New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 27

27 Trust deposits

(1) A licensee who makes a deposit of money to the licensee’s trust account must ensure:

(a) that the relevant deposit book or other written deposit record is produced to the bank when the deposit is made, and

(b) that the following particulars are entered in the book or record:

(i) the date of the deposit,

(ii) the amount of the deposit,

(iii) whether the deposit consists of cheques, notes or coins,

(iv) if cheques are included in the deposit, the name of the drawer, the name and branch of the bank on which the cheque is drawn and the amount of each cheque, and

(c) that a duplicate of the particulars of each deposit is retained by the licensee.

(2) This clause does not apply to a deposit of money made directly to a licensee’s trust account, electronically or otherwise.

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