Corporations Act 2001
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Hide history noteA person who suffers loss or damage because of conduct of a licensed trustee company that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the trustee company, whether or not the trustee company has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
601XAA(2) [ Fees in excess of permitted amount]Without limiting subsection (1), if:
(a) a licensed trustee company charges a person a fee in excess of fees permitted to be charged by this Chapter; and
(b) the person pays the fee;
the amount of the excess is a loss that is recoverable by the person under subsection (1).
601XAA(3) [ Limitation of action]An action under subsection (1) must be begun within 6 years after the cause of action arises.
601XAA(4) [ Other liability provisions not affected]This section does not affect any liability that a person has under other provisions of this Act or under other laws.
A person must not hold out that the person is a licensed trustee company if that is not the case.
Note: Failure to comply with this section is an offence (see subsection 1311(1) ).