LAND AGENTS ACT 1994 - SECT 13
LAND AGENTS ACT 1994 - SECT 13
13—Receiving and dealing with trust money
(1) An agent, sales
representative, property manager or any other person who receives trust money
in relation to an agent must, as soon as practicable after receiving the trust
money, deposit the money into an account (in the name of the agent) approved
by the Commissioner at an ADI.
Maximum penalty: $20 000.
(2) An agent, sales
representative, property manager or any other person who is entitled to
deposit trust money into, withdraw trust money from, or deal with trust money
in, an agent's trust account must not—
(a) pay
money other than trust money into the trust account; or
(b)
withdraw, or permit another person to withdraw, money from the trust account
except as permitted by, and in accordance with, this Part.
Maximum penalty: $20 000.
(a) who
receives trust money under subsection (1); or
(b) who
is entitled to withdraw or deal with trust money under subsection (2),
must not cause a defalcation, misappropriation or misapplication of the
trust money.
Maximum penalty:
(a) in
the case of a natural person—$100 000 or 5 years imprisonment
or both;
(b) in
the case of a body corporate—$250 000.
(4) The Commissioner
may, by notice in writing to an ADI—
(a)
approve accounts of a particular class (being accounts that carry interest at
a rate considered satisfactory by the Commissioner) for the purposes of this
section; or
(b) vary
or revoke any such approval.