UNCLAIMED MONEY ACT 1995 - SECT 9B Unclaimed trust money held by licensee

UNCLAIMED MONEY ACT 1995 - SECT 9B

9B Unclaimed trust money held by licensee

(1) Money that has been held by a licensee for more than 2 years in a trust account kept by the licensee is
"unclaimed money" for the purposes of this Act.

(2) A licensee who has held money for more than 2 years in a trust account kept by the licensee must make reasonable efforts--

(a) to identify and locate the owner of the money, and

(b) to ensure that the money is paid to the owner of the money.

: Maximum penalty--50 penalty units.

Note : Unclaimed money is required to be paid to the Chief Commissioner after 30 June in each year. See section 10.