Login
iscover
The inner-city agency reportedly failed to lodge more than $14,000 in tenancy bonds within the required time frame.
As a result, Western Australia’s Consumer Protection agency has ordered the company, called Limmybuild Realty, to pay an $8,000 fine and cop an official reprimand for breaching the Real Estate and Business Agents and Sales Representatives Code of Conduct.
The unlodged bonds related to nine different tenancies, amounting to $14,200 in total. Agencies that handle bond money are required to hand over the funds to the bond administrator within 14 days of receipt. The consumer watchdog reported that the agency was given ample warning to get its business practices in order before pursuing action against the firm.
Between June 2022 and July 2023, the agency was between four and 11 days late in lodging bonds for properties located in Perth CBD, East Perth, Leeming, Carlisle, Baldivis, Bertram, Kardinya and two in Wellard.
Commissioner for Consumer Protection, Trish Blake, characterised the time frame that agencies are given to lodge bonds as “ample”.
“The Residential Tenancies Act very generously gives landlords and agents up to 14 days in which to lodge any part of a tenant’s bond with the bond administrator,” Blake said.
“There is no reason it should take more than two weeks to lodge these payments with the bonds administrator – the process is very simple and straightforward.”
During the course of the proceedings, Limmybuild was also found to have breached the Real Estate and Business Agents Act by failing to keep full and accurate accounts by entering incorrect dates in the tenancy ledger for when a number of these payments were received and for failing to enter the amounts into the ledger the next business day after collecting them.
“Compliance with these laws is paramount to ensure the safety and security of tenants’ money and is why we continue to prosecute those who fail to comply,” Blake commented.
“Responsible record-keeping is something else agents need to practise by entering payments in the tenancy ledger the next business day after collecting them.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
You are not authorised to post comments.
Comments will undergo moderation before they get published.