part of any fee paid for a licence or triennial certificate (grant or renewal).

Application fees and fees for the grant of licences and triennial certificates, or for renewal of triennial certificates under the SA Act generally will not be refunded. If an error is identified early in the process, such as the application was made for an incorrect licence type, a refund will be considered.

Fidelity Account contribution refunds

The fidelity account contribution is in place for the purpose of reimbursing persons who may suffer pecuniary loss or loss of property by reason of any defalcation by a licensee during any period when he was the holder of a current triennial certificate. Section 92(1) specifically states that:

Each person who makes application in any year for a licence or the renewal of a triennial certificate shall, in addition to all other fees payable in respect thereof, pay to the chief executive officer a sum of $150 or such other sum as the chief executive officer approves, and no such licence or renewal of a triennial certificate shall be issued until the appropriate payment has been made to the chief executive officer.

In accordance with section 92(3), any fidelity account contribution paid at the time of the application will be refunded if the licence or renewal application is not granted.

Holding fee refunds

A licensee who does not wish to renew a triennial certificate may, within 60 days after the triennial certificate expires, and triennially after that date, pay a “holding fee” in accordance with section 30(3a) of the Act and regulation 4A.

This fee is prescribed under Schedule 1 of the Regulations. Regulation 4A of the specifically provides for the refund of a holding fee if a licensee elects to renew their triennial certificate, as follows:

(3) The Commissioner may refund to a licensee —
(a) two-thirds of the holding fee paid by the licensee if the licensee is granted a triennial certificate less than one year after paying the holding fee; or
(b) one-third of the holding fee paid by the licensee if the licensee is granted a triennial certificate one year or more, but less than 2 years, after paying the holding fee.

Holding fee payments will be refunded in accordance with regulation 4A.

Surrendered licence and triennial certificate refund policy

A licensee who voluntarily surrenders a licence and triennial certificate, and who requests a refund, be provided a refund calculated in the same way as that prescribed for refunds of licence “holding fees” i.e. one third of the fee (excluding any contribution to the fidelity account) will be repaid for each year remaining in the term of the licence and triennial certificate.

Cancelled licence/triennial certificate refund policy

No refund is payable when a licence and/or triennial certificate has been cancelled by the State Administrative Tribunal, or subsequent Court decision.

The can help you find a licensed Settlement Agent.

How to use the online licence search

Search by number: You can check if a licence number is still valid. Type the number into the field on the opening screen.

Search by type of licence: You can look for licensed people in your neighbourhood. Click on ‘Type’. Start typing in the licence type in the box eg. debt collector. Then type in either a name or location.

If you are registered or licensed as a settlement agent elsewhere in Australia or New Zealand, and want to be registered in Western Australia, you may be able to apply for mutual recognition to get a WA licence or automatic mutual recognition to have your licence recognised in WA.