LAND AGENTS ACT 1994 - SECT 21
LAND AGENTS ACT 1994 - SECT 21
21—Keeping of records
(1) An agent must keep
detailed records of all trust money received by the agent and of any
disbursement of, or other dealing with, that money and must compile detailed
accounts of those receipts and disbursements that—
(a)
accurately disclose the state of the trust account maintained by the agent;
and
(b)
enable the receipt and disposition of trust money to be conveniently and
properly audited; and
(c)
comply with all other requirements specified by regulation.
Maximum penalty: $20 000.
(2) In particular, the
agent must, in respect of the receipt of trust money—
(a) make
available to the person making payment a receipt that sets out the information
specified by regulation in the form specified by regulation; and
(b) make
and retain a copy of the receipt as part of the agent's records.
Maximum penalty: $20 000.
(3) An agent must, at
the request of a person who has an interest in trust money, provide that
person with a statement setting out details of dealings by the agent with the
money.
Maximum penalty: $20 000.
(4) An agent must keep
the accounts and records referred to in this section or a corresponding
previous enactment in a legible written form, or so as to be readily
convertible into such a form, for at least five years.
Maximum penalty: $20 000.