Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) If a licensed dealer sells a motor vehicle or an interest in a motor vehicle for or on behalf of a person, all money received by the dealer in relation to that sale shall, for all purposes, be deemed to be held in trust for that person and shall be dealt with by the dealer in accordance with this section.
(2) A licensed dealer shall, before the close of business on the next day when banks are open for business after the day when any such money is received, pay the money into a trust account maintained in accordance with subsection (3) at a bank, credit union or building society in the ACT.
Maximum penalty: 10 penalty units.
(3) The trust account referred to in subsection (2) shall be maintained by the licensed dealer.
(4) The trust account referred to in subsection (2) shall bear a title that includes—
(a) the name of the dealer or, if the dealer carries on business under a registered business name, that name; and
(b) the words ‘Trust Account'.