The Estate Agents (Deposit Interest) Rules

Legal Notice 34 of 1987

This is the latest version of this Legal Notice.
Citation
Legal Notice 34 of 1987
Primary work
Estate Agents Act
Date
31 December 2022
Language
English
Type
Legal Notice
Related documents
LAWS OF KENYA

ESTATE AGENTS ACT

THE ESTATE AGENTS (DEPOSIT INTEREST) RULES

LEGAL NOTICE 34 OF 1987

  • Published in Kenya Gazette Vol. LXXXIX—No. 6 on 6 February 1987
  • Commenced on 6 February 1987
  1. [Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
1.These Rules may be cited as the Estate Agents (Deposit Interest) Rules.
2.In these Rules “separate designated account” means a deposit account in the name of the estate agent or his company in title of which the word “client” appears as to the identity of the client or matter concerned.
3.Except as provided by these Rules an estate agent is not liable by virtue of the relation between the estate agent and the client to account to the client for the interest received by the estate agent on moneys deposited in a client account being moneys received or held for or on account of his clients generally.
4.When an estate agent holds or receives for or an account of a client money on which, having regard to all circumstances (including the amount and the length of time for which the money is likely to be held), interest ought in fairness to the client to be earned for him, the estate agent shall take instructions from the client concerning the investment of that money.
5.An estate agent is liable to account to a client for interest received on moneys deposited in a client account where the moneys are deposited in a separate designated account.
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History of this document

31 December 2022 this version
06 February 1987
Published in Kenya Gazette 6
Commenced