New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 22

22 Records of trust money to be kept by licensees

(1) A licensee must keep the records required by this Part in visible form.

(2) A licensee must keep the records required by this Part at the licensee’s registered office, unless the licensee keeps those records as permitted by subclause (4).

(3) If a computer system is used for the purpose of recording any information that is reproduced in the records required by this Part, the licensee must keep the computer control records required by clause 24 at the licensee’s registered office.

(4) A licensee may, at each separate place of business at which the licensee’s business is conducted, keep the records required by this Part for business transacted at that place of business.

(5) A licensee must, within 21 days after the end of each month:

(a) compile with the records kept by the licensee under this Part the original, or a true copy, of each trial balance statement prepared by the licensee in accordance with clause 31 for that month, and

(b) maintain a summary of the total of trust money disclosed in the trial balance statements for that month.

Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.