SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 28 Trust accounts
SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 28
Division 2 - Commercial agents Trust accounts
(1) The holder of an agent licence in respect of the operation of a commercial agency must (a) maintain a trust account in an authorised deposit-taking institution in this State; and(b) deposit any money received for or on behalf of a client into that trust account; and(c) keep that money in that trust account until (i) paid to the client or reimbursed as the client directs; or(ii) ordered otherwise by an order of a court.Penalty: In the case of (a) a body corporate, 500 penalty units; and(b) a natural person, 100 penalty units.(2) The holder of an agent licence must not use money in a trust account of the holder (a) for the payment of debts of the holder; or(b) for the payment of any creditor of the holder; or(c) for an attachment or execution under an order of a court at the instance of any creditor of the holder.Penalty: In the case of (a) a body corporate, 500 penalty units; and(b) a natural person, 100 penalty units.(3) The Director, by notice in writing, may require the holder or previous holder of an agent licence who operates or operated a commercial agency to provide any information the Director considers necessary to investigate whether or not an offence has been committed under this section.