Welshpool real estate agency, director fined

A real estate agency and its director have been fined after failing to lodge more than $30,000 in tenancy bonds within the 14-day deadline.

Welshpool-based Honsun Realty and director Riqui Li were fined $4,000 each in the State Administrative Tribunal.

State regulator Consumer Protection said Honsun Realty and Ms Li breached the requirements of the Real Estate and Business Agents Code of Conduct after failing to lodge $32,380 in tenancy bonds.

The agency failed to lodge bonds 24 times between February 2021 and January 2022, while Ms Li did not take reasonable steps to ensure her employees complied with the code and residential tenancy law, Consumer Protection said.

Consumer Protection commissioner Trish Blake said people in charge of real estate agencies were trusted with large sums of money, or bonds.

“The Residential Tenancy Act is clear. Agents must lodge bonds with the bonds administrator as soon as practicable, or in any event within fourteen days of receipt,” she said.

“These failings and the subsequent disciplinary action can result in an expensive lesson for agents.

“Also, there is a risk that the agency’s reputation and standing in the community is tarnished, and their licence may be put in jeopardy.”

Ms Blake said the process to lodge bonds was simple and straightforward.

“Compliance with the law is essential to ensure the security and safety of tenants’ funds,” she said.