New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 91

91 Monthly returns by authorised deposit-taking institutions

(1) Within 14 days after the end of each named month, an authorised deposit-taking institution must notify the Director-General (in such manner and form as the Director-General may from time to time direct) of the following matters with respect to the trust accounts that are opened with the institution under this Part during the month:

(a) the number of those trust accounts that were opened with the institution during the month,

(b) the names of the licensees who opened those accounts,

(c) the names and numbers of those accounts and the addresses of the branches of that institution at which those accounts are kept.

Maximum penalty: 100 penalty units.

(2) Within 14 days after the end of each named month, an authorised deposit-taking institution must inform the Director-General (in such manner and form as the Director-General may from time to time direct) of the following if a trust account kept with it under this Part was closed during the month:

(a) the name and number of the account,

(b) the date on which the account was closed.

Maximum penalty: 100 penalty units.

(3) Within 14 days of the end of each named month, an authorised deposit taking institution must provide a report to the Director-General (in such manner and form as the Director-General may from time to time direct), certified as correct by the institution, containing the following information in relation to trust accounts kept by it under this Part during the month:

(a) the name of the institution and its branch number or its BSB number,

(b) the period to which the report relates,

(c) the name of each account,

(d) the number of each account,

(e) the end of month balance for each account (including any nil or overdrawn balances),

(f) the interest earned on each account during the month,

(g) the interest rate applied to calculate the interest earned on each account during the month,

(h) the total amount of interest that the institution paid under this Part to the Director-General during the month in respect of the accounts for crediting to the Statutory Interest Account.

Maximum penalty: 100 penalty units.

(4) The regulations may make provision for or with respect to the following:

(a) requiring authorised deposit-taking institutions to provide the Director-General with such information relating to all or any trust accounts as is specified or described in the regulations,

(b) authorising the Director-General to require an authorised deposit-taking institution to provide the Director-General with such information relating to trust accounts identified by the Director-General as is specified or described by the Director-General,

(c) any associated matter, including the manner and form in which, and the time within which, any such information is to be provided to the Director-General,

(d) excepting a specified class or classes of trust account from the operation of this section or specified provisions of this section.